4.0 - Imperial

Notes to the group annual financial statements continued...
for the year ended 30 June 2009
2009 2008
Rm
Rm
18. Shares repurchased
23 864 456 (2008: 23 864 456) ordinary shares at an average of R76,09 (2008: R76,09) each (1 816) (1 816)
(1 816) (1 816)
19a. Other reserves
Share-based payment reserve (146) (64)
Hedging reserve (103) 38
Statutory reserves 227 304
Translation reserve 210 757
Valuation reserve 92 238
280 1 273
Refer to the statement of changes in equity for detailed analysis of the movements
in other reserves.
The fair values for the share-based payment reserves were calculated using
a Black-Scholes pricing model.
The inputs into the model established at the grant dates and which have
not changed were as follows:
Share option scheme
Volatility (%) 10,43
Weighted average share price (Rand) 58,12
Weighted average exercise price (Rand) 58,12
Expected life (years) 4
Average risk-free rate (%) 6,69
Expected dividend yield (%) 4,33
Bonus rights scheme – July 2007
Volatility (%) 32,50
Weighted average share price (Rand) 141,49
Weighted average exercise price (Rand) 150,08
Expected life (years) 4
Average risk-free rate (%) 10,26
Expected dividend yield (%) 4,50
Share appreciation rights scheme – June 2008
Volatility (%) 35,00
Weighted average share price (Rand) 50,90
Weighted average exercise price (Rand) 49,48
Expected life (years) 3,28
Average risk-free rate (%) 12,37
Expected dividend yield (%) 5,68
Deferred bonus plan – June 2008
Volatility (%) 35,00
Weighted average share price (Rand) 50,90
Weighted average exercise price (Rand)
Expected life (years) 3,28
Average risk-free rate (%) 12,37
Expected dividend yield (%) 5,68
96
Imperial holdings limited Annual Report 2009