Audited results for the year ended
31 May 2014

Acquisition of subsidiaries

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Shares in the following subsidiaries were acquired during the year:		Effective date of acquisition	% acquired
Subsidiaries
Simigenix Proprietary Limited		23 August 2013	100
Retail Mobile Credit Specialists Proprietary Limited		7 April 2014	100

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

			Total R'000
Total purchase consideration			313 818
Fair value of net assets acuired			108 069
Goodwill			205 749

The assets and liabilities acquired through acuisition are as follows:

		Fair value at acquisition date R'000	Acquirer’s carrying amount on acquisition date R'000
Cash and cash equivalents		25 444	25 444
Property, plant and euipment		727	727
Intangible assets		104 177	3 004
Goodwill		205 749	—
Loans receivable		18 632	18 632
Receivables		24 272	24 272
Deferred tax		(26 002)	2 327
Current tax liability		(3 726)	(3 726)
Payables		(35 455)	(35 455)
		313 818	35 225
Total purchase consideration			313 818
Contingent consideration			(15 132)
Cash and cash equivalents in subsidiary acquired			(25 444)
Cash outflow from acquisitions			273 242