Page 62 - annualreport2020

AFRICAN DAWN ANNUAL REPORT 2020

Notes to the Financial Statements continued
Annual Financial Statements For the year ended 29 February 2020

9. Business Combinations – Disposal of SME Snapshot

Disposal of SME Snapshot Proprietary Limited
On 1 March 2018 the group disposed of its investment in SME Snapshot in return for the 18 shares in YueDiligence.

2019
Assets and liabilities disposed R'000
Intangible assets software developed 242
Cash and cash equivalents 4
Trade and other receivables including 471
Trade and other payables (298)
Net liability disposed/acquired 419
Reversal of minority interest in SME Snapshot 114
Less equity accounted consideration see below (352)
Loss on sale of subsidiary 181

The effect on equity can be reconciled as follows:
Group
2020 2019
R'000 R'000
Consideration at fair value - (352)

10. Current tax (payable)
Group Company
2020 2019 2020 2019
R'000 R'000 R'000 R'000
Current tax payable - - - -
- - - -

11. Cash and cash equivalents
Cash and cash equivalents consist of:
Cash on hand 82 94 - -
Bank balances 329 2,294 12 7
411 2,388 12 7

12. Share Capital and share premium
Authorised
Group Company
Shares Shares Shares Shares
125,000,000 Ordinary shares of 40c each 50,000,000 50,000,000 50,000,000 50,000,000

The total shares in issue as at 29 February 2020 amounted to 50,917,533 (2019: 48,725,057).

60