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interest in subsidiary companies

at 31 August 2006
      Ordinary issued 
share
capital
  Shares at cost less amounts written off   Amount owing by subsidiaries  
    Country of incorporation     2006   2005   2006   2005  
Name of company and nature of business   R’000   R’000   R’000   R’000  
Directly held                      
   i) Trading                      
  New Clicks South Africa (Proprietary) Limited South Africa R500   272 439   272 439   312 091   536 269  
  The Link Investment Trust South Africa       14 790     15 000  
   ii) Property owning                      
  Elsdon Investments (Proprietary) Limited South Africa R2   3 911   3 911      
  Crantock Investments (Proprietary) Limited South Africa R1   44   44      
  Optimprops 93 (Proprietary) Limited South Africa R100   13   13      
  Flamborough Investments (Proprietary) Limited South Africa R1   *   *      
  Clicks Centurion (Proprietary) Limited South Africa R10   *   *   9 000   9 000  
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          
  New United Pharmaceutical Distributors 
   (Proprietary) Limited
South Africa R10          
  Multicare Pharmaceutical Benefits Management 
   (Proprietary) Limited
South Africa R4 000          
  Multicare Western Cape (Proprietary) Limited South Africa R100          
  Purchase Milton & Associates (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          
   ii) Name protection and dormant                      
  23 companies (2005 – 22 companies)              
   iii) Holding                      
  Musica (Africa) Holdings Limited South Africa R246 029          
  Clicks Stores Holdings (Proprietary) Limited South Africa R68          
  Multicare Health Centres (Proprietary) Limited South Africa   R1 000              
            276 407   291 197   321 091   560 269  
Shares at cost less amounts written off         276 407   291 197          
Amounts owing by subsidiary companies         321 091   560 269          
Interest in subsidiaries         597 498   851 466          

All subsidiary companies are wholly-owned with the exception of The Link Investment Trust. New Clicks Holdings has a 56% interest in The Link Investment Trust.

The loan to The Link Investment Trust 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 The Link Investment Trust have been impaired in the current year based on the fact that the carrying value of the loan and investment exceeds 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 of 15%.

All other loans are interest free, unsecured and no fixed dates of repayment have been determined.

* values less than R1 000