Acquisition of subsidiaries

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Shares in the following subsidiaries were acquired during the period:

   
Effective date of acquisition
 
% acquired
 
Subsidiaries
         
Blue Label Engage Proprietary Limited   1 September 2012   50,1  
Panacea Mobile Proprietary Limited   1 September 2012   51  
TicketPros Proprietary Limited   5 April 2013   60  

Details of the total net assets acquired and the resulting goodwill as at acquisition are as follows:

       
Total
R’000
 
Total purchase consideration       22 569  
Fair value of net assets acquired       7 840  
Goodwill       14 729  

The assets and liabilites acquired through acquisition are as follows:

   
Fair value at
acquisition date
R'000
 
Acquirer’s
carrying
amount on
acquisition date
R’000
 
Cash and cash equivalents   17 130   17 130  
Property, plant and equipment   578   578  
Intangible assets   10 631   868  
Goodwill   14 729    
Inventories   994   994  
Receivables   3 465   3 465  
Deferred tax   (2 734)    
Current tax liability   (1 437)   (1 437)  
Borrowings   (114)   (114)  
Payables   (14 581)   (14 581)  
Fair value of subsidiaries acquired   28 661   6 093  
Non-controlling interest   (6 092)      
Fair value of net assets acquired   22 569      
Total purchase consideration       22 569  
Deferred purchase consideration       (2 669)  
Cash and cash equivalents in subsidiary acquired       (17 130)  
Cash outflow from acquisitions       2 770  

 

 

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