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| NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED |
| for the year ended 31 March |
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| 35 |
SHARE-BASED PAYMENTS (IFRS 2) (CONTINUED) |
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The inputs into the binominal and 3D binominal tree pricing model were as follows: |
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2006 |
2005 |
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ZAR |
ZAR |
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Weighted average share price of new issues during year (all issues done at market price) |
18,04 |
7,20 |
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Expected volatility |
28,13% |
27,53% – 32,35% |
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Expected life |
3 years |
3 – 5 years |
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Risk free rate |
7,37% – 7,57% |
7,6% – 12,76% |
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Expected future dividend yield |
5% |
5% |
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Expected volatility was determined
by calculating the historical volatility of the group’s
share price from 1 April 2003.The expected life used in
the model has been adjusted, based on management’s
best estimate, for the effects of non-transferability,
exercise restrictions and behavioural considerations. |
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2006 |
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2005 |
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Share |
Weighted |
Share |
Weighted |
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entitle- |
average |
entitle- |
average |
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ments |
issue |
ments |
issue |
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price |
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price |
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ZAR |
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ZAR |
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The Brait Executive Share Purchase Scheme |
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Share entitlements outstanding at beginning
of year |
16 563 460 |
0,7190 |
17 296 489 |
0,7101 |
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Issued during the year |
2 500 000 |
1,8790 |
500 000 |
10,062 |
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Delivered during the year |
(12 185 907) |
0,7101 |
(778 105) |
0,7101 |
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Forfeited during the year (by resignation, retrenchment or repurchase) |
– |
– |
(454 924) |
0,7101 |
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Share entitlements outstanding at end of year |
6 877 553 |
11,564 |
16 563 460 |
0,7190 |
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Share entitlements exercisable at end of year |
3 877 552 |
0,7101 |
10 060 879 |
0,7101 |
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The weighted average issue share price for share entitlements granted during the period was US$1,8790. The unvested entitlements outstanding at 31 March 2006 had a weighted average issue price of US1,1564 cents and a weighted average remaining maximum contractual life of approximately four years. |
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2006 |
2005 |
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US$ |
US$ |
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Weighted average share price of new issues during year (all issues done at market price) |
1,879 |
10,062 |
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Expected volatility |
29,90% |
24,9% – 30,7% |
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Expected life |
3 years |
3 years |
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Risk free rate |
4,33% |
2,0% – 3,24% |
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Expected future dividend yield |
5% |
5% |
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Expected volatility was determined by calculating
the historical volatility of the group’s share price
from 1 April 2003. The expected life used in the model
has been adjusted, based on management’s best estimate,
for the effects of non-transferability, exercise restrictions
and behavioural considerations. |
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