Disposal of subsidiaries
Shares in the following subsidiaries were disposed of during the period
| |
|
Effective date of
disposal |
|
% held and
disposed of |
|
| Subsidiaries |
|
|
|
|
|
| Content Connect Africa (Proprietary) Limited |
|
1 Septembe 2012 |
|
100 |
|
| Multiserv (Proprietary) Limited |
|
1 January 2013 |
|
100 |
|
| Details of the total net assets disposed and the resulting profit on disposal are as follows: |
|
|
|
Total
R’000 |
|
| Total proceeds |
|
|
|
12 338 |
|
| Fair value of net assets disposed of |
|
|
|
12 218 |
|
| Loss on disposal |
|
|
|
120 |
|
| The assets and liabilities disposed of are as follows: |
|
|
|
Fair value at
disposal date
R’000 |
|
| Cash and cash equivalents |
|
|
|
4 230 |
|
| Property, plant and equipment |
|
|
|
333 |
|
| Intangible assets |
|
|
|
7 588 |
|
| Inventories |
|
|
|
1 643 |
|
| Receivables |
|
|
|
7 615 |
|
| Loan receivable |
|
|
|
1 839 |
|
| Deferred tax |
|
|
|
(468) |
|
| Borrowings |
|
|
|
(9 198) |
|
| Current tax liabilities |
|
|
|
(45) |
|
| Payables |
|
|
|
(11 911) |
|
| Fair value of subsidiaries disposed of |
|
|
|
1 626 |
|
| Goodwill |
|
|
|
10 592 |
|
| Fair value of net assets disposed of |
|
|
|
12 218 |
|
| Proceeds on disposal of subsidiaries |
|
|
|
12 338 |
|
| Proceeds still to be settled |
|
|
|
(7 853) |
|
| Proceeds received |
|
|
|
4 485 |
|
| Cash and cash equivalents of subsidiaries disposed of |
|
|
|
(4 230) |
|
| Cash inflow on disposals |
|
|
|
255 |
|
|
