Notes to the Group financial statements

for the year ended 30 June

34.   TRANSACTIONS WITH NON-CONTROLLING INTERESTS        
 
2014  

The Group acquired an additional 0.1% and 0.7% in Afrisun Gauteng and Teemane respectively for R3 million each in July 2013.  

The Group purchased the remaining 23% interest in Afrisun Leisure Investments from WIP Gaming during August 2013 for R120 million. This acquisition resulted in the Group's effective shareholding increasing in the following subsidiaries: SunWest +0.9%; Worcester +2.3%; Afrisun KZN +0.9%; Afrisun Gauteng +1.3%; Afrisun KZN Manco +3.3%; Emfuleni +2.1% and Gauteng Casino Resorts Manco +11.2%.  

During February 2014 the Group sold 3.7% of its shareholding in Teemane for R4 million.  

The effect of the above transactions is explained below.  

Acquisition of additional interests in subsidiary   
July 2013  
         
  Carrying amount of non-controlling interest acquired*       –  
  Consideration paid to non-controlling interest       (6) 
  Movement in non-controlling interest       (6) 
         
  August 2013        
  Carrying amount of non-controlling interest acquired       15  
  Consideration paid to non-controlling interest       (120) 
  Movement in non-controlling interest       (105) 
         
  Dilution in shareholding        
  February 2014        
  Carrying amount of non-controlling interest sold*       –  
  Consideration paid by minority       4  
  Movement in non-controlling interest       4  
  Net movement in non-controlling interest       (107) 
  * Amounts are less than R1 million.        
 
2013 
 
In November 2012, Chilean Enterprises exercised their option thereby taking up their unpaid share capital in SFI. This reduced SIL's shareholding by 1.86% to 42.41%. In April 2013, IGGR and Lasud decided not to take up their options. Novosun took up these options by converting their loans into share capital. IGGR sold its shareholding in April 2013. The remaining shareholders took up these shares in proportion to their shareholding which resulted in SIL's effective shareholding increasing to 44.21%.  

The effect of the above transactions is explained below.  
  Dilution in shareholding – November 2012        
  Carrying amount of non-controlling interest diluted       (18) 
  Increase in NAV as a result of an increase in Share capital in SFI       34  
  Movement in non-controlling interest       16  
 
Acquisition of additional interests in subsidiary – April 2013  
     
  Carrying amount of non-controlling interest acquired       52  
  Consideration paid to non-controlling interest       (73) 
  Movement in non-controlling interest       (21) 
  Net movement in non-controlling interest       (5)