Notes   Share capital R’000 Share premium R’000 Treasury shares R’000 Retained earnings R’000 Restruc- turing reserve1 R’000 Foreign currency translation reserve R’000 Non- distributable reserve R’000 Transaction with non- controlling interest reserve2 R’000 Employee compen- sation benefit reserve3 R’000 Share- based payment reserve4 R’000 Total ordinary share- holders’ equity R’000 Non- controlling interest R’000 Total equity R’000                                     Balance as at 31 May 2010     * 4 404 737 (52 120) 1 000 327 (1 843 912) (22 841) 10 150 (914 867) 10 511 1 526 2 593 511 61 925 2 655 436   Net profit for the year     — — — 431 448 — — — — — — 431 448 (46 477) 384 971   Comprehensive loss     — — — — — (910) — — — — (910) (6 347) (7 257)   Total comprehensive income (loss)     — — — 431 448 — (910) — — — — 430 538 (52 824) 377 714   Treasury shares purchased 16   — — (8 935) — — — — — — — (8 935) — (8 935)   Equity compensation benefit scheme shares vested       — 4 549 — — — — — (4 549) — — — —   Equity compensation benefit movement     — — — — — — — — 10 903 — 10 903 229 11 132   Share of equity movement in associates     — — — — — — — — 942 — 942 — 942   Dividends     — — — (91 457) — — — — — — (91 457) (950) (92 407)   Share-based payment movement     — — — — — — — — — (234) (234) 234 —   Non-controlling interest disposed of during the year 27   — — — — — — — 5 861 — — 5 861 5 620 11 481   Balance as at 31 May 2011     * 4 404 737 (56 506) 1 340 318 (1 843 912) (23 751) 10 150 (909 006) 17 807 1 292 2 941 129 14 234 2 955 363                                     Net profit for the year     — — — 438 104 — — — — — — 438 104 (18 630) 419 474   Comprehensive loss     — — — — — 39 140 — — — — 39 140 2 313 41 453   Total comprehensive income (loss)     — — — 438 104 — 39 140 — — — — 477 244 (16 317) 460 927   Treasury shares purchased 16   — — (16 095) — — — — — — — (16 095) — (16 095)   Shares acquired 16   — (392 378) — — — — — — — — (392 378) — (392 378)   Equity compensation benefit scheme shares vested     — — 1 558 — — — — — (1 517) — 41 (41) —   Equity compensation benefit movement     — — — — — — — — 21 929 — 21 929 197 22 126   Share of equity movement in associates     — — — — — — — — (596) — (596) — (596)   Dividends     — — — (107 044) — — — — — — (107 044) (2 945) (109 989)   Transaction with non-controlling interest reserve movement     — — — — — — — (566) — — (566) — (566)   Non-controlling interest disposed of during the year 27   — — — — — — — — — — — (4 406) (4 406)   Balance as at 31 May 2012     * 4 012 359 (71 043) 1 671 37 (1 843 912) 15 389 10 150 (909 572) 37 623 1 292 2 923 664 (9 278) 2 914 386   * Less than R1 000. 1 The restructuring reserve arose as a result of the restatement of group comparatives, as required in terms of the principles of predecessor accounting. This reserve represents the difference between the fair value of the entities under the group’s control and their respective net asset values, as at the assumed restructure date of 1 June 2006. 2 The transaction with non-controlling interest reserve relates to the excess payments over the carrying amounts arising on transactions with non-controlling shareholders as these are treated as equity participants. (Refer to note 27.) 3 This relates to the group’s movement in equity compensation benefit (refer to note 33) as well as the group’s share of the movement in equity compensation benefit of associate companies. (Refer to note 6.) 4 The share-based payment reserve relates to a BEE transaction concluded by Cigicell Proprietary Limited, a subsidiary of Blue Label Telecoms. In September 2009 Ventury Proprietary Limited sold 26% of its stake in Cigicell Proprietary Limited to Sangrilor Proprietary Limited. The group has not recognised this disposal and accounts for Cigicell Proprietary Limited as a wholly owned subsidiary until the purchase consideration has been settled by Sangrilor Proprietary Limited. The purchase consideration will be settled through the declaration of dividends by Cigicell Proprietary Limited. There are no specified dates for this.