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  

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

    Total
R’000
 
Total purchase consideration   12 569  
Fair value of net assets acquired   2 944  
Goodwill   9 625  

The assets and liabilities acquired through the acquisitions are as follows:

    Fair value at
acquisition date
R'000
  Acquirer’s carrying
amount on
acquisition date
R’000
 
Cash and cash equivalents   2 977   2 977  
Property, plant and equipment   126   126  
Intangible assets   5 263    
Trade and other receivables   2 255   2 255  
Deferred taxation liabilities   (1 474)   (1 474)  
Current tax liability   (1 015)   (1 015)  
Borrowings   (114)   (114)  
Trade and other payables   (2 245)   (2 245)  
Fair value of subsidiaries acquired   5 773   510  
Minority interests   (2 829)      
Fair value of net assets acquired   2 944      
Total purchase consideration       12 569  
Deferred purchase consideration       (2 669)  
Cash and cash equivalents in subsidiaries acquired       (2 977)  
Cash outflow on acquisition       6 923