31. Puttable non-controlling interest liabilities
 

The acquisition of certain subsidiaries in prior years, 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 option was entered into during the year:

The non-controlling shareholders of FinGlobal Holdings (Pty) Limited (FinGlobal) have the option to put their 30,45% interest in FinGlobal to the Group at a price determined on a multiple of earnings on or about 1 July 2022.

  2018
R'000 		    2017
R'000		  
The effect of granting these put options on the Group’s results can be summarised as follows:          
Balance at beginning of the year  60 990        49 167    
Arising on the granting of put options to non-controlling interests during the year  22 922        –    
Fair value adjustments recorded directly in retained income  5 025        8 676    
Unwinding of present value discount recognised in the income statement  4 717        3 147    
Dividends paid  (3 124)       –    
   90 530        60 990    
Discount rate  6,0% – 7,0%        6,0%    
   1 July 2019        1 July 2019    
Expected settlement dates  – 1 July 2022        – 30 June 2021