Disposal of Subsidiaries

Shares in the following subsidiaries were disposed of during the year ended 31 May 2011

	Effective date of disposal	% held and disposed of
POS Control Services (Proprietary) Limited	1 June 2010	52
Blue Label Australasia (Proprietary) Limited	29 December 2010	50,5
Blue Label Mexico S.A de C.V *	23 February 2011	70

*Loss of control, diluted by 30%. Retained equity interest of 40%.

Details of the total net assets disposed and the resulting profit on disposal are as follows:

				Total R’000
	Total proceeds			—
	Fair value of net assets disposed of			(6 759)
	Profit on disposal			6 759
	Gain on remeasuring retained interest in Blue Label Mexico due to loss of control			143 365
	Foreign currency reserve reclassified			(4 219)
	Total gain on transaction			145 905

The assets and liabilities disposed of are as follows:

				Carrying value/ fair value at disposal date R’000
	Cash and cash equivalents			1 658
	Property, plant and equipment			10 565
	Intangible assets			550
	Inventories			452
	Receivables			17 273
	Bank overdraft			(384)
	Borrowings			(36 329)
	Current tax assets			340
	Payables			(12 365)
	Fair value of subsidiaries disposed of			(18 240)
	Non-controlling interest			5 620
	Transaction with non-controlling interest reserve			5 861
	Fair value of net assets disposed of			(6 759)
	Cash and cash equivalents of subsidiaries disposed of			(1 274)
	Cash out flows on disposals			(1 274)