Annual Report 2013 - Mainfreight
Annual Report 2013 - Mainfreight
Annual Report 2013 - Mainfreight
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25 Share-based Payment Plans<br />
(a) Recognised Share-based Payment Expenses<br />
The expense recognised for employee services received during the year from partly paid share scheme is shown in the table below:<br />
<strong>2013</strong><br />
$000<br />
Group<br />
2012<br />
$000<br />
<strong>2013</strong><br />
$000<br />
Parent<br />
2012<br />
$000<br />
Partly Paid Shares issued July 2008 maturing July 2011 – 200 – 200<br />
Partly Paid Shares issued July 2008 extended to July 2014 – 206 – 206<br />
– 406 – 406<br />
(b) Partly Paid Share Scheme<br />
Eligibility to Participate in Scheme<br />
From time to time the Board may offer selected executives the ability to participate in the Scheme and to acquire shares in the<br />
Company through the Trustee. The number of shares offered to each selected executive is determined by the Board.<br />
Issue of Shares<br />
Where an executive accepts an offer to participate, the Company issues the relevant number of redeemable ordinary shares to the<br />
Trustee on a partly-paid basis to hold for the benefit of the executive.<br />
Issue Price<br />
The issue price of the redeemable ordinary shares is the weighted average price of Company’s shares on the NZSX over the 7 trading<br />
days prior to the issue date.<br />
Vesting of Shares<br />
The shares held by the Trustee on behalf of each employee vest in the employee on the earlier of:<br />
(a) the third anniversary of the issue date; and<br />
(b) the date on which a group of persons acting in concert acquires 50% or more of the ordinary shares in the Company on issue.<br />
On the third anniversary of the issue date, to exercise the right to purchase the partly paid shares, the participant needs to pay the<br />
exercise price within the exercise period less any amounts previously paid.<br />
If a participant leaves before the shares vest they do not receive the shares.<br />
(c) Summary of Partly Paid Shares Issued<br />
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, partly paid shares<br />
issued during the year:<br />
<strong>2013</strong><br />
No.<br />
<strong>2013</strong><br />
WAEP<br />
2012<br />
No.<br />
2012<br />
WAEP<br />
Outstanding at the Beginning of the Year. 550,000 7.24 1,830,000 7.24<br />
Exercised During the Year – 7.24 (1,260,000) 7.24<br />
Forfeited During the Year – 7.24 (20,000) 7.24<br />
Outstanding at the End of the Year 550,000 $7.24 550,000 $7.24<br />
Exercisable at the End of the Year – – – –<br />
At 31 March <strong>2013</strong> the following partly paid shares were outstanding.<br />
Quantity Issue/Exercise Price Exercise Dates<br />
550,000 724 cents 12/06/14 to 12/07/14<br />
On 30 May 2011 the Board announced its intention to offer to buy back up to a maximum of 1,372,000 of these partly paid shares that<br />
have been converted to ordinary shares by team members of the Partly Paid Share Scheme. In addition, as an alternative, the Board<br />
offered to extend the exercise period of this Scheme by three years to dates between 12 June 2014 and 12 July 2014 to those team<br />
members who desired to take this option.<br />
Financial Statements<br />
109