NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS l NOTE 10

         
2013
Number
of shares		   2012
Number
of shares		     2013
R’000		   2012
R’000		  
10. Share capital                        
  Authorised                        
  Total authorised share capital of ordinary shares (par value of R0.000001 each)       1 000 000 000   1 000 000 000     1   1  
  Issued                        
  Balance at the beginning of the year       661 501 917   756 269 004     *   *  
  Shares acquired during the period       (2 567 171)   (95 078 724)     *   *  
  Shares vested during the year – Blue Label Telecoms       1 232 031   91 507            
  Shares vested during the year – Blue Label Telecoms subsidiaries       1 468 481   220 130            
  Balance at the end of the year       661 635 258   661 501 917     *   *  
  * Less than R1 000.

All issued shares are fully paid up.

The total number of shares in issue, including shares held as treasury shares as at 31 May 2013, is 674 509 042 (2012: 674 509 042).

The Company acquired 2 567 171 (2012: 3 226 872) shares on the JSE in order to grant forfeitable shares to employees and directors.

The amount paid to acquire these shares was R17 222 717 (2012: R16 095 018). An amount of R17 222 717 (2012: R16 095 018) has been deducted from shareholders’ equity.

These shares are held as “treasury shares”. See note 11 for details on the forfeitable shares.

In the prior year, the Company acquired 91 851 852 shares from Microsoft Corporation representing 11.99% of the Blue Label ordinary shares in issue prior to the specific repurchase. The amount paid for these shares, including transaction costs, was R392 377 518. These shares have been cancelled.

The directors of the Company have unrestricted authority until the following annual general meeting to allot and issue, other than for cash, as they in their discretion deem fit, the unissued ordinary shares of the Company as at 31 May 2012, subject to the provisions of the memorandum of incorporation of the Company, the Companies Act and the Listings Requirements of the JSE.

 

NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS l NOTE 10