5 Investments
| Subsidiary undertakings | |||
|---|---|---|---|
| Shares £m |
Loans £m |
Total £m |
|
| Cost | |||
| At 1 January 2008 | 176.9 | 4.4 | 181.3 |
| Additions | 105.7 | - | 105.7 |
| Transfers to shares | 3.4 | (3.4) | - |
| At 31 December 2008 | 286.0 | 1.0 | 287.0 |
| Provisions | |||
| At 1 January 2008 | (0.9) | (4.4) | (5.3) |
| Transfers to shares | (3.4) | 3.4 | - |
| At 31 December 2008 | (4.3) | (1.0) | (5.3) |
| Net book value at 31 December 2008 | 281.7 | - | 281.7 |
| Net book value at 31 December 2007 | 176.0 | - | 176.0 |
On 19 December 2008, the Company increased its investment in its wholly owned subsidiary, Muse Developments Limited, by £20.0m through the purchase of 20m fully paid ordinary shares of £1.00 each.
On 23 October 2008, the Company increased its investment in its wholly owned subsidiary, SMHA Limited, by £3.4m through the purchase of 3.4m fully paid ordinary shares of £1.00 each, the consideration for which was satisfied by the conversion of an existing intercompany loan receivable.
On 19 December 2008, the Company increased its investment in its wholly owned subsidiary, Morgan Ashurst plc, by £85.0m through the purchase of 85m fully paid ordinary shares of £1.00 each.
On 5 March 2008 the Company increased its investment in its wholly owned subsidiary Newman Insurance Company Limited (‘Newman’) by £0.5m to make the 1.0m £1.00 ordinary shares previously partly paid at 50p per share fully paid up. In addition, on 3 September 2008, the Company increased its investment in Newman by £0.2m through the purchase of 1.0m £1.00 ordinary shares partly paid at 15p per share.