 Unaudited results for the half year ended 30 November 2012 |
Disposal of subsidiary
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Shares in the following subsidiary were disposed of during the period:
| Effective date of disposal |
% disposed | ||||
| Subsidiary | |||||
| Content Connect Africa Proprietary Limited | 1 September 2012 | 100 |
Details of the total net assets disposed of and the resulting loss on disposal are as follows:
| Total R’000 |
|||
| Total proceeds | 2 000 | ||
| Fair value of net assets disposed of | 4 027 | ||
| Loss on disposal | (2 027) |
The assets and liabilities disposed of are as follows:
| Fair value at disposal date R’000 |
|||
| Cash and cash equivalents | 486 | ||
| Property, plant and equipment | 117 | ||
| Intangible assets | 2 970 | ||
| Trade and other receivables | 6 503 | ||
| Borrowings | (3 130) | ||
| Current tax liabilities | (45) | ||
| Trade and other payables | (7 620) | ||
| Fair value of subsidiary disposed of | (719) | ||
| Goodwill | 4 746 | ||
| Fair value of net assets disposed of | 4 027 | ||
| Proceeds on disposal of subsidiary | 2 000 | ||
| Cash and cash equivalents of subsidiary disposed of | (486) | ||
| Cash inflow on disposal | 1 514 |
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