| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 13 |
|
| 13. |
Interest-bearing loan
| |
June 2014
R'000 |
|
June 2013
R'000 |
|
| Loan balance arising from the sale of Trade Bridge (Pty) Ltd |
76 378 |
|
74 000 |
|
| Interest raised |
6 418 |
|
2 378 |
|
| Payment |
(82 796) |
|
– |
|
| Closing balance |
– |
|
76 378 |
|
| |
|
|
|
|
| Non-current portion |
– |
|
74 000 |
|
| Current portion |
– |
|
2 378 |
|
| |
– |
|
76 378 |
|
The interest-bearing loan was issued to Tradebridge (Proprietary) Limited as part of an agreement entered into with
Medscheme Holdings (Proprietary) Limited, effective 1 March 2013.
In terms of the agreement, Medscheme sold its total shareholding (2 833 333 shares, 27.78%) back to Tradebridge for an
amount of R74 000 000. The purchase price was not settled in cash but was instead effected by means of a loan payable
to Medscheme.
The loan bears interest at Prime plus 1%, compounded monthly, up until 28 February 2014, whereafter the interest will
increase to Prime plus 4%, compounded monthly.
This loan was subsequently settled in May 2014 by Tradebridge (Proprietary) Limited. |
| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 13 |
|
|