The Group acquired 100% of the share capital of Plumblink SA Proprietary Limited (Plumblink) with effect from July 1 2015 for an enterprise value of R446 million. Plumblink is a specialist plumbing and bathroom merchant currently operating from 61 branches strategically situated throughout South Africa. The acquisition forms part of the Bidvest Industrial segment and will enabled the Group to expand its range of complementary products and services provided by Bidvest Industrial and, as a consequence, broaden the Group’s base in the market place.

As the initial accounting for this acquisitions was not completed at the time that the financial statements were authorised for issue, details of the values of assets acquired and liabilities assumed have not been provided.

Subsequent to year-end, the Group acquired 2,5 million Adcock Ingram Holdings Limited (Adcock) ordinary shares from Adcock’s black economic empowerment (BEE) partners, Blue Falcon Trading 69 Proprietary Limited and the Mpho ea Bophelo Trust for a cash consideration of R52,00 per Adcock ordinary share.

In addition, the Group supported the new Adcock BEE scheme (Scheme) and sold 15% of its Adcock shareholding to Ad-izinyosi, a new broad-based empowerment entity, for a minimum price of R52,00 and a maximum price of R72,00 per Adcock ordinary share, to be settled on the fourth anniversary of the date that the Scheme became operative. Following these transactions the Group holds 37,7% of the net ordinary shares in issue, in Adcock.

The Group funded these acquisitions from existing cash resources.