Entire Annual Report - Anglo American Platinum

Directors’ Report" (continued)Share option schemeA summary of shares held under option is provided belowin accordance with the provisions of the Company’sShare Option Scheme.Maximum number of sharesthat may be allocated – 5% ofissued ordinary share capital 10 850 615Number of options allocatedat 31 December 1999 4 324 070Add: Options allocated during the year 799 1495 123 219Less 960 320Number of options lapsedsince 1 January 2000 34 491Number of options exercisedand allotted during the year 925 829Number of options allocatedat 31 December 2000 4 162 899Number of options still reservedfor the option schemeat 31 December 2000 6 687 716In terms of the rules of the Share Option Scheme, theaggregate number of shares which may be subject tooptions for the purposes of the scheme, and the maximumnumber of options which any one participant may hold,shall not exceed 5% and 0,125% respectively of theCompany’s issued ordinary share capital from time to time.Share capitalThe authorised and issued share capitals of the Companyat 31 December were as follows:AUTHORISED1999 and 2000400 000 000 ordinary sharesof 10 cents each R40 000 000ISSUED1999216 086 472 ordinary sharesof 10 cents each R21 608 6472000217 012 301 ordinary shares of 10 cents R21 701 230The unissued ordinary shares are the subject of a generalauthority granted to the Directors in terms of section221(3) of the Companies Act. As this general authorityremains valid only until the next Annual General Meeting,which is to be held on 25 May 2001, members will beasked at the meeting to consider an ordinary resolutionplacing the said ordinary shares under the control of theDirectors until the 2002 Annual General Meeting.Special resolutions pertaining to change of name werepassed by four of the Company’s subsidiaries during theyear ended 31 December 2000.Repurchase of sharesAs indicated in the Preliminary Report dated 12 February2001, the Board proposes that at the forthcoming AnnualGeneral Meeting to be held on Friday, 25 May 2001,shareholders approve special resolutions:● to amend the Company’s Articles of Association by theinsertion of clauses authorising repurchase of issuedordinary shares, the reduction of share capital, sharepremium, reserves and/or any capital redemptionreserve fund, and payments to shareholders and● to grant a general authority permitting the repurchaseof such shares within the limitations imposed by theListings Requirements of the JSE and the CompaniesAct No.61 of 1973 as amended.As required by the JSE regulations, the Notice to Membersconvening the Annual General Meeting contains therequired statements by the Board of its intentionsregarding:● the utilisation of the desired general authority, and● the effect of a repurchase of shares up to a maximumof 10% of the Company’s issued ordinary share capitalupon the Group’s solvency and the adequacy of theworking capital and ordinary capital and reserves duringthe 12 months after the date of the Notice convening theAnnual General Meeting. The maximum generalrepurchase permitted by the Listings Requirements ofthe JSE is 20% of the Company’s issued share capital inany one financial year.134