for the six months ended 30 September 2015
| Reviewed Six months ended 30 September 2015 |
Reviewed Six months ended September 2014 |
Audited Year ended March 2015 |
|
|---|---|---|---|
| Rm | Rm | Rm | |
| Non-distributable reserves | 1 453 | 2 711 | 1 507 |
| Cell Captive reserve | 2 221 | 2 711 | 2 282 | Shares held by subsidiaries and in Escrow | (768) | - | (775) |
The Group has a Cell Captive preference share investment to fund Telkom's post-retirement medical aid liability.
The fair value gains from the Cell Captive are recognised in profit or loss and then transferred to non-distributable reserves.
The reserve also represents Telkom shares held by subsidiaries and in Escrow, to be utilised in terms of the Telkom Employee Share Plan. Telkom previously disclosed this reserve as treasury shares.