Notes to the Financial Statements for the year ended 30 June 2007 Note 41
Changes In The Composition Of The Entity (continued)
(b) Controlled Entities Disposed On 10 May 2007, the Group sold certain Caversham companies, taking a 25% interest in the Aspen Development Fund. The companies disposed of were as follows: Caversham Property Pty Ltd Caversham Property Developments Pty Ltd Bradwell Pty Ltd Details of the disposals are as follows: Consolidated 2007 $000
2006 $000
120,959
1,556
Deferred settlement
63,418
-
Investment in Aspen Development Fund
22,500
-
Proceeds received on disposal of shares Cash
Less costs of disposal
(27,653)
-
179,224
1,556
6,686
2,366
158,622
5,753
-
806
The carrying amounts of assets and liabilities disposed of by major class are: Receivables Inventories Other assets Property, plant & equipment Investment properties Payables
139
1,389
9,352
-
(4,366)
(12,284)
(129)
(631)
Provisions Net assets/(liabilities) of entity sold
170,304
(2,601)
-
4,022
8,920
1,421
Unrealised amounts eliminated Profit on disposal (before tax)
In 2006, the Group sold down equity in Australian Fine China, retaining 48% equity interest.
Note 42
Subsequent Events
Subsequent to year end, Futuris and an associated entity, Webster Limited, have reached an in-principle agreement, subject to shareholder approvals, successful divestment of Webster’s non-core industrial operations, due diligence and valuations, to: • transfer Futuris’ aquaculture and horticulture interests to Webster for a purchase price of $37.6m in exchange for 26,857,143 ordinary shares in Webster at $1.40 per share. • provide Webster with $25m secured loan facility convertible at $1.40 per ordinary share. No other matter or circumstance has arisen since the end of the financial year which is not otherwise dealt with in this report or in the consolidated financial statements, that has significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years.
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