| NOTES TO THE FINANCIAL STATEMENTS l NOTE 4 |
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4. |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
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(LISTED PROPERTY SECURITIES ) |
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GROUP
JUNE
2013
R000 |
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GROUP
DECEMBER
2012
R000 |
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COMPANY
JUNE
2013
R000 |
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COMPANY
DECEMBER
2012
R000 |
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| Non-current financial assets at fair value through profit and loss |
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| Fair value at year-end |
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| Sycom Property Fund |
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2 282 095 |
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2 282 095 |
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| Balance at end of period |
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2 282 095 |
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2 282 095 |
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| Movement for the period |
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| Balance at beginning of period |
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2 282 095 |
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2 176 173 |
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2 282 095 |
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2 176 173 |
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| Disposals - Acucap and Vunani units |
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(209 337) |
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(209 337) |
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| Change in fair value |
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(2 842) |
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315 259 |
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(2 842) |
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315 259 |
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| Transfer to asset held-for-sale |
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(2 279 253) |
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(2 279 253) |
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| Balance at end of period |
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2 282 095 |
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2 282 095 |
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| Hyprop's % interest: number of units held |
Stock Exchange |
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% held |
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% held |
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% held |
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% held |
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| Sycom Property Fund - Units held: 84 225 688 (2012: 84 225 688) |
JSE |
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29,9 |
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33,9 |
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29,9 |
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33,9 |
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The investment in Sycom has been accounted for as an investment rather than equity accounted, since Hyprop does not exercise significant influence over Sycom. In particular, Hyprop does not have representation on the board of Sycom and does not participate in any policy-making decisions on behalf of Sycom.
The fair value of Sycom is based on the closing price on the JSE at 30 June 2013, less an accrual for distribution, which is included in receivables. Hyprop's interest in Sycom reduced from 33.9% to 29.9% during the period due to a Sycom rights offer in which Hyprop did not follow its rights.
Hyprop had pledged 75 328 391 Sycom units as security against a loan facility provided by Rand Merchant Bank (“RMB”). Subsequent to the Somerset Mall transaction, RMB released the pledged Sycom units. Refer to and .
The investment in Sycom has been reclassified to non-current assets as held-for-sale. Refer to . |
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| NOTES TO THE FINANCIAL STATEMENTS l NOTE 4 |
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