Disposal of subsidiaries

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Shares in the following subsidiaries were disposed of during the period

    Effective date of
disposa
l
  % held and
disposed of
 
Subsidiaries          
Content Connect Africa (Proprietary) Limited   1 Septembe 2012   100  
Multiserv (Proprietary) Limited   1 January 2013   100  

Details of the total net assets disposed and the resulting profit on disposal are as follows:      
Total
R’000
 
Total proceeds       12 338  
Fair value of net assets disposed of      
12 218
 
Loss on disposal      
120
 
The assets and liabilities disposed of are as follows:      
Fair value at
disposal date
R’000
 
Cash and cash equivalents       4 230  
Property, plant and equipment       333  
Intangible assets       7 588  
Inventories       1 643  
Receivables       7 615  
Loan receivable       1 839  
Deferred tax       (468)  
Borrowings       (9 198)  
Current tax liabilities       (45)  
Payables       (11 911)  
Fair value of subsidiaries disposed of       1 626  
Goodwill       10 592  
Fair value of net assets disposed of       12 218  
Proceeds on disposal of subsidiaries       12 338  
Proceeds still to be settled       (7 853)  
Proceeds received       4 485  
Cash and cash equivalents of subsidiaries disposed of       (4 230)  
Cash inflow on disposals       255  

 

 

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