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NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
continued
For the year ended 31 May 2016
BLUE LABEL INTEGRATED ANNUAL REPORT 2016
134
5.
Employees
continued
5.1 Equity compensation benefit continued
Movements in the number of forfeitable shares outstanding during the year are as follows:
Grant
date
Vesting
date
Number
of shares
Fair value
of grant
R’000
At 31 May 2014
9 714 449
62 419
Fourth award
3 819 409
17 187
Fifth award
3 112 499
20 885
Sixth award
2 782 541
24 347
Granted during the year
2 937 836
26 147
Seventh award
3 September 2014 31 August 2017 2 937 836
26 147
Shares forfeited during the year
(419 998)
(3 346)
Fifth award
(161 233)
(1 082)
Sixth award
(258 765)
(2 264)
Shares vested during the year
(3 819 409)
(17 187)
Fourth award
31 August 2014 (3 819 409)
(17 187)
At 31 May 2015
8 412 878
68 033
Fifth award
2 951 266
19 803
Sixth award
2 523 776
22 083
Seventh award
2 937 836
26 147
Granted during the year
2 591 066
26 351
Eighth award
1 September 2015 31 August 2018
2 591 066
26 351
Shares forfeited during the year
(612 453)
(5 407)
Sixth award
(287 142)
(2 512)
Seventh award
(325 311)
(2 895)
Shares vested during the year
(3 163 359)
(21 676)
Fifth award
31 August 2015
(2 951 266)
(19 803)
Sixth award
30 November 2015
(94 961)
(831)
Seventh award
30 November 2015
(117 132)
(1 042)
At 31 May 2016
7 228 132
67 301
Sixth award
2 141 673
18 740
Seventh award
2 495 393
22 210
Eighth award
2 591 066
26 351
Refer to note 5.2 for the expense recognised in the income statement relating to the equity compensation benefits.
The fair value of the shares is based on the open market closing price at grant date.
The total number of forfeitable shares issued to Executive Directors during the period is 664 875 (2015: 955 617).
The share-based payment expense in relation to these Executive Directors is R5.7 million (2015: R8.9 million).
Refer to note 5.3 for details per Director.