Acquisition of subsidiaries
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 |
|
|