Loans receivable - related party

12 Months Ended

Dec. 31, 2011

Loans Receivable Related Party [Abstract]

Loans Receivable Related Party [Text Block]

16. Loans receivable — related party

Moneygate

In Fiscal 2009 we purchased 49% of the share capital of Moneygate. On acquisition we provided loan facilities of £250 ($398) for working capital and £2,000 ($3,094) for acquisitions and subsequently entered into various transactions with Moneygate and other non-related parties.

On December 31, 2010, the loan to Moneygate of £1,485 ($2,298) was impaired by £1,286 ($1,985) and had a carrying value of £199 ($308), based on a valuation from an outside firm. Moneygate was sold on March 29, 2011 for a consideration of £250 ($387), giving a gain on disposal of £51 ($81) (see note 6).

Dunamis

On September 6, 2010 Medicsight made a short-term loan of $1,100 (£711) to Dunamis repayable by December 31, 2010, along with $36 (£23) of interest.  Dunamis paid back the principal of $1,100 (£711) and interest of $48 (£31) on February 6, 2011 and February 10, 2011 respectively.  The funds were lent to Dunamis in order to achieve a higher rate of interest than we would have on deposit with a financial institution and also to demonstrate Medicsight’s financial ability to co-invest with a joint venture in the region using one of its UAE subsidiaries.  Dunamis had provided the assets of the business as collateral against the loan made by Medicsight. Dunamis was considered a related party as two former directors of Medicsight were also directors of Dunamis Capital (see note 16).