| 39 | Subsequent events |
| As set out in the chairman’s report on page 2, a decision was taken by Tiger Brands Limited on 16 November 2015 not to extend any further financial support to TBCG.
Subject to regulatory approvals, with effect from 11 December 2015, Tiger Brands Limited has reached agreement with the board of TBCG and Dangote Industries Limited (DIL) in terms of which DIL will provide TBCG with an immediate cash injection of N10 billion (R0,7 billion). In return Tiger Brands will sell its 65,7% shareholding in TBCG to DIL for a nominal consideration of $1 and write off its shareholder loans to TBCG of R0,7 billion. In addition, Tiger Brands will settle outstanding debt guaranteed on behalf of TBCG amounting to R0,4 billion. On a pro forma basis, assuming the agreement between Tiger Brands Limited and DIL had been concluded on 30 September 2015, Tiger Brands would not have reflected a loss on disposal of its interest in TBCG as at that date. There were no other material subsequent events that occurred during the period subsequent to 30 September 2015, but prior to these consolidated annual financial statements being authorised for issue. |