Académique Documents
Professionnel Documents
Culture Documents
Quarterlyreportforentities
admittedonthebasisofcommitments
ACN120394194
201AdelaideTerrace
PerthWesternAustralia6000
Phone(08)94634340
Facsimile(08)93255999
www.ilh.com.au
Rule4.7B
Appendix 4C
Quarterly report
for entities admitted
on the basis of commitments
Nameofentity
IntegratedLegalHoldingsLimited
ABN
20120394194
Quarterended(currentquarter)
31March2008
Consolidatedstatementofcashflows
Cashflowsrelatedtooperatingactivities
1.1
Receiptsfromcustomers
1.2
Paymentsfor (a)staffcosts
(b)advertisingandmarketing
(c)researchanddevelopment
(d)leasedassets
(e)otherworkingcapital
1.3
Dividendsreceived
1.4
Interest and other items of a similar nature
received
1.5
Interestandothercostsoffinancepaid
1.6
Incometaxespaid
1.7
Other(providedetailsifmaterial)
(a) rentreceived
(b) sundryincome
Netoperatingcashflows
Appendix4C
Current
Quarter
$A000
2,464
(1,441)
(33)
(1)
(828)
YeartoDate
(9months)
$A000
5,020
(3,367)
(80)
(3)
(1,284)
90
(6)
302
(11)
32
33
2
277
612
Page1
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
1.8
Netoperatingcashflows(carriedforward)
Cashflowsrelatedtoinvestingactivities
Paymentforacquisitionof:
(a)businesses(item5)
(b)equityinvestments
(c)intellectualproperty
(d)physicalnoncurrentassets
(e)othernoncurrentassets
Proceedsfromdisposalof:
(a)businesses(item5)
(b)equityinvestments
(c)intellectualproperty
(d)physicalnoncurrentassets
(e)othernoncurrentassets
Loanstootherentities
Loansrepaidbyotherentities
Other(providedetailsifmaterial)
Netinvestingcashflows
1.9
1.10
1.11
1.12
1.13
YeartoDate
(9months)
$A000
Current
Quarter
$A000
277
612
135
(15)
(6,427)
(4)
(232)
120
(6,662)
1.14
Totaloperatingandinvestingcashflows
397
(6,050)
Cashflowsrelatedtofinancingactivities
Proceedsfromissuesofshares,options,etc.
Proceedsfromsaleofforfeitedshares
Proceedsfromborrowings
Repaymentofborrowings
Dividendspaid
Other(IPOcapitalraisingexpenses)
(279)
(23)
3,628
64
(135)
(215)
(945)
(302)
2,397
95
(3,653)
1.21
1.22
Netfinancingcashflows
Netincrease(decrease)incashheld
Cashatbeginningofquarter/yeartodate
Exchangerateadjustmentstoitem1.20
5,041
8,789
1.23
Cashatendofquarter
5,136
5,136
1.15
1.16
1.17
1.18
1.19
1.20
Appendix4C
Page2
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
Paymentstodirectorsoftheentityandassociatesofthedirectors
Paymentstorelatedentitiesoftheentityandassociatesoftherelated
entities
Currentquarter
$A'000
1.24
Aggregateamountofpaymentstothepartiesincludedinitem1.2(a)
1.25
Aggregateamountofloanstothepartiesincludedinitem1.11
1.26
Explanationnecessaryforanunderstandingofthetransactions
Executive and nonexecutive directors of Integrated Legal
HoldingsLimitedanditssubsidiaries.
339
339
Noncashfinancingandinvestingactivities
2.1
Details of financing and investing transactions which have had a material effect on
consolidatedassetsandliabilitiesbutdidnotinvolvecashflows
Nil
2.2
Detailsofoutlaysmadebyotherentitiestoestablishorincreasetheirshareinbusinessesin
whichthereportingentityhasaninterest
Nil
Financingfacilitiesavailable
Addnotesasnecessaryforanunderstandingoftheposition.(SeeAASB1026paragraph12.2).
3.1
Loanfacilities
742
23
3.2
Creditstandbyarrangements
250
Appendix4C
Amountavailable
$A000
Amountused
$A000
Page3
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
Reconciliationofcash
Reconciliationofcashattheendofthequarter(as
shownintheconsolidatedstatementofcashflows)
totherelateditemsintheaccountsisasfollows.
4.1
Cashonhandandatbank
4.2
Currentquarter
$A000
Previousquarter
$A000
295
640
Depositsatcall
4,841
4,401
4.3
Bankoverdraft
4.4
Other(providedetails)
5,136
5,041
Total:cashatendofquarter(item1.23)
Acquisitionsanddisposalsofbusinessentities
Acquisitions
(Item1.9(a))
5.1
Nameofentity
5.2
5.4
Place
of
WesternAustralia
incorporation
or
registration
Considerationfor
ReferAppendixA
acquisition
or
disposal
Totalnetassets
ReferAppendixA
5.5
Natureofbusiness
5.3
ReferAppendixA
Disposals
(Item1.10(a))
Nil
Nil
Nil
Nil
ReferAppendixA
Nil
Compliancestatement
This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act (except to the extent that
informationisnotrequiredbecauseofnote2)orotherstandardsacceptabletoASX.
This statement does /does not* (delete one) give a true and fair view of the matters
disclosed.
BrettDavies
CompanySecretary
24April2008
Appendix4C
Page4
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
Notes
1.
2.
The quarterly report provides a basis for informing the market how the entitys
activities have been financed for the past quarter and the effect on its cash position.
Anentitywantingtodiscloseadditionalinformationisencouragedtodoso,inanote
ornotesattachedtothisreport.
Thedefinitionsin,andprovisionsof,AASB1026:StatementofCashFlowsapplytothis
reportexceptfortheparagraphsoftheStandardsetoutbelow.
3.
6.2
reconciliationofcashflowsarisingfromoperatingactivitiesto
operatingprofitorloss
9.2
itemiseddisclosurerelatingtoacquisitions
9.4
itemiseddisclosurerelatingtodisposals
12.1(a) policyforclassificationofcashitems
12.3 disclosureofrestrictionsonuseofcash
13.1
comparativeinformation
Accounting Standards. ASX will accept, for example, the use of International
AccountingStandardsforforeignentities.Ifthestandardsuseddonotaddressatopic,
theAustralianstandardonthattopic(ifany)mustbecompliedwith.
Appendix4C
Page5
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
APPENDIX A
Item2.1
Detailsoffinancingandinvestingtransactionswhichhavehadamaterialeffect
onconsolidatedassetsandliabilitiesbutdidnotinvolvecashflows
BusinessAcquisitions
Item1.9(a)
i) Acquiredlegalfirms
TalbotOlivier
As reported previously, the acquisition of this entity took place on 10 August 2007, however
the integration of the business is still occurring and there has been some movement in the
provisionalcalculation.Forthepurposesofcompleteness,wehaveincludedthedetailsofthe
acquisitionwiththisquarterlyreport.
On 11 January 2006, the company (through its agent, Law Central Co Pty Ltd) and the
foundation partners of Talbot Olivier entered into an Option Agreement whereby an option
was granted to Integrated Legal Holdings Limited, exercisable through its wholly owned
subsidiary Talbot Olivier Pty Ltd, to acquire the Talbot Olivier business assets. This
agreementwassubsequentlyvariedbyanagreementdated19September2006andwasfurther
amendedbyagreementsbetweenthesamepartiesdated12March2007and15May2007.
Theoptionwasexercisedon10August2007andthepurchasepriceagreedtobepaidincash
upontheexerciseoftheoptionwas$3,194,648.
TalbotOlivierPtyLtd,tradingasTalbotOlivier,wasincorporatedon10August2007andisa
whollyownedsubsidiaryofIntegratedLegalHoldingsLimited.Thefollowingconstitutesthe
calculation of the consideration given and the fair value of net assets acquired in Talbot
Oliver:
Consideration
Cash
Costsassociatedwithacquisition
Totalcashconsideration
Totalacquisitioncost
Fair
Value
$
130,866
200,000
164,079
494,945
134,136
134,136
360,809
3,001,233
Netassetsacquired
Assets
Plantandequipment
Workinprogress
Prepayments
Totalassetsacquired
Liabilities
Provisionforinsurancepremium
Totalliabilitiesacquired
Netassetsacquired
Goodwillonacquisition
3,194,648
167,394
3,362,042
3,362,042
Carrying
Amount
$
130,866
200,000
164,079
494,945
134,136
134,136
360,809
As the integration of the business is still occurring there may be some movement in the
provisionalcalculation.
Appendix4C
Page6
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
BrettDaviesLawyers
As reported previously, the acquisition of this entity took place on 10 August 2007, however
the integration of the business is still occurring and there has been some movement in the
provisionalcalculation.Forthepurposesofcompleteness,wehaveincludedthedetailsofthe
acquisitionwiththisquarterlyreport.
On30March2007,IntegratedLegalHoldingsLimited(throughitsagent,LawCentralCoPty
Ltd) and Brett Davies, owner of the Brett Davies Lawyers business assets, entered into an
Option Agreement whereby an option was granted to the company, exercisable through its
wholly owned subsidiary Tax Lawyers Australia Pty Ltd, to acquire the Brett Davies Lawyers
businessassets.
Theoptionwasexercisedon10August2007andthepurchasepriceagreedtobepaidincash
upontheexerciseoftheoptionwas$804,000.
TaxLawyersAustraliaPtyLtd,tradingasBrettDaviesLawyers,wasincorporatedon8August
2007andisawhollyownedsubsidiaryofIntegratedLegalHoldingsLimited.
Thefollowingconstitutesthecalculationoftheconsiderationgivenandthefairvalueofnet
assetsacquiredinBrettDaviesLawyers:
Consideration
Cash
Costsassociatedwithacquisition
Totalcashconsideration
Totalacquisitioncost
Fair
Value
$
17,454
17,454
17,454
823,662
Netassetsacquired
Assets
Plantandequipment
Totalassetsacquired
Netassetsacquired
Goodwillonacquisition
804,000
37,116
841,116
841,116
Carrying
Amount
$
17,454
17,454
17,454
As the integration of the business is still occurring there may be some movement in the
provisionalcalculation.
PeterMarksSuccessionLawyers
As reported previously, the acquisition of this entity took place on 19 September 2007,
however the deferred cash outflow portion of the purchase consideration was paid in the
current quarter. For the purposes of completeness, we have included the details of the
acquisitionwiththisquarterlyreport.
On 19 September 2007, Integrated Legal Holdings Limited, through its wholly owned
subsidiaryTalbotOliverPtyLtd,acquiredthelegalpracticeofthelatePeterMarkstradingas
Peter Marks Succession Lawyers. This acquisition was merged into the existing practice of
TalbotOlivier.
Appendix4C
Page7
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
Thefollowingconstitutesthecalculationoftheconsiderationgivenandthefairvalueofnet
assetsacquiredinthepracticeofPeterMarksSuccessionLawyers:
Consideration
Cash
Deferredcashconsideration
Totalcashconsideration
Totalacquisitioncost
Fair
Value
$
163,254
10,722
173,976
48,976
48,976
125,000
Netassetsacquired
Assets
Intangibleassetleasedpremises
Plantandequipment
Totalassetsacquired
Liabilities
Deferredtaxliability
Totalliabilitiesacquired
Netassetsacquired
Goodwillonacquisition
50,000
75,000
125,000
125,000
Carrying
Amount
$
163,254
10,722
173,976
48,976
48,976
125,000
As the integration of the business is still occurring there may be some movement in the
provisionalcalculation.
ShayneLeslie
As reported previously, the acquisition of this entity took place on 28 September 2007,
howevertheintegrationofthebusinessisstilloccurringandtherehasbeensomemovement
intheprovisionalcalculation.Forthepurposesofcompleteness,wehaveincludedthedetails
oftheacquisitionwiththisquarterlyreport.
On 28 September 2007, Integrated Legal Holdings Limited, through its wholly owned
subsidiary, Talbot Olivier Pty Ltd, acquired the legal practice of Shayne Leslie. This
acquisitionwasmergedintotheexistingpracticeofTalbotOlivier.
Theconsiderationforthepurchaseisacombinationofcashandshares.Thecashcomponent
will be funded from group working capital. The share component is payable progressively
overthreeyears,subjecttoperformancecriteriabeingmet.
Thefollowingconstitutesthecalculationoftheconsiderationgivenandthefairvalueofnet
assetsacquiredinthepracticeofShayneLeslie:
Consideration
Cash
Directcostsrelatingtotheacquisition
Totalcashconsideration
Totalacquisitioncost
Fair
Value
$
105,000
Netassetsacquired
Goodwillonacquisition
50,000
55,000
105,000
105,000
Carrying
Amount
$
Appendix4C
Page8
Appendix4C
Quarterlyreportforentities
admittedonthebasisofcommitments
As the integration of the business is still occurring there may be some movement in the
provisionalcalculation.
ii) AcquisitionofLawCentralCoPtyLtd
As reported previously, the acquisition of this entity took place on 10 August 2007, however
the integration of the business is still occurring and there has been some movement in the
provisionalcalculation.Forthepurposesofcompleteness,wehaveincludedthedetailsofthe
acquisitionwiththisquarterlyreport.
Under the terms of the Prospectus dated 16 May 2007, Integrated Legal Holdings Limited
offeredtoacquire100%ofthefullypaidordinarysharesinthecapitalofLawCentralCoPty
Ltd. The offer was conditional upon the acceptance of the offer by at least 90% of the Law
Central Co Pty Ltd shareholders by 15 August 2007. This condition was satisfied in full and
100%oftheLawCentralCoPtyLtdshareholdersacceptedtheoffer.
The consideration offered by Integrated Legal Holdings Limited was 0.105028 fully paid
ordinarysharesinthecompanytogetherwithacashpaymentof$0.04736011forevery1Law
Central Co Pty Ltd share. Settlement took place on 10 August 2007 and Integrated Legal
HoldingsLimitedissued1,258,096sharesinthecompanyandpaid$2,700,000incashtothe
vendors.
Thefollowingconstitutesthecalculationoftheconsiderationgivenandthefairvalueofnet
assetsacquiredinLawCentralCoPtyLtd:
Consideration
Cash
Deferredcashconsideration
Costsassociatedwithacquisition
Totalcashconsideration
Sharesissuedasconsideration
Totalacquisitioncost
Fair
Value
$
37,173
220,953
426,067
569,812
1,254,005
200,031
15,060
76,371
259,742
551,204
702,801
2,626,247
Netassetsacquired
Assets
Plantandequipment
Cash
Tradereceivables
Otherreceivables
Totalassetsacquired
Liabilities
Tradepayables
Interestbearingloansandborrowings
Incometaxpayable
Provisions
Totalliabilitiesacquired
Netassetsacquired
Goodwillonacquisition
$
2,700,000
2,700,000
629,048
3,329,048
Carrying
Amount
$
37,173
220,953
426,067
569,812
1,254,005
200,031
15,060
76,371
259,742
551,204
702,801
As the integration of the business is still occurring there may be some movement in the
provisionalcalculation.
Appendix4C
Page9