31.

Puttable non-controlling interest liabilities

The acquisition of certain subsidiaries during the year, resulted in put options being agreed with certain of the non-controlling shareholders. The put options entitle the non-controlling shareholders to sell their holdings in the subsidiaries to the Group at contracted dates and amounts. The following put options were entered into during the year: – The non-controlling shareholders in Caterfood Holdings Limited (part of operations unbundled in May 2016) have the option to put their 12% interest in Caterfood to the Group, using a market valuation formula on or about September 2017. – The non-controlling shareholders in Glassock and Associates Proprietary Limited (Glassock) have the option to put 49% of their interest in Glassock to the Group at a price determined on a multiple of earnings on or about July 1 2021.

				2016  R’000				2015  R’000
	The affect of granting these put options on the Group’s results can be summarised as follows:
	Balance at beginning of the year			939 430				–
	Arising on the granting of put options to non-controlling interests during the year			68 944				926 685
	Fair value adjustments recorded directly in retained income			787				–
	Unwinding of present value discount recognised in the income statement
	– continuing operations			2 124				–
	– discontinued operations			21 486				19 880
	Exchange rate adjustments			269 769				(7 135)
	Unbundling of puttable non-controlling interest liabilities			(1 253 373)
				49 167				939 430
	Discount rate			7,5%				1,99% – 6,25%
	Expected settlement dates			July 1 2019 – June 30 2021				September 30 2017 – July 1 2019