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Notes to the financial statements
continued
for the year ended 30 September 2015
160
Tiger Brands Limited integrated annual report
2015
COMPANY
GROUP
2015
2014
(R’million)
2015
2014
25 Issued ordinary share capital and premium
25.1 Share capital
19,2
19,2
Issued share capital 192 069 868
(2014: 191 948 268) ordinary shares of
10 cents each
19,2
19,2
25.2 Share premium
120,2
98,1
Balance at the beginning of the year
120,2
98,1
9,1
22,1
Issues of shares
9,1
22,1
129,3
120,2
129,3
120,2
148,5
139,4
148,5
139,4
The increase in ordinary shares issued is due to share
options exercised.
26 Tax effect of other comprehensive income
The tax effect of the items reflected in the statement of
comprehensive income is as follows:
Net (gain)/loss on hedge of net investment in foreign
operations
(2,1)
1,0
Foreign currency translation adjustments
12,4
6,1
Net loss on available for sale financial assets
3,1
5,6
Remeasurement raised in terms of IAS 19R
4,8
11,2
18,2
23,9
27 Tiger Brands Limited shares held by subsidiary and empowerment entities
27.1 Tiger Brands Limited shares held by subsidiary
10 326 758 (2014: 10 326 758) shares are held as treasury stock.
27.2 Tiger Brands Limited shares held by empowerment entities
19 161 698 (2014: 21 338 578) shares are owned by empowerment entities.
On 19 September 2005, shareholders approved a scheme of arrangement (section 311 of the Companies Act 61 of
1973) in terms of which Tiger Brands would facilitate the acquisition of a 4% direct ownership interest in its issued
ordinary share capital by a broad base of staff employed within the group. The court order sanctioning the scheme
was registered by the Registrar of Companies on 29 September 2005, being the effective date of acquisition of the
scheme shares.
The total value of the staff empowerment transaction was R723,5 million, based on the closing price of the company’s
shares on the JSE Limited on 13 July 2005 of R112 per share. The transaction was implemented on 17 October 2005
through a number of trusts and a special purpose vehicle. The acquisition of 5 896 140 Tiger Brands shares by the
Black Managers Trust and Thusani Empowerment Investment Holdings Proprietary Limited in terms of the scheme, at an
aggregate cost of R649,5 million was shown as a deduction from equity in the group statement of financial position.
This reduced to R502,2 million in 2008 as a result of the Adcock Ingram unbundling. As from 2008 such shares in
Adcock Ingram are reflected as listed investments classified as available for sale.
The cost of the Tiger Brands shares acquired by the General Staff Trust (547 733 shares), together with the total expenses
of the BEE transaction, was reflected as an abnormal item of R69,4 million in the group income statement in 2005.