Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Disposals of Subsidiaries

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Disposals of Subsidiaries
 12 Months Ended
Dec. 31, 2021
Disposals Of Subsidiaries [Abstract]  
Disposals of Subsidiaries Disposals of SubsidiariesOn January 14, 2021, the Group entered into a Share Purchase Agreement (“SPA”) with TELUS Corporation (“TELUS”), a Canadian publicly traded holding company which is the parent of various telecommunication subsidiaries, for the sale of the Babylon Health Canada Limited business. The entire issued share capital of Babylon Health Canada Limited was transferred to TELUS for a base price of $1.8 million in Canadian dollars (“CAD”), which has been adjusted for working capital and net indebtedness. An additional $3.5 million CAD payment was made by TELUS that was attributable to a
partial repayment of an Intercompany Loan due from Babylon Canada to Babylon Partners Limited. The remaining amount of the Intercompany loan was forgiven immediately prior to the execution of the SPA.

Effect of disposal:
For the Year Ended
December 31, 2021
$‘000
Cash and cash equivalents
 (57)
Prepayments and contract assets
 (1,322)
Property, plant and equipment
 (922)
Right-of-use assets
 (797)
Trade and other receivables (619)
Accruals and provisions 658 
Lease liabilities 837 
Borrowings 3,075 
Trade and other payables
 588 
Net assets and liabilities derecognized
 1,441 
Consideration received
 2,344 
Working capital adjustment 132 
Gain on disposal
 3,917 

There were no disposals of subsidiaries in the years ended December 31, 2020 and 2019.