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Directors’ report (continued)
Below is a table detailing the movements in the schemes
Options not vested Options vested
ABIL Employee Share Participation Scheme Total Exercised Not exercised Exercised Not exercised
Balance of options granted on 30 September 2002 n1 35 169 742 6 086 563 22 404 442 2 199 469 4 479 268
Options offered to employees during the year 33 154 845 – 33 154 845 – –
Options not accepted by employees – – – – –
Options offered and accepted 33 154 845 – 33 154 845 – –
Options exercised – 1 288 832 (1 308 832) 1 177 005 (1 157 005)
Options vested – (3 684 080) (4 401 856) 3 684 080 4 401 856
Options exercised and taken delivery of n2 (4 644 738) – – (4 644 738) –
Options lapsed (9 625 578) – (9 157 943) – (467 635)
Balance of options granted at 30 September 2003 n3 54 054 271 3 691 315 40 690 656 2 415 816 7 256 484
Balance of ABIL shares held at 30 September 2003 (2 945 286)
Options in excess of ABIL shares held 51 108 985
Options not vested Options vested
Baobab Solid Growth Share Option Scheme Total Exercised Not exercised Exercised Not exercised
Balance of options granted on 30 September 2002 n4 627 033 – 309 666 – 317 367
Options vested – – (309 666) – 309 666
Options lapsed/cancelled (309 992) – – – (309 992)
Balance of options granted at 30 September 2003 n5 317 041 – – – 317 041
At year-end, had ABIL acquired ABIL shares in the market to deliver to option holders that were in the money the equity loss would have
amounted to R73,3 million. However, the inflow of cash upon the exercise of such shares would amount to R82,4 million and thus no
contingent liability exits at year-end relative to the share option scheme.
n1 The strike prices of the share options granted under the ABIL Employee Share Participation Scheme as at 30 September 2002 are as follows:
24 786 056 share options at 561 cents
1 072 431 share options at 737 cents
91 993 share options at 884 cents
2 899 801 shares options at 785 cents
4 269 461 share options at 560 cents
50 000 share options at 623 cents
2 000 000 share options at 571 cents
n2 The share options, which have been exercised, vested and taken delivery of by the employee, had the following strike price:
4 614 738 shares at 561 cents
20 000 shares at 560 cents
10 000 shares at 623 cents
n3 The strike prices of the share options granted under the ABIL Employee Share Participation Scheme as at 30 September 2003 are as follows:
16 566 398 share options at 561 cents
387 517 share options at 737 cents
62 581 share options at 884 cents
907 469 share options at 785 cents
3 249 461 share options at 560 cents
40 000 share options at 623 cents
10 149 637 share options at 563 cents
19 114 208 share options at 635 cents
768 500 share options at 608 cents
2 808 500 share options at 550 cents
African Bank Investments Limited 94