25. Impairment of trade receivables
2012 2011
$'000 $'000
---------- ----------
Balance at the beginning of the
year 132 11
Charge for the year 897 121
---------- ----------
Balance at the end of the year 1,029 132
========== ==========
26. Provision for loans receivable
2012 2011
$'000 $'000
---------- ----------
Balance at the beginning of the
year - 742
Write off of loan - (742)
Reversal of impairment 131 -
Asset recovery (131)
---------- ----------
Balance at the end of the year - -
========== ==========
Loans receivable are amounts due from the entities where the
power to control has been lost. These loans have been provided for
as at the balance sheet date due to the events described in note 5.
In the year under review certain assets have been retrieved from
the Johannesburg Clinic in repayment of their loan to the group
which was previously fully impaired. The result has been a reversal
against this impairment to the value of the assets received. The
remaining portion of the loan is still deemed irrecoverable and
will remain written off in full.
27. Share Capital
Number Ordinary shares of
no par value
Allotted and fully
paid
$'000
---------------- ------------------------
At 1 March 2010 194,001,000 41,607
Issue of shares to fund group
activities (a) 12,500,000 4,740
Issue of shares to fund group
activities (a) 6,111,111 2,420
Issue of shares to fund group
activities (b) 24,193,548 3,000
Issue of shares to fund group
activities (b) 14,336,918 2,000
Issue of shares to fund group
activities (c) 9,384,164 1,500
At 28 February 2011 260,526,741 55,267
================ ========================
Issue of shares to fund group
activities (d) 61,707,130 2,000
At 29 February 2012 322,233,871 57,267
================ ========================
(a) On 30 April 2010 and 23 July 2010, 12,500,000 shares (6.5m
shares at GBP0.23 per share and 6m shares at GBP0.25 per share) and
6,111,111 shares at $0.396 per share respectively were issued to
Harbinger Capital Partners Master Fund Limited. These share issues
were made pursuant to the 30 October 2009 GBP28.7 million ($47.2
million) equity line agreement with Harbinger Capital Partners
Master Fund Limited, (the "ELA"), which was revised on 20 September
2010 (the "Revised ELA"). Under the terms of the Revised ELA, which
replaces the existing ELA, Harbinger Capital Partners Master Fund
Limited agreed to subscribe for US$6.5 million worth of shares in
the Company in four separate tranches by the end of 2010, after
which Harbinger Capital Partners Master Fund Limited would have no
further funding obligations to the Company pursuant to the ELA or
the Revised ELA.
(b) On 21 September 2010 and 29 October 2010, 24,193,548 shares
at $0.124 per share and 14,336,918 shares at $0.14 per share
respectively were issued to Harbinger. These share issues were made
pursuant to the Revised ELA.
(c) On 1 December 2010 9,384,164 shares (6,451,613 shares at
GBP0.10 per share and 2,932,551 shares at GBP0.11 per share) were
issued to Harbinger. These share issues were made pursuant to the
Revised ELA.
(d) Upon his appointment as Chief Executive Officer, 5 July
2011, Dr. Peter Botha subscribed for a total of 61,707,130 shares
in the company at a price of 2 pence per share. All requirements
necessary for the completion of this subscription were met on 28
September 2011.
28. Deferred consideration - cash
2012 2011
$'000 $'000
----------- ----------
Balance at the beginning of the
year - 224
Payment of consideration - (224)
----------- ----------
Balance at the end of the year - -
=========== ==========
The agreement to acquire the assets of Caramix (Pty) Limited
provides for an additional payment to the value of the VAT
receivable due to Caramix (Pty) Limited at the balance sheet date.
The deferred consideration was settled in full in the prior
financial year.
29. Share based payments
Equity-settled share option plan
The Group unapproved share option scheme was established to
provide equity incentives to the directors of, employees of and
consultants to the Company. The scheme is administered by the
board. Awards to directors are recommended by the Remuneration
Committee. The options are exercisable during a period (being not
less than one year), such period to commence on a date determined
by the board, but not longer than five years from the date of
grant. Options are forfeited if the employee leaves the Group
before the options vest.
Date of grant 2012 Weighted 2011 Weighted
Number average Number average
of Options exercise of Options exercise
price price
------------------------------ ------------ ---------------- -------------- ---------------- --------------
Options at the beginning
of the year Issue1 6,000,000 25p 6,000,000 25p
Granted during the
period Issue2 20,000,000 7p - -
Lapsed during the - - - -
period
Options at the end
of the year 26,000,000 11p 6,000,000 25p
---------------- -------------- ---------------- --------------
Exercisable at year
end 6,000,000 25p 2,000,000 25p
---------------- -------------- ---------------- --------------
Upon his appointment as Chief Executive Officer of the group, Dr
Peter Botha was granted 20,000,000 options to purchase shares
within the group. The conditions related to the options are:
-- 10,000,000 options exercisable after the first anniversary of issue with a strike price of 4p
-- 5,000,000 options exercisable after the second anniversary of issue with a strike price of 8p
-- 5,000,000 options exercisable after the third anniversary of issue with a strike price of 12p
The fair value of the options was determined using the
Black-Scholes option pricing model using the following
assumptions:
Issue2 Issue1
------------ ------------
Share price at the date of grant 2.88p 23.62p
Risk free interest rate 0.92% 1.9%
Annual dividend yield Nil Nil
Expected volatility 65.96% 45.00%
Expected period until exercise 3 years 2 years
Fair value at date of grant 1.2p 0.8p
Risk free interest rate is based on the 5 year gilt rate at the
date of grant. Annual dividend yield is based on management's
immediate intention to re-invest operating cash flows. Expected
volatility was determined by calculating the historical volatility
of the Group's share price over the previous year. The expected
period until exercise is based on management's best estimate, for
the effects of non-transferability, exercise restrictions and
behavioural considerations.
Equity-settled warrants
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