note 11. investment in associate
(a) Investment details
The Group, through Summit, has an investment in MMM, an unlisted UK company that explores for base metals. At 30 June 2010 it holds 20M (2009:20M) fully paid ordinary shares. This is in addition to the warrants held as disclosed in Note 9. During the year ended 30 June 2009 MMM ceased to be an associate of the Group due to dilution of ownership resulting in inability to exert significant influence. At this date it ceased to be an associate it was categorised as an Available-for-Sale Financial Asset (Refer to Note 10(a)).
(b) Movements in the carrying amount of the Group’s investment in associate
MM Mining Plc:
|At 1 July||-||2.6|
|Investment in associate||-||-|
|Transferred to available-for-sale financial assets||-||(1.7)|
|Loss on deemed disposal||-||(0.1)|
|Share of losses after income tax||-||(0.8)|
|At 30 June||-||-|
(c) Summarised financial information
The following table illustrates summarised financial information relating to the Group’s associate.
Extract from the associate’s balance sheet:
Assets and liabilities relating to the associate’s balance sheet are nil at 30 June 2010 and 30 June 2009 as during the year ended 30 June 2009 MMM ceased to be an associate of the Group.
Extract from the associate’s income statement