Disposal of subsidiary

Shares in the following subsidiary were disposed of during the year ended 31 May 2012

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		Effective date of disposal		% held and disposed of
SharedPhone International Proprietary Limited		31 January 2012		50,1

Details of the total net assets disposed and the resulting loss on disposal is as follows:

		Total 2012 R’000
Total proceeds		3 907
Fair value of net assets disposed of		6 921
Loss on disposal		(3 014)
		Carrying value/ fair value at disposal date R’000
Cash and cash equivalents		1 406
Property, plant and equipment		278
Intangible assets		25
Inventories		9 422
Receivables		3 978
Deferred tax asset		476
Current tax assets		69
Borrowings		(5 958)
Payables		(868)
Fair value of subsidiary disposed of		8 828
Non-controlling interest		(4 406)
Goodwill		2 499
Fair value of net assets disposed of		6 921
Cash and cash equivalents of subsidiary disposed of		1 406
Cash inflow on disposal		2 501