| 14. |
SHARE-BASED COMPENSATION RESERVE |
| |
The movements in the share-based compensation reserve are presented in the statement of changes in equity.
The Group currently operates the following share-based payment schemes:
Aspen Share Incentive Scheme
Share options are granted to management and key employees in terms of this scheme. The scheme was adopted by shareholders in January 1999. An amendment to the trust deed was approved by shareholders on 18 January 2000, in terms of which share options offered and taken up are released in five equal annual tranches, commencing on the second anniversary of an offer date and expire after eight years. In terms of the Aspen Share Incentive Scheme, the aggregate number of shares awarded in terms of this scheme and the Medhold Share Incentive Scheme (which has now ceased operations) is limited to 15% of the Company’s issued share capital. Cumulative shares awarded at year-end represent 7% of the Company’s issued share capital. The scheme is equity settled.
Refer to note 14.1 for detail of shares issued in terms of this Scheme.
Aspen Share Appreciation Plan
Share appreciation rights are granted to management and key employees in terms of this scheme. The Aspen Share Appreciation Plan was adopted in October 2005. The maximum period of rights awarded in terms of this plan is five years and vesting takes place three years from the allocation date. For employees who have finalised their first cycle of awards in terms of the Aspen Share Incentive Scheme, vesting of the first award made in terms of this scheme will take place as follows: 20% after two years and the remainder after three years. In terms of the Aspen Share Appreciation Plan, shares acquired by all participants in terms of this plan and the Aspen Share Incentive Scheme may not exceed 56,8 million shares. To date 25,3 million shares have been awarded in terms of these schemes. The scheme is equity settled. Refer to note 14.2 for detail of shares issued in terms of this Plan.
Should the holder of rights or options resign from the Group prior to the vesting date as indicated above, the shares for options/rights will not be issued and the options/rights will be forfeited.
Should the holder of rights and/or options be retrenched or retire, all shares for options/rights vest in the name of the holder.
Should the holder of rights and/or options become deceased, all the shares for options/rights vest in the estate of the deceased.
Aspen South African Workers’ Share Plan
The Aspen South African Workers’ Share Plan was adopted in October 2005. In terms of the plan all permanent employees not covered by one of the other share schemes, who had a minimum of one year’s continuous service with the Company, qualify for Aspen shares to a value of R9 000, awarded over a three-year period. The last tranche in terms of this plan was issued in July 2009. This scheme is equity settled. Refer to note 12 for details of shares issued in terms of this Plan.
|
|
| 14.1 |
Aspen Share Incentive Scheme |
| |
Grant
price
(R) |
Expiry
date |
Options
out-
standing
on 30 June
2008
’000 |
Vested
’000 |
Non-
vested
’000 |
Exercised
during
the year
’000 |
Lapsed/
cancelled
during
the year
’000 |
Options
out-
standing on
30 June
2009
’000 |
Vested
’000 |
Non-
vested
’000 |
| R4,47 |
Apr 2009 |
40 |
40 |
— |
40 |
— |
— |
— |
— |
| *R5,00 |
Apr 2009 |
100 |
100 |
— |
— |
— |
100 |
100 |
— |
| R5,05 |
Jan 2009 |
40 |
40 |
— |
40 |
— |
— |
— |
— |
| R6,50 |
Jan 2011 |
372 |
218 |
154 |
164 |
9 |
199 |
199 |
— |
| R6,59 |
Mar 2011 |
5 |
— |
5 |
5 |
— |
— |
— |
— |
| R7,57 |
Feb 2011 |
3 |
— |
3 |
3 |
— |
— |
— |
— |
| R7,77 |
Jul 2011 |
155 |
20 |
135 |
78 |
— |
77 |
10 |
67 |
| R8,28 |
Aug 2011 |
6 |
— |
6 |
3 |
— |
3 |
— |
3 |
| R9,01 |
Oct 2011 |
8 |
— |
8 |
4 |
— |
4 |
— |
4 |
| R9,20 |
Aug 2011 |
1 200 |
400 |
800 |
— |
— |
1 200 |
800 |
400 |
| R9,46 |
Sep 2011 |
11 |
4 |
7 |
6 |
— |
5 |
2 |
3 |
| R9,85 |
Nov 2011 |
66 |
30 |
36 |
8 |
— |
58 |
41 |
17 |
| R11,11 |
Feb 2012 |
15 |
6 |
9 |
9 |
3 |
3 |
— |
3 |
| R11,20 |
Jan 2012 |
435 |
181 |
254 |
146 |
15 |
274 |
158 |
116 |
| R11,42 |
Feb 2012 |
8 |
2 |
6 |
5 |
— |
3 |
— |
3 |
| R11,46 |
Feb 2012 |
8 |
4 |
4 |
— |
— |
8 |
6 |
2 |
| R12,00 |
Dec 2012 |
5 |
1 |
4 |
2 |
— |
3 |
2 |
1 |
| R12,07 |
Mar 2012 |
26 |
7 |
19 |
11 |
12 |
3 |
— |
3 |
| R12,23 |
May 2012 |
12 |
— |
12 |
6 |
— |
6 |
— |
6 |
| R12,30 |
Jun 2012 |
200 |
80 |
120 |
— |
— |
200 |
120 |
80 |
| R12,40 |
Mar 2012 |
12 |
— |
12 |
6 |
— |
6 |
— |
6 |
| R12,46 |
Apr 2012 |
43 |
16 |
27 |
40 |
— |
3 |
1 |
2 |
| R12,67 |
Jul 2012 |
1 554 |
408 |
1 146 |
496 |
28 |
1 030 |
297 |
733 |
| R14,86 |
Sep 2012 |
26 |
3 |
23 |
3 |
5 |
18 |
6 |
12 |
| R14,96 |
Oct 2012 |
18 |
— |
18 |
5 |
— |
13 |
2 |
11 |
| R15,75 |
Nov 2012 |
6 |
2 |
4 |
3 |
— |
3 |
— |
3 |
| R16,93 |
Sep 2012 |
5 |
— |
5 |
2 |
— |
3 |
— |
3 |
| R18,23 |
Oct 2012 |
105 |
40 |
65 |
2 |
— |
103 |
60 |
43 |
| R20,73 |
Sep 2012 |
6 |
1 |
5 |
— |
— |
6 |
3 |
3 |
| R21,49 |
Mar 2012 |
30 |
12 |
18 |
6 |
5 |
19 |
5 |
14 |
| R22,13 |
May 2012 |
30 |
12 |
18 |
— |
— |
30 |
18 |
12 |
| R23,92 |
Jul 2013 |
568 |
70 |
498 |
151 |
36 |
381 |
76 |
305 |
| R23,93 |
Jun 2013 |
6 |
1 |
5 |
— |
— |
6 |
3 |
3 |
| R24,57 |
Jun 2013 |
96 |
12 |
84 |
12 |
36 |
48 |
24 |
24 |
| R32,89 |
Sep 2014 |
643 |
— |
643 |
138 |
111 |
394 |
61 |
333 |
| R35,09 |
Sep 2015 |
275 |
— |
275 |
— |
66 |
209 |
— |
209 |
| |
|
6 138 |
1 710 |
4 428 |
1 394** |
326 |
4 418 |
1 994 |
2 424 |
|
| |
*At the time of expiry, Aspen was under cautionary announcement and these share options could not be exercised. The exercise of these share options took place subsequent to year-end during the open period, as provided for in the Aspen Share Incentive Scheme Trust Deed.
**Options exercised during the year resulted in 1,4 million shares (2008: 1,6 million shares) being issued, yielding proceeds of R20,4 million (2008: R15,3 million). The weighted average share price at which shares were exercised during the year was R43,31 (2008: R34,40).
The following reflects the number of shares that will be issued on the assumption that all share options are exercised on the earliest possible date |
| |
|
| |
| |
Number of shares
’000 |
Consideration
R’million |
| 2010 |
3 728 |
50,6 |
| 2011 |
466 |
9,3 |
| 2012 |
91 |
3,1 |
| 2013 |
91 |
3,1 |
| 2014 |
42 |
1,5 |
| |
4 418 |
67,5 |
|
| |
|
| 14.2 |
Aspen Share Appreciation Plan |
| |
Grant
price
(R) |
Expiry
date |
Rights
out-
standing
on 30 June
2008
’000 |
Vested
’000 |
Non-
vested
’000 |
Granted
during
the
year
’000 |
Exercised
during
the year
’000 |
Lapsed/
cancelled
during
the year
’000 |
Rights
out-
standing
on
30 June
2009
’000 |
Vested
’000 |
Non-
vested
’000 |
Fair value at
measure-
ment
date
(R) |
Share
price at
measure-
ment
date
(R) |
Volatility
(%) |
Dividend
yield
(%) |
Risk-free
rate
(%) |
| R23,92 |
Jul 2010 |
2 633 |
334 |
2 299 |
— |
1 328 |
19 |
1 286 |
1 286 |
— |
10,96 |
30,54 |
25,43 |
2,54 |
7,55 |
| R28,54 |
Aug 2010 |
13 |
— |
13 |
— |
13 |
— |
— |
— |
— |
9,38 |
31,00 |
24,91 |
2,54 |
7,55 |
| R30,04 |
Sep 2010 |
39 |
— |
39 |
— |
35 |
— |
4 |
4 |
— |
8,36 |
30,54 |
24,87 |
2,54 |
7,55 |
| R30,53 |
Oct 2010 |
26 |
— |
26 |
— |
— |
— |
26 |
26 |
— |
8,86 |
31,70 |
24,62 |
2,54 |
7,55 |
| R31,12 |
Sep 2010 |
20 |
— |
20 |
— |
— |
20 |
— |
— |
— |
7,85 |
30,54 |
24,72 |
2,54 |
7,55 |
| R31,52 |
Oct 2012 |
8 |
— |
8 |
— |
— |
— |
8 |
— |
8 |
9,38 |
31,80 |
27,54 |
2,30 |
8,46 |
| R31,83 |
Dec 2010 |
33 |
— |
33 |
— |
33 |
— |
— |
— |
— |
8,24 |
31,70 |
24,62 |
2,54 |
7,55 |
| R31,89 |
Jan 2012 |
12 |
— |
12 |
— |
— |
12 |
— |
— |
— |
12,14 |
34,02 |
28,02 |
1,95 |
8,94 |
| R31,94 |
Nov 2012 |
42 |
— |
42 |
— |
— |
— |
42 |
— |
42 |
9,82 |
33,00 |
27,45 |
2,30 |
8,09 |
| R31,96 |
Nov 2010 |
45 |
— |
45 |
— |
37 |
— |
8 |
8 |
— |
8,43 |
32,08 |
24,66 |
2,54 |
7,55 |
| R32,16 |
Jan 2012 |
16 |
— |
16 |
— |
— |
— |
16 |
— |
16 |
10,42 |
31,75 |
28,01 |
1,95 |
8,94 |
| R32,39 |
Jan 2012 |
13 |
— |
13 |
— |
5 |
— |
8 |
— |
8 |
10,58 |
32,10 |
28,00 |
1,95 |
8,94 |
| R32,59 |
Dec 2010 |
8 |
— |
8 |
— |
— |
— |
8 |
8 |
— |
12,46 |
37,99 |
24,70 |
2,34 |
7,30 |
| R32,82 |
Sep 2011 |
2 595 |
— |
2 595 |
— |
42 |
122 |
2 431 |
— |
2 431 |
9,64 |
33,19 |
27,44 |
2,30 |
8,72 |
| R33,24 |
Dec 2010 |
4 |
— |
4 |
— |
— |
— |
4 |
4 |
— |
12,11 |
37,99 |
24,70 |
2,34 |
7,30 |
| R33,41 |
Jan 2011 |
26 |
— |
26 |
— |
10 |
— |
16 |
16 |
— |
12,88 |
39,17 |
24,79 |
2,34 |
7,30 |
| R33,60 |
Feb 2012 |
58 |
— |
58 |
— |
— |
— |
58 |
— |
58 |
12,73 |
35,90 |
28,09 |
1,95 |
8,94 |
| R33,64 |
Sep 2011 |
8 |
— |
8 |
— |
— |
— |
8 |
— |
8 |
11,36 |
34,60 |
27,43 |
2,39 |
9,42 |
| R34,55 |
Oct 2012 |
32 |
— |
32 |
— |
— |
4 |
28 |
— |
28 |
10,05 |
34,94 |
27,43 |
2,30 |
8,63 |
| R34,75 |
Feb 2012 |
11 |
— |
11 |
— |
— |
— |
11 |
— |
11 |
10,59 |
33,57 |
28,06 |
1,95 |
8,94 |
| R35,53 |
Sep 2011 |
2 863 |
— |
2 863 |
— |
55 |
118 |
2 690 |
— |
2 690 |
11,46 |
35,99 |
27,44 |
2,39 |
9,42 |
| R35,61 |
Mar 2012 |
11 |
— |
11 |
— |
— |
3 |
8 |
— |
8 |
11,40 |
35,25 |
28,23 |
1,95 |
8,94 |
| R36,03 |
Jan 2014 |
— |
— |
— |
69 |
— |
— |
69 |
— |
69 |
14,55 |
39,02 |
33,84 |
2,30 |
7,37 |
| R36,67 |
Jun 2011 |
7 |
— |
7 |
— |
— |
— |
7 |
7 |
— |
8,58 |
34,28 |
26,53 |
2,34 |
7,30 |
| R37,16 |
Jun 2012 |
7 |
— |
7 |
— |
— |
— |
7 |
— |
7 |
12,48 |
37,76 |
27,46 |
1,95 |
8,94 |
| R37,47 |
Jul 2012 |
105 |
— |
105 |
— |
— |
— |
105 |
— |
105 |
11,31 |
37,00 |
27,64 |
2,39 |
9,42 |
| R37,97 |
Apr 2012 |
11 |
— |
11 |
— |
— |
4 |
7 |
— |
7 |
12,71 |
38,45 |
27,84 |
1,95 |
8,94 |
| R38,15 |
May 2012 |
14 |
— |
14 |
— |
— |
— |
14 |
— |
14 |
13,39 |
39,61 |
27,73 |
1,95 |
8,94 |
| R38,60 |
Apr 2012 |
4 |
— |
4 |
— |
— |
— |
4 |
— |
4 |
12,14 |
38,06 |
27,85 |
1,95 |
8,94 |
| R41,03 |
Oct 2013 |
— |
— |
— |
1 660 |
— |
— |
1 660 |
— |
1 660 |
13,78 |
41,40 |
31,69 |
2,32 |
7,32 |
| R42,63 |
Mar 2011 |
6 |
— |
6 |
— |
— |
3 |
3 |
3 |
— |
10,24 |
42,19 |
25,88 |
2,34 |
7,30 |
| R43,37 |
Apr 2011 |
6 |
— |
6 |
— |
3 |
— |
3 |
3 |
— |
8,58 |
43,72 |
25,27 |
2,34 |
7,30 |
| R43,41 |
May 2011 |
3 |
— |
3 |
— |
— |
— |
3 |
3 |
— |
11,43 |
38,10 |
25,50 |
2.34 |
7,30 |
| |
|
8 679 |
334 |
8 345 |
1 729 |
1 561* |
305 |
8 542 |
1 368 |
7 174 |
|
|
|
|
|
|
| |
The fair value was determined with the use of a binomial model. Volatility was based on historical data, taking into account the expected life of the appreciation rights.
*During the year 1 560 564 rights were exercised which resulted in 600 000 shares (2008: 29 821 shares) being issued.
The weighted average share price at which rights were exercised during the year was R44,36 (2008: R34,37).
The vesting profile of the share appreciation rights is as follows |
|
| |
| |
Number of rights
’000 |
| 2010 |
4 010 |
| 2011 |
2 802 |
| 2012 |
1 730 |
| |
8 542 |
|
| |
In terms of the Aspen Share Appreciation Plan, participants are settled the growth on appreciation rights in Aspen shares at date of exercise. The number of shares required to be issued can thus only be determined at date of exercise. |
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