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ANNUAL FINANCIAL STATEMENTS
Notes to the financial statements
continued
for the year ended 30 September 2014
194
Tiger Brands Limited Integrated Annual Report
2014
23 Share-based payment plans
continued
23.1
General employee share option plan
continued
Cash settled
continued
The following inputs were used:
Date of grant
Strike
price of
option
(rand)
Expiry
date
Market
price of the
underlying
stock at
grant date
(rand)
Expected
volatility of
the stock
over the
remaining
life of the
option (%)
Expected
dividend
cover
(times)
13/02/2013
299,83 12/02/2019 289,50
33,7
3,0
01/10/2012
265,42 30/09/2018 272,35
33,7
3,0
02/07/2012
252,01 01/07/2018 247,00
33,7
3,0
03/02/2012
253,18 02/02/2018 255,00
34,0
3,0
01/06/2011
186,97 31/05/2017 194,90
34,0
3,0
02/02/2011
189,09 01/02/2017 188,16
33,4
3,0
21/06/2010
176,39 20/06/2016 177,00
22,5
3,0
03/02/2010
172,07 02/02/2016 176,50
21,7
3,0
06/07/2009
141,63 05/07/2015 144,01
21,7
3,0
02/02/2009
141,91 01/02/2015 137,60
21,7
3,0
16/09/2008
131,35 15/09/2014 137,00
21,7
3,0
22/01/2008
130,59 21/01/2014 146,50
21,7
3,0
The average volatility was 27,8% (2013: 26,6%) and the risk-free rate ranged from 6,4% to 7,4%
(2013: 5,2% to 7,4%) during the year.
The carrying amount of the liability relating to the cash-settled options at 30 September 2014 is
R182,0 million (2013: R216,6 million) – refer to note 30. Cash-settled options exercised during the
year amounted to R80,5 million (2013: R85,4 million).
Volatilities are based on the historical volatility of the Tiger Brands share price matching the remaining
life of each option.