Currently viewing: 7. Financial instruments at fair value through profit and loss | Next: 8. Borrowings
Substantially, all financial instruments at fair value through profit and loss are classified as level 3 instruments in the fair value hierarchy. Movements in the instruments are as follows:
| Surety loan receivable Unaudited R'000 |
Escrow receivable Unaudited R'000 |
SPV1 derivative asset* Unaudited R'000 |
Gramercy derivative asset* Unaudited R'000 |
Class B Preference share liability Unaudited R'000 |
Lesaka derivative liability Unaudited R'000 |
Nedbank derivative liability Unaudited R'000 |
Sisonke derivative liability** Unaudited R'000 |
Total Unaudited R'000 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance as at 1 June 2025 | 134 753 | 32 375 | 149 030 | 223 437 | (242 637) | — | — | — | 296 958 | |
| Additions | — | 16 913 | — | — | — | — | — | — | 16 913 | |
| Loss on initial recognition (included in other expenses in the statement of comprehensive income) | — | — | — | — | — | (48 095) | (93 022) | (140 000) | (281 117) | |
| Fair value (loss)/gain recognised in profit or loss | (2 694) | — | (7 985) | (13 911) | 242 637 | — | — | — | 218 047 | |
| Repayments | (21 964) | (26 030) | — | — | — | — | — | — | (47 994) | |
| Settlements | — | — | (141 045) | (209 526) | — | — | — | — | (350 571) | |
| Derecognition upon the disposal of Cell C (including CEC) | — | (23 258) | — | — | — | — | — | — | (23 258) | |
| Closing balance as at 30 November 2025 | 110 095 | — | — | — | — | (48 095) | (93 022) | (140 000) | (171 022) | |
| Financial assets at fair value through profit or loss – included in current assets | 22 018 | — | — | — | — | — | — | — | 22 018 | |
| Financial assets at fair value through profit or loss – included in non-current assets | 88 077 | — | — | — | — | — | — | — | 88 077 | |
| Financial liabilities at fair value through profit or loss – included in current liabilities | — | — | — | — | — | (48 095) | (93 022) | — | (141 117) | |
| Financial liabilities at fair value through profit or loss – included in non-current liabilities | — | — | — | — | — | — | — | (140 000) | (140 000) |
| * | Refer to note 6.2.1 |
| ** | Refer to note 6.2 |
Surety loans relate to the personal sureties that B Levy and M Levy signed for the US Dollar denominated loan owed by 2DFine Holdings Mauritius to Gold Label Investments Proprietary Limited. Their liability is limited to the difference between the loan owing to Gold Label Investments Proprietary Limited and the value of 16.95% of the shares in Oxigen Services India Private Limited ("Oxigen Services") and 17.29% of the shares in Oxigen Online Services India Private Limited ("Oxigen Online"). In February 2024 the payment terms for the surety loans were renegotiated, with the payments being agreed as instalments payable annually commencing on 30 September 2025 and ending on 30 September 2030.
CEC concluded Book Sale Six on 27 June 2025 which was based on similar terms to that of Book Sale Two. Included in finance cost is R14.3 million in respect of Book sale Six.
The receivable has been derecognised upon the disposal of Cell C (including CEC).
The Class B Preference Shares held by BLU lenders were indexed to a 5% shareholding in Cell C. Prior to the pre-listing restructuring of Cell C, the fair value of Cell C was zero, resulting in the Class B Preference Shares being settled at zero.
Ahead of the pre-listing restructuring of Cell C, TPC entered into an agreement with Lesaka, giving Lesaka the right to require TPC to purchase its Cell C shares for R50 million. Lesaka's shareholding in Cell C after the restructuring was 0.025%. Lesaka exercised its put option prior to 30 November 2025, however the shares were only transferred in December 2025. Refer to note 11.
The fair value of this financial liability was determined with reference to the fair value of R26.50 per Cell C share and the agreed purchase price.
Ahead of the pre-listing restructuring of Cell C, TPC entered into an agreement with Nedbank, giving Nedbank the right to require TPC to purchase its Cell C shares for R96 million. Nedbank's shareholding in Cell C after the restructuring was 0.035%. Nedbank exercised its put option prior to 30 November 2025, however the shares were only transferred in December 2025. Refer to note 11.
The fair value of this financial liability was determined with reference to the fair value of R26.50 per Cell C share and the agreed purchase price.
