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GROUP |
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COMPANY |
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2005 |
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2004 |
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2005 |
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2004 |
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Restated |
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Restated |
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Rm |
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Rm |
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Rm |
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Rm |
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19.
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SHARE-BASED PAYMENT RESERVE
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Balance at the beginning of the year |
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11,8 |
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– |
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11,8 |
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– |
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Movement for year |
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1,1 |
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11,8 |
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1,1 |
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11,8 |
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Balance at the end of the year |
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12,9 |
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11,8 |
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12,9 |
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11,8 |
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The company and group have no direct share option scheme with employees. Daun & Cie AG has granted 16,65 million (2004: 21,75 million) options to purchase ordinary shares in the company to certain key management personnel. The exercising of these options is conditional on the achievement of agreed profit targets both in individual divisions/subsidiaries and for the group. Options were granted at a strike price of the Euro equivalent of R1.30 per share and bear notional interest of 4% per annum from the effective date of 9 November 2004, compounded monthly, until the date of exercising the option. 50% of the total options were exercised on 9 November 2004 and it is expected that 10% of the options are likely to be exercised each year until 2010. |
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Reconciliation of options granted by Daun & Cie AG |
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Balance at the beginning of the year (shares) |
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21 750 000 |
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– |
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21 750 000 |
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– |
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Total options granted |
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– |
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43 500 000 |
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– |
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43 500 000 |
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Taken up during the year |
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(800 000) |
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(21 750 000) |
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(800 000) |
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(21 750 000) |
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Forfeited during the year |
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(4 300 000) |
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– |
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(4 300 000) |
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– |
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Balance at the end of the year (shares) |
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16 650 000 |
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21 750 000 |
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16 650 000 |
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21 750 000 |
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Market price on option grant date (rands) |
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– |
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1,80 |
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– |
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1,80 |
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Charge to the income statement |
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In respect of options take up |
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0,4 |
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10,8 |
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0,4 |
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10,8 |
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In respect of remaining options |
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0,7 |
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1,0 |
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0,7 |
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1,0 |
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1,1 |
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11,8 |
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1,1 |
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11,8 |
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