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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

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