Investment accounted for under the equity method

12 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

6. Investment accounted for under the equity method

In Fiscal 2009 we purchased 49% of the share capital of Moneygate Group Limited (“Moneygate”).  Moneygate is a related party as we had significant influence over it and had representation on the board of directors (see note 15).  On acquisition we provided loan facilities of £250 ($387) for working capital and £2,000 ($3,094) for acquisitions and subsequently entered into various transactions with Moneygate and other non-related parties (see note 16).

As we had significant influence over Moneygate we accounted for it under the equity method.  The investment was acquired at a nominal value, also its fair value, and incurred losses since our initial investment, it was recorded in the consolidated financial statements at a value of $nil at December 31, 2010.

Moneygate was sold on March 29, 2011.