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Unformatted text preview: emporary differences of $138k arising as a result of the
translation of the financial statements of the consolidated entity’s subsidiary in the UK. The deferred tax liability will
only arise in the event of disposal of the subsidiary, and no such disposal is expected in the foreseeable future. 46 Wellcom Group Limited
Notes to the Consolidated Financial Statements For personal use only 5. Discontinued Operations Effective 1 July 2010 the Group disposed of its 50% shareholding in Kinkaid Pty Ltd (trading as Cadillac Printing) to
interests associated with Wayne Sidwell, Chairman and Chief Executive Officer of the Wellcom Group Ltd. The
transaction was in accordance with the resolution approved by shareholders at the company’s AGM on 21 October
2010 and the division disposed of is reported in these financial statements as a discontinued operation.
The consideration received of $3m and the repayment of vendor loans reflected the initial purchase consideration by
Wellcom Group Ltd and the book value of the assets on the effective date of the transaction. An accounting profit on
sale of the asset of $477k, relating predominantly to the reversal of accumula...
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- Spring '14