163 / 202
Tiger Brands Limited integrated annual report
2015 159
23 Share-based payment plans
continued
23.3 Black Managers Trust II and Brimstone participation rights schemes (equity settled)
continued
The following table illustrates the number of, and movements in, share participation rights during the year.
2015
Number
2014
Number
Outstanding at the beginning of the year
2 682 356
2 109 644
Granted during the year
212 000
720 800
Forfeited during the year
(109 663)
(145 059)
Shares sold (death of employees)
(1 388)
(3 029)
Outstanding at the end of the year
2 783 305
2 682 356
Exercisable at the end of the year
–
–
The weighted average remaining contractual life for share options outstanding as at 30 September 2015 is 3,3 years
(2014: 4,3 years). The weighted average fair value of options granted during the year was R153,00 (2014: R99,22).
The notional exercise price of participation rights at 30 September 2015 was R181,16 per option (2014: R174,30).
No weighted average exercise price has been calculated as there were no participation rights exercised.
A risk-free rate was constructed using a zero-coupon ZAR swap interest rate curve as at the valuation date using a raw
interpolation bootstrapping algorithm, with inputs from South African money-market rates (interbank acceptance rates
and forward rate agreement (FRA) rates) and swap rates, as published by Bloomberg.
The following inputs were used:
Date of grant
Initial strike
price of
participation
rights
(rand)
Expiry
date
Market price
of the underlying
stock at
grant date
(rand)
Expected
volatility of the
stock over
the remaining
life of the
participation
right
(%)
Expected
dividend yield
of the stock
over the
remaining
life of the
participation
right
(%)
31/07/2013
168,03 31/12/2018
317,00
25,4
2,0
01/01/2014
173,76 31/12/2018
264,80
25,4
2,0
31/01/2014
169,92 31/12/2018
266,00
25,4
2,0
31/07/2014
174,30 31/12/2018
308,75
25,4
2,0
31/01/2015
206,27 31/12/2018
394,18
25,4
2,0
31/07/2015
99,73 31/12/2018
284,88
25,4
2,0
COMPANY
GROUP
2015
2014
(R’million)
2015
2014
24
Authorised share capital
25,0
25,0
24.1
250 000 000 (2014: 250 000 000) ordinary shares
of 10 cents each
25,0
25,0
25,0
25,0
25,0
25,0
Number of shares
Number of shares
–
121 600
24.2
Number of outstanding options in terms of the
company’s share option scheme
–
121 600
–
121 600
At R75,13 per share, exercisable until 25 January 2015
–
121 600
53 926 059
53 926 059
24.3
Unissued shares
53 926 059
53 926 059
4 004 073
4 004 073
24.4
Number of shares under the control of the directors
for purposes of the Tiger Brands (1985) Share
Purchase scheme and the Tiger Brands (1985)
Share Option Scheme
4 004 073
4 004 073
Number
of shares
Gain in
R000
24.5 Executive directors’ options over shares in
Tiger Brands Limited
Options exercised during 2015
–
–
Options exercised during 2014
23 000
9 625