Page 63 - Stellar IAR2015

3. INVESTMENTS AT FAIR VALUEListed investmentsTorre Industries LtdGoliath Gold Mining LtdMine Restoration Investments LtdUnlisted investmentsTellumat (Pty) LtdCadiz Holdings Ltd~Integrated Equipment Rentals (Pty) Ltd Praxis Financial Services (Pty) Ltd% held34.62%21.77% 33.58%30.00%45.99%50.00% 51.00%Nature of operationsIndustrial group that distributes andrents capital equipment and supplies aftermarket parts to the mining, construction, manufacturing and industrial marketsacross AfricaMining explorationProcessing and screening of coal nes, a by-product of coal miningTechnology solutions and services in Manufacturing, air tra c control systems, defence and security and turnkey infrastructure solutions for the telecommunications industryFinancial services group specialising in institutional and personal investmentsSpecialised ICT Asset Finance SolutionsProvider of short term nance to the panel beating industry to address motor body repairers’ working capital needsPrinciple place of businessSouth AfricaSouth Africa South AfricaSouth AfricaSouth AfricaSouth Africa South AfricaSTELLAR CAPITAL PARTNERS | 59~ Cadiz Holdings Ltd is held indirectly via Friedshelf 1678 Ltd, which holds 100% of the issued share capital thereof. All references to Cadiz Holdings Ltd therefore refer to the indirectly held investment.Stellar Capital has applied the investment entity exemption as per paragraph 31 of IFRS 10 Consolidated Financial Statements and therefore measures investments in subsidiaries at fair value through pro t or loss. Similarly, Stellar Capital measures investments in associates at fair value through pro t or loss in accordance with paragraph 18 of IAS 28 Investments in Associates and Joint Ventures.As required by paragraph 9A of IFRS 12 Disclosure of Interests in Other Entities, the signi cant judgements and assumptions that Stellar Capital’s management has made in determining that the Company quali es as an investment entity in terms of paragraph 31 of IFRS 10, are:• IFRS 10.27(a): Stellar Capital has obtained funds from one or more public investors for the purpose of providing those investors withinvestment management services.• IFRS 10.27(b): Stellar Capital has committed to its investors that its business purpose is to invest funds solely for returns from capitalappreciation, investment income, or both; and• IFRS 10.27(c): Stellar Capital measures and evaluates the performance of substantially all of its investments on a fair value basis.