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23.
SUBSIDIARIES
A list of the group’s significant subsidiaries, their country of incorporation and principal place of business, the group’s percentage
shareholding and an indication of their nature of business is included on annexure A of these financial statements.
There are no material non-controlling interests in the group.
24.
SHARE-BASED PAYMENTS
Bidcorp’s current management share incentive plans comprise the Bidvest Incentive Scheme (BIS), Bid Corporation Limited Share
Appreciation Rights (SARs) Plan, and Bidcorp Conditional Share Plan (CSP).
The Bidvest Incentive Scheme (BIS)
BIS participants were treated fairly on the unbundling of Bidcorp from The Bidvest Group Limited, as participants of the BIS who were
granted options in terms of the BIS and who had not exercised their options at the unbundling date, exchanged each one of their Bidvest
Group Limited options for one right over one Bid Corporation Limited share and one The Bidvest Group Limited share (replacement right(s)).
The original option price was not adjusted, but on exercise of the replacement right, the original option price is deducted from the
combined value of Bidcorp shares and Bidvest Group shares. The vesting date and lapse dates of the replacement rights are the same as
that of the original options. Replacement right(s) vest in tranches after three years (50%), four years (25%) and five years (25%) respectively.
Replacement right(s) not exercised within a 10-year period following the award date, lapse. The scheme has been classified as an equity-
settled scheme, and therefore an equity-settled share-based payment reserve has been recognised.
Replacement right(s) holders are only entitled to exercise their replacement right(s) if they are in the employment of the Bidcorp group in
accordance with the terms referred to hereafter, unless otherwise recommended by the remuneration committee.
The number and weighted average exercise prices of replacement right(s) granted to staff are:
2017
2016
Number
Average
price
R
Number
Average
price
R
Beginning of year
3 133 225
233,88
2 364 875
205,36
Granted
–
–
688 000
301,54
Transfer as a result of unbundling
–
–
985 845
193,00
Lapsed
(53 289)
239,56
(106 015)
210,07
Exercised
(656 000)
187,92
(799 480)
160,51
End of year
2 423 936
246,01
3 133 225
233,88
Share options outstanding at June 30 by year of grant are:
2011
41 675
135,00
67 050
135,00
2012
167 625
134,56
423 125
134,56
2013
344 625
208,91
479 250
208,91
2014
556 750
237,54
834 500
237,54
2015
632 261
250,73
641 300
250,73
2016
681 000
301,54
688 000
301,54
2 423 936
246,01
3 133 225
233,88
The replacement right(s) outstanding at June 30 2017 have an exercise price in the range of R135,00 to R301,54 (2016: R135,00 to
R301,54) and a weighted average contractual life of 3,4 to 8,5 years (2016: 4,4 to 9,5 years). The fair value of services received in return for
shares allotted is measured based on a binomial model. The contractual life of the replacement right(s) is used as an input into this model.
FINANCIAL OVERVIEW
Notes to the consolidated financial statements
for the year ended June 30
FINANCIAL STAT MENTS
Annual integrated report 2017
Bid Corporation Limited
106