NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 34

34. SUBSEQUENT EVENTS

A final dividend of R182.1 million (27 cents per ordinary share) was declared for the year ended 31 May 2014, payable on Monday, 15 September 2014, to shareholders recorded in the register at the close of business on Friday, 12 September 2014.

In August 2014, BLT completed a transaction in which it acquired 75% of Via Media Proprietary Limited. The purchase consideration is for an initial sum of R144.4 million plus additional amounts totalling up to R103.1 million if warranted profits are achieved by Via Media during the forthcoming 36 months. If the warranted profits are not achieved, the above additional payments will be abated on a pro-rata basis. A further R112.5 million or part thereof will be payable if stretched targets over and above the warranted accumulated profits over the next three years are achieved. See note 26.3.

 

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 34