Annual Report 2009
 
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Director's report    
 
 

Executive directors’ share options and share appreciation rights

On 30 June 2009 the directors of Mvelaphanda Group held, in aggregate, 121 205 427 (2008:
116 565 641) Mvelaphanda Group ordinary shares, representing 27,4% (2008: 25,2%) of the issued ordinary share capital of Mvelaphanda Group and 18 858 446 (2008: 18 858 446) redeemable option-holding shares, representing 15,2% (2008: 15,2%) of the issued redeemable option-holding share capital of Mvelaphanda Group.

The directors of Mvelaphanda Group had the following direct, indirect, beneficial and non-beneficial interests in Mvelaphanda Group ordinary shares and redeemable option-holding shares at 30 June 2009:
  Mvelaphanda Group ordinary shares   Mvelaphanda Group
redeemable
option-holding shares		  
  Direct
beneficial		   Indirect
beneficial		   Total   %   Indirect
beneficial		   %  
Executive directors                        
YZ Cuba 100   697 438   697 538   1   1 000 0003   0,8  
WV Mavimbela —   312 500   312 500   1   750 0003   0,6  
GE Röth1 —   —   —   —   —   —  
TMG Sexwale 100   71 736 7322   71 736 832   16,2   —   —  
MSM Xayiya 100   11 956 1222   11 956 222   2,7   —   —  
Non-executive directors                        
KD Dlamini —   —   —   —   2 592 1894   2,1  
BD Hopkins 27 173   5 357   32 530   1   —   —  
OA Mabandla —   393 750   393 750   1   6 221 2534   5,0  
D Moshapalo —   196 875   196 875   1   2 592 1894   2,1  
MZ Mpofu —   —   —   —   3 110 6264   2,5  
RM Patel —   —   —   —   2 592 1894   2,1  
CD Stein 10 714   —   10 714   1   —   —  
MJ Willcox5 100   35 868 3662   35 868 466   8,1   —   —  
  38 287   121 167 140   121 205 427   27,4   18 858 446   15,2  
1 Less than 0,1%.
2 Held via Mvelaphanda Holdings.
3 Held via the Mvelaphanda Group Management Trust.
4 Held via the Mvelaphanda Group Strategic BEE Partners Trust.
5 Mr Willcox resigned as director of the Group with effect from 2 February 2009.

Details of Mvelaphanda Group options/scheme shares in respect of Mvelaphanda Group ordinary shares held by the directors at 30 June 2009 and/or exercised/sold by directors during the year ended 30 June 2009 are set out below:

  Date granted   Number 
granted/
(exercised/sold)		   Strike price 
(cents)		   Number at
30 June 2008		   Number
granted/
(exercised/sold)		   Number at
30 June 2009		  
YZ Cuba 08/09/2006   —    880    1 000 000   —    1 000 000  
  03/08/2008   —    753    3 600 000   —    3 600 000  
WV Mavimbela1 08/09/2006   —    880    500 000   —    500 000  
  03/08/2008   —    753    1 000 000   —    1 000 000  
GE Röth 03/06/2008   —    753    1 400 000   —    1 400 000  
TMG Sexwale1 08/09/2006   —    880    1 600 000   —    1 600 000  
  03/08/2008   —    753    2 000 000   —    2 000 000  
MJ Willcox1 08/09/2006   —    880    1 000 000   —    1 000 000  
MSM Xayiya 08/09/2006   —    880    1 000 000   —    1 000 000  
  03/06/2008   —    753    2 000 000   —    2 000 000  
              15 000 000       15 000 000  
1 Messrs Sexwale, Mavimbela and Willcox resigned as directors of the Group with effect from 12 May 2009, 5 June 2009 and 2 February 2009 respectively.

BORROWING POWERS

In terms of the articles of association, the Company has unlimited borrowing powers.

GOING CONCERN

The directors believe that the Group has adequate financial resources to continue in operation for the foreseeable future and accordingly the financial statements have been prepared on a going-concern basis. The board is not aware of any new material changes that may adversely impact the Group. The board is not aware of any material non-compliance with statutory or regulatory requirements.

RESTRUCTURING

Over the past five years, significant value has been created for shareholders in the underlying investments of Mvelaphanda Group, excluding those in the telecoms and media and technology sectors. However, this is not reflected in the Mvelaphanda Group’s share price which still trades at a significant discount to its intrinsic NAV. Considering this, together with the current corporate structure not being appropriate to take advantage of the changed BEE landscape, the board has agreed to the realisation and unbundling of the Group’s assets and distribution to shareholders in the most efficient and orderly manner over a period of time. No new investments will be made by the Group.

CORPORATE GOVERNANCE

A full detail on the Group’s corporate governance policies and procedures are set out in the corporate governance report here.

EVENTS SUBSEQUENT TO BALANCE SHEET DATE

There have been no events between 30 June 2009 and the date of this report which necessitate adjustment to the income statement or balance sheet at that date.

SPECIAL RESOLUTION

On 10 November 2008 the directors of Mvelaphanda Group were authorised to facilitate, inter alia, the acquisition by Mvelaphanda Group or a subsidiary of Mvelaphanda Group, from time to time, of the issued ordinary shares of Mvelaphanda Group upon such terms and conditions and in such numbers as the directors of Mvelaphanda Group may from time to time decide, but subject to the provisions of the Companies Act, and the Listings Requirements of the JSE.

AUDITORS

The audit committee has satisfied itself with regard to the following:

  • The Group’s external auditors and the respective audit partners are independent.
  • Non-audit services are not performed by the external auditors where the provision of such services could be seen to impair the auditor’s independence.
  • The audit fees for the financial year ending 30 June 2009, has been reviewed and recommended to the board.

ANNUAL GENERAL MEETING

Details of the annual general meeting are set out here.

   
 
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