|
| 10 Acquisitions of subsidiary undertakings |
| On 19 July 2002 the Group acquired the remaining 50%
interest in Broadgate Phase 12 Ltd, owner of 201 Bishopsgate, London
EC2. On 11 October 2002 the Group acquired 100% of the issued share
capital of FRP Group Plc. On 19 December 2002 the Group acquired the
remaining 50% interest in London & Henley Holdings Limited. The net
assets acquired and their fair value to the Group are as follows: |
| |
| |
Total book value |
Book value acquired |
|
|
| |
|
|
|
|
| |
|
London & |
Combined |
|
|
|
| |
Broadgate |
Henley |
remaining |
FRP Group |
Fair Value |
Fair Value |
| |
Phase 12 Ltd |
Holdings Ltd |
50% Interest |
Plc |
adjustment |
to Group |
| |
£m |
£m |
£m |
£m |
£m |
£m |
|
| Properties |
55.2 |
159.4 |
107.3 |
21.0 |
12.9• |
141.2 |
| Other assets |
|
|
|
0.2 |
|
0.2 |
| Cash |
0.6 |
5.4 |
3.0 |
0.1 |
|
3.1 |
| Creditors |
(1.0) |
(3.2) |
(2.1) |
(0.7) |
(0.4)* |
(3.2) |
| Shareholder loans |
(54.6) |
(22.4) |
(38.5) |
|
|
(38.5) |
| Bank loans |
|
(86.4) |
(43.2) |
(4.5) |
(2.4)† |
(50.1) |
| |
|
|
| |
0.2 |
52.8 |
26.5 |
16.1 |
10.1 |
52.7 |
| |
|
|
| Negative Goodwill |
|
|
|
|
|
(9.2) |
|
| |
|
|
|
|
|
43.5 |
|
| |
| Satisfied by: |
|
|
|
|
|
|
| Issue of Guaranteed Floating Rate |
|
|
|
|
|
|
 Unsecured
Loan Notes 2005 |
|
|
|
0.8 |
|
0.8 |
| Cash paid |
13.0 |
16.4 |
|
13.3 |
|
42.7 |
|
| Total consideration |
13.0 |
16.4 |
|
14.1 |
|
43.5 |
| Repayment of shareholder loans |
27.3 |
11.2 |
|
|
|
38.5 |
|
| Total cash payable |
40.3 |
27.6 |
|
14.1 |
|
82.0 |
|
| |
| The fair value adjustments arise because: |
| • As a development property, 201
Bishopsgate was carried in the accounts of Broadgate Phase 12 Ltd
at historical cost. |
| * An adjustment is required to recognise
additional liabilities for London & Henley Holdings Ltd. |
| † An adjustment is required to show
London & Henley’s bank loans and related derivatives at fair value. |
