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Acquisitions
Further interest in Clough
The Group increased it shareholding in Clough from 46,1% to
49,1% in December 2006 representing 15 300 000 shares at a cost of
A$6,3 million. The Group also subscribed for an issue of convertible
notes in Clough at a cost of A$23,2 million which have a coupon of
10% payable quarterly in arrears and which may be redeemed between
one and three years after issue, or converted into 63 021 791
shares. In November 2005 the Group secured the rights to 30 million
Clough shares to be issued by Clough within two years in return for
a convertible loan credit facility of A$15 million with a 10%
coupon.
Wade Walker
The Group acquired 80% of the issued share capital of Wade
Walker on 10 January 2007 for R68 million.
Disposals
Murray & Roberts Foundries Group and Borbet Africa
With effect from 1 April 2007 as part of the continued program to
rationalise non-core activities, the Group disposed of its entire
interest in Murray & Roberts Foundries Group (Proprietary) Limited
for the sum of R333 million and its remaining 50% interest in
associate company Borbet Africa Limited for the sum of R35 million.
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