Disposal of subsidiaries
Shares in the following subsidiaries were disposed of during the period
|
|
Effective date of
disposal |
|
% 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 |
|
|