PBD 0.00% 0.0¢ pbd developments limited

fkp paper value of pbd

  1. 77 Posts.
    Page 95 of 2012 financial report:

    Consolidation of Port Bouvard Limited and its controlled entities
    Historically, Port Bouvard (‘the Company’) has been treated as an associate and accounted for under the equity method. Effective 31 May 2012, the accounts of Port Bouvard were consolidated into the Consolidated Group.
    In May 2012, the Company released an update to the market advising of the retirement of Lee Verios, Chairman and Director of the Company. The position of Chairman was still vacant at 30 June 2012, with the Consolidated Group holding two out of three Director seats on the Board. The power to cast the majority of votes at meetings of the Board of Directors gives the Consolidated Group control over the Company. The Board of Directors is responsible for approving and resolving on all key financial and operational decisions.
    On 31 May 2012 (‘acquisition date’), the Consolidated Group acquired control over the Company. The net assets recognised on acquisition were at their fair values as determined by the Directors of FKP Limited and FKP Funds Management Limited (‘Responsible Entity’), as Responsible Entity of FKP Property Trust, and had the following effect on the Consolidated Group’s assets and liabilities on acquisition date:
    At Fair Value
    Recognised value on acquisition
    $m
    Inventories
    94.5
    Other assets
    1.8
    Bank loans
    (43.2)
    Trade and other payables
    (5.0)
    Deferred tax liabilities
    (1.5)
    Net identifiable assets
    46.6
    Less: previously held equity interest
    (13.7)
    32.9
    Less: non-controlling interests
    (32.9)
    Gain/loss on acquisition
    -
    The Consolidated Group remeasured its previously held equity interest in the Company at its acquisition date fair value, resulting in an impairment of $11.3m. This impairment charge was recognised in the Statement of Comprehensive Income for the year ended 30 June 2012 in the ‘share of equity accounted profits/loss’ line.
    The Company’s intention is to appoint an independent Chairman as well as an additional independent Director, which if successful would bring the total number of Directors to five.
 
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Currently unlisted public company.

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