XML 65 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
12 Months Ended
Aug. 31, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
 
The Company has evaluated all events subsequent to the balance sheet date of August 31, 2012 through the date of issuance of these consolidated financial statements and have determined that, except as set forth below, there are no subsequent events that require disclosure.
 
Loan agreement
 
On August 30, 2012 the Company's Barbados subsidiary entered into a loan agreement with Citicorp Merchant Bank Limited.  The agreement establishes a credit facility for BDS$8.0 million (Eight Million Barbados Dollars), approximately USD $4.0 million.  The interest rate is set at the Barbados Prime Lending Rate less 2.0%.  The loan term is seven years with interest and principal payments due quarterly.  This loan is secured by assets of the Company's Barbados subsidiary. On October 3, 2012, the Company drew down the BDS$8.0 million loan.

Forward foreign exchange contracts entered into after August 31, 2012
 
The Company's Colombia subsidiary has entered into forward exchange contracts for approximately $7.5 million with settlement dates from October 2012 through December 2012.

Increase of equity participation in joint venture agreements
 
On September 26, 2012 the Company increased its equity participation in its 50% interest in the entity, Price Plaza Alajuela, S.A., contributing an additional $300,000. The contribution was a portion of the Company's additional future contributions disclosed within Note 16 - Unconsolidated Affiliates.

     On October 26, 2012 the Company increased its equity participation in its 50% interest in the entity, Golf Park Plaza, S.A., contributing an additional $250,000. The contribution was a portion of the Company's additional future contributions disclosed within Note 16 - Unconsolidated Affiliates.