NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS l NOTE 3
    2014 
Rm 
  2013  
Rm  
3. Investment in associates and joint ventures      
  Unlisted shares at cost 44    80 
  Impairments (12)    (12 )
    32    68 
  Indebtedness by associates and joint ventures 16    16 
  Lereko Mobility (Pty) Ltd call option 1 173    1 244 
    1 221    1 328 
  Lereko Mobility (Pty) Ltd (Lereko) call option      
  Balance at beginning of year 1 244    1 009 
  Fair value adjustment through profit or loss (71)    235 
  Balance at end of year 1 173    1 244 
  In September 2010, 14 516 617 preferred ordinary shares owned by Lereko were converted into ordinary shares. Lereko sold 8 651 673 ordinary shares to settle its third party funding obligation. The remaining 5 864 944 number of shares will be used to settle its obligation to Imperial Holdings Limited.

The Lereko call option asset is held at fair value and the fair value adjustment is recorded in profit or loss.