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ANNUAL FINANCIAL STATEMENTS
Notes to the financial statements
continued
for the year ended 30 September 2014
192
Tiger Brands Limited Integrated Annual Report
2014
23 Share-based payment plans
continued
23.1
General employee share option plan
continued
Share appreciation rights
continued
The following inputs were used:
Date of grant
Expiry
date
Market
price of
underlying
stock at
grant date
(rand)
Expected
volatility
of the
stock over
remaining
life of
option (%)
Expected
dividend
cover
(times)
13/02/2013
12/02/2016 289,50
20,8
2,0
28/02/2014
27/02/2017 244,44
22,4
3,0
Volatilities are based on the historical volatility of the Tiger Brands share price matching the remaining
life of each option.
Restricted shares
The following table illustrates the number of, and movements in, restricted shares during the year:
2014
Restated*
2013
Number
Number
Outstanding at the beginning of the year
–
–
Granted during the year
26 950
–
Forfeited during the year
–
–
Exercised during the year
1
–
–
Outstanding at the end of the year
26 950
–
Exercisable at the end of the year
–
–
*
The amounts have been restated due to the adoption of IAS 19R.
1
The weighted average remaining contractual life for equity-settled options outstanding as at 30 September 2014 is 2,35 years.
The weighted average fair value of options granted during the year was R229,93 per option.
Options were valued using a modified Black-Scholes model taking into account the dividend cover,
expected exercise pattern and volatility of the Tiger Brands share price.