INTEREST IN SUBSIDIARY COMPANIES
at 31 August 2010

        Shares at cost
less amounts
written off
Amount owing
(to)/by subsidiaries
      Ordinary
    Country of issued        
    incorpor- share 2010 2009 2010 2009
    ation capital R’000 R’000 R’000 R’000
Name of company/entity and nature of business            
Directly held            
i) Trading            
  New Clicks South Africa (Proprietary) Limited South Africa R500 272 439 272 439 570 185 ( 66 052)
ii) Property owning            
  Optimprops 93 (Proprietary) Limited South Africa R100 13 13
  Crantock Investments (Proprietary) Limited South Africa R1 44
  Elsdon Investments (Proprietary) Limited South Africa R2 3 911
  Clicks Centurion (Proprietary) Limited South Africa R10 * * 9 000 9 000
  Flamborough Investments (Proprietary) Limited South Africa R1 * *
               
Indirectly held            
i) Trading            
  Safeway (Swaziland) (Proprietary) Limited Swaziland E2
  Clicks Stores (Lesotho) (Proprietary) Limited Lesotho M1 000
  The Clicks Organisation (Botswana) (Proprietary) Limited Botswana BWP3 000
  Safeway (Namibia) (Proprietary) Limited Namibia N$100
  The Clicks Group Finance Company (Proprietary)            
  Limited South Africa R999
  United Pharmaceutical Distributors (Proprietary) Limited South Africa R10
  Clicks Retailers (Proprietary) Limited South Africa R200
  Milton & Associates (Proprietary) Limited South Africa R200
  Leon Katz (Proprietary) Limited South Africa R200
  J & G Purchase & Associates (Proprietary) Limited South Africa R220
  Kalahari Medical Distributors (Proprietary) Limited Botswana BWP200
  Clicks Direct Medicines (Proprietary) Limited South Africa R600
  Direct Patient Support (Proprietary) Limited South Africa R100
               
ii) Name protection and dormant            
  8 companies (2009: 13 companies)    
        272 452 276 407 579 185 (57 052)
Shares at cost less amounts written off     272 452 276 407    
Amounts owing by/(to) subsidiary companies     579 185 (57 052)    
Equity-settled capital contribution to subsidiary     24 600 24 549    
Interest in subsidiaries     876 237 243 904    


All subsidiary companies are wholly owned with the exception of The Link Investment Trust (“Link”) and Kalahari Distributors (Proprietary) Limited (“Kalahari”). Clicks Group Limited has a 56% interest in Link and 90% in Kalahari.

The loan to Link is interest free, unsecured and is repayable in annual instalments, not exceeding 10% of the underlying profit of the entity. The loan and investment in Link have been impaired in prior years based on the fact that the carrying value of the loan and investment exceeded the present value of management’s best estimate of likely future cash flows discounted at the group’s risk adjusted pre-tax weighted average cost of capital.

All other loans are interest free, unsecured and an unconditional right to defer payment for 12 months.

* values less than R1 000