Page 74 - Stellar IAR2015

NOTES TO THE ANNUAL FINANCIAL STATEMENTS (CONTINUED)7. OTHER FINANCIAL ASSETSR’000 Group and Company 2014Deposit - A refundable deposit has been paid to Asgard Capital Assets,Friedshelf 1638 (Pty) Ltd and Makana Financial Services (Pty)Ltd in respect of the acquisition of an additional shareholding2015200 00088 99846 80334 7241 867(1 867)in Friedshelf 1678 Ltd and Tellumat (Pty) Ltd. The deposit does not accrue interest and is repayable upon completion of the transactions, which is expected to be within a period of six months. The carrying value of the receivable is considered to approximate fair value due to the short term to maturity.Rights O er receivableAs at 30 November 2015, all shares had been listed in terms of the Rights O er, however proceeds on ordinary share issuance of R89.0 million were only received on 1 and 2 December 2015 in respect of excess applications and shares taken up by underwriters, which were allotted on 2 December 2015. The carrying value of the receivable is considered to approximate fair value due to the short term to maturity.Goliath Gold Mining Ltd deferred proceedsProceeds of the disposal of the investment in Goliath Gold are to be received on 6 June 2017 (refer to note 3) and have therefore been discounted in order to obtain a present value. The 3-month JIBAR rate of 6.3% has been used as a discount rate. The discount rate is considered to be commensurate with the credit risk associated with the receivable, which is guaranteed by Rand Merchant Bank. The carrying value of the receivable is therefore considered to approximate fair value.Lavender Sky Investments 40 (Pty) LtdThe loan accrues interest at the prime rate and is secured by a pledge of ordinary shares in Friedshelf 1678 Ltd, which approximates the full value of the loan. The loan was repaid in January 2016. The carrying value of the loan is considered to approximate fair value due to the short term to maturity.Sizwe Africa IT Group (Pty) LtdThis relates to expenses settled on behalf of Sizwe Africa IT Group (Pty) Ltd. The loan bore no interest and was fully impaired in the current nancial year.Impairment of Sizwe Africa IT Group (Pty) LtdLong-outstanding amounts due from Sizwe Africa IT Group (Pty) Ltd have been fully impaired in the current nancial year (refer to note 21).---1 867(1 465)70 | STELLAR CAPITAL PARTNERS