omnia holdings annual report 2010 omnia holdings annu

112 OMNIA ANNUAL REPORT 2010 FINANCIAL STATEMENTS continued
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
for the year ended 31 March 2010
30 RELATED PARTY TRANSACTIONS continued
Participation by executive directors in share schemes as at 31 March 2010
RB Humphris
1. Executive scheme (Nanotron)
16 700 convertible redeemable cumulative preference shares purchased in Nanotron Investments (Pty) Limited at an issue
price of R100 per share may be converted into ordinary shares in Omnia Holdings Limited any time after 30 June 2014.
2. Share Incentive Scheme (the Incentive Scheme)
Ordinary shares purchased under the Incentive Scheme with interest-free loans being repaid by dividends
Number of shares (vested) 85 315
Date of allocation Feb-02
Price per share R8,50
Date loan taken 02-Jul-07
Loan balance at 31 March 2010 R169 720
NHK Fitz-Gibbon
1. Executive scheme (Nanotron)
7 594 convertible redeemable cumulative preference shares purchased in Nanotron Investments (Pty) Limited at an issue price
of R100 per share may be converted into ordinary shares in Omnia Holdings Limited any time after 30 June 2014.
31 JOINT VENTURES
The financial statements of the joint ventures, which comprise:
– 50% of the NWK/Omnia Kunsmis Agency Agreement
– 50% interest in Acol Chemicals (Private) Limited have been incorporated for the full
financial year ended 31 March 2010.
The Group’s proportional share of assets and liabilities, which are included in the
consolidated financial statements, are as follows:
Current assets 15 10
Less: Current liabilities (7) –
Net assets
The Group’s proportional share of revenue and expenses are as follows:
8 10
Revenue 36 63
Less: Expenses (41) (55)
Share of (loss)/profit before taxation
The Group’s proportional share of cash flows are as follows:
(5) 8
Operating cash flows (5) 8
Total cash flows (5) 8
There are no contingent liabilities and commitments relating to the Group’s interest in the joint ventures. Details of the Group’s
interest in joint ventures are given on page 121.
32 RETIREMENT BENEFIT INFORMATION
All employees in RSA are members of either a pension fund or a provident fund. All new employees in RSA must join the
provident fund. The pension and provident funds are managed outside of the Group.
Omnia Pension Fund
The assets of the Omnia Pension Fund are held in an independent trustee administered fund, administered in terms of the
Pension Funds Act of 1956, as amended. Both active members and pensioners elected to have their benefit under the fund
transferred and at the date of this report, all transfers have been effected. The fund will be wound up.
2010
Rm
2009
Rm