175 / 198
For the year ended 31 May 2016
173
BLUE LABEL INTEGRATED ANNUAL REPORT 2016
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
continued
11. 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
At 31 May 2014
4 241 011
26 779
Fourth award
1 811 995
8 154
Fifth award
1 288 836
8 648
Sixth award
1 140 180
9 977
Granted during the year
1 261 973
11 232
Seventh award
3 September 2014 31 August 2017 1 261 973
11 232
Shares vested during the year
(1 811 995)
(8 154)
Fourth award
31 August 2014 (1 811 995)
(8 154)
At 31 May 2015
3 690 989
29 857
Fifth award
1 288 836
8 648
Sixth award
1 140 180
9 977
Seventh award
1 261 973
11 232
Shares forfeited during the year
(468 086)
(4 132)
Sixth award
(229 214)
(2 006)
Seventh award
(238 872)
(2 126)
Granted during the year
920 592
9 362
Eighth award
1 September 2015 31 August 2018
920 592
9 362
Shares vested during the year
(1 288 836)
(8 648)
Fifth award
31 August 2015
(1 288 836)
(8 648)
At 31 May 2016
2 854 659
26 439
Sixth award
910 966
7 971
Seventh award
1 023 101
9 106
Eighth award
920 592
9 362
Refer to note 14 for the expense recognised in the statement of comprehensive income 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).
Included in this is R1.4 million (2015: R659 000) paid by subsidiaries.
Refer to note 5.3 of the Group annual financial statements for details per Director.