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FINANCIAL OVERVIEW
Directors’ report
Prescribed officers
Due to the nature and structure of the group and the number of executive directors on the board of the company, the directors have concluded that
there are no prescribed officers of the company.
Share-based payment expense
Director
2017
R’000
2016
R’000
BL Berson
7 050
11 496
DE Cleasby
2 637
6 223
B Joffe
8 486
23 699
Total
18 173
41 418
Details of directors outstanding conditional share plan (CSP)
The CSP awards executives of Bidcorp a conditional right to receive Bidcorp shares free of any cost. Due to the unbundling in May 2016, the 2015
CSP awards for executive directors were restructured into replacement conditional rights. Each conditional right in terms of the 2015 awards was
exchanged for a right over a Bid Corporation Limited share. CSP replacement rights are subject to revised performance conditions for the period
starting July 1 2016 and ending June 30 2019.
In addition to the CSP replacement rights, executive directors were awarded conditional share awards in terms of the 2016 Bidcorp CSP, approved
by shareholders at the general meeting in April 2016. These share awards do not carry voting rights attributable to ordinary shareholders. The fair
value of services received in return for the conditional share awards has been determined by multiplying the number of conditional share awards
expected to vest by the share price at the date of the award less discounted by anticipated future distribution flows. A total number of 263 695 of
the 348 000 CSP and CSP replacement rights awards are expected to vest, taking into account the performance of the group to date and forecasts
to the end of the performance period, against the targets set at the time of the award.
No conditional share awards or CSP replacement rights (2016: 82 746) were forfeited as a result of performance conditions not being met. The
average discounted share price used in the calculation of the share-based payment charge on the conditional share awards allotted during the year
is R220,91 per share. These awards will vest in the next two years.
CSP replacement right awards
Director
Balance at
June 30
2016
Rights
awarded Forfeited
Vested
Closing
balance
June 30
2017
BL Berson
–
45 000
–
–
45 000
DE Cleasby
–
24 500
–
–
24 500
B Joffe
–
90 000
–
–
90 000
Total
–
159 500
–
–
159 500
CSP awards
Director
Balance at
June 30
2016
CSP
awarded
Forfeited
Vested
Closing
balance
June 30
2017
BL Berson
–
90 000
–
–
90 000
DE Cleasby
–
26 000
–
–
26 000
B Joffe
–
72 500
–
–
72 500
Total
–
188 500
–
–
188 500
FINANCIAL STAT MENTS
Annual integrated report 2017
Bid Corporation Limited
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