2008 Annual report - Sappi

Notes to the group annual financial statements // continued
for the year ended September 2008
29. Share-based payments (continued)
Allocations (number of shares) 2008 2007
During the year the following offers were made to employees:
Share Options 925,700 –
Share Options Declined (14,000) –
Performance Shares** 730,000 1,713,000
Performance Share Declined – (1,500)
Restricted shares** – 45,000
1,641,700 1,756,500
Scheme shares, share options, restricted shares, performance shares and allocation shares activity was as follows during
the financial years ended September 2008 and 2007:
Weighted
Weighted
average
average
Perfor- exercise exercise
Scheme Restricted Share mance price Allocation price Total
Shares*** Shares options (1) shares (2) (ZAR)* Shares (1) (ZAR)* Shares
Outstanding at
September 2006 1,535,362 12,500 4,503,450 1,892,400 85.09 1,930,500 90.82 9,874,212
– Offered and accepted – 45,000 – 1,711,500 – – – 1,756,500
– Paid for/released (92,700) (47,500) (1,046,800) – 64.88 (450,650) 61.86 (1,637,650)
– Returned, lapsed and forfeited – – (327,700) (286,500) 52.54 (71,300) 124.94 (685,500)
Outstanding at
September 2007 1,442,662 10,000 3,128,950 3,317,400 49.01 1,408,550 98.20 9,307,562
– Offered and accepted – – 911,700 730,000 52.02 – – 1,641,700
– Paid for/released (90,800) – (452,200) – 63.47 (273,750) – (816,750)
– Returned, lapsed and forfeited (31,800) – (355,750) (96,300) 93.76 (29,350) – (513,200)
Back into Trust 31,800 – – – 147.20 – – 31,800
Outstanding at
September 2008 1,351,862 10,000 3,232,700 3,951,100 46.00 1,105,450 98.20 9,651,112
Exercisable at September 2006 595,750 – 2,525,750 – 85.69 1,436,950 86.55 4,558,450
Exercisable at September 2007 587,600 – 2,104,550 – 96.21 1,196,650 99.71 5,800,130
Exercisable at September 2008 491,300 – 1,906,330 5,000 96.97 1,032,300 110.22 3,434,930
* The share options are issued in South African Rands.
** Restricted shares (awarded on an ad-hoc basis to certain individuals on various terms and conditions) and performance shares are issued for no cash
consideration. The value is determined on the day the shares are taken up.
*** The number of Scheme shares, which are not subject to credit sales amounts to 855,662 (2007: 823,862).
(1) Issued in terms of the Scheme.
(2) Issued in terms of the Plan.
The fair value of Scheme shares held at September 2008 was US$8.7 million (September 2007: US$12.5 million).
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