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SUN INTERNATIONAL ANNUAL REPORT ’10
NATURE OF BUSINESS
The Sun International group has interests in, and provides management
services to businesses in the hotel, resort and casino industry.
EARNINGS
The results of the company and the group are set out in the statements
of comprehensive income on page 152.
Segmental information is set out on pages 156 to 157.
DIVIDENDS
Dividends totalling 100 cents per share (2009: Nil) have been declared by
the directors in respect of the year under review, as follows:
Declared 27 August 2010; and
Paid, 20 September 2010.
The dividend referred to above will be accounted for in the 2011 annual
financial statements as it was declared subsequent to the year end.
REVIEW OF OPERATIONS AND FUTURE
DEVELOPMENTS
Detailed commentary on the nature of business of the company and its
subsidiaries, acquisitions, disposals, future developments and prospects
of the group are given in the chairman’s report, and the joint chief
executive’s and chief financial officer’s report commencing on page 18.
SHARE CAPITAL
During the year, the Share Option Trust exercised treasury share options
pursuant to the share option scheme, resulting in the allotment of 1 264 226
ordinary shares, as follows:
142
Date Number of shares
for the year ended 30 June 2010
Allotment
consideration
R
11 December 2009 1 264 226 39 026 271
The following ordinary shares in the unissued share capital of the company
remain under the control of the directors as a specific authority in terms of
section 221 (2) of the Companies Act, 1973, to allot and issue as follows:
� 4 571 795 ordinary shares for purposes of the share option scheme;
� 10 780 000 ordinary shares for purposes of the share plans.
Details of the authorised and issued share capital appear in note 21 to the
group financial statements.
SHARE INCENTIVE SCHEMES
Particulars relating to options under the share option scheme and awards
under the share plans are given in note 34 to the group financial
statements.
REPORT OF THE DIRECTORS
SUBSIDIARIES
Particulars relating to interests in principal subsidiaries appear on page 204.
BORROWING CAPACITY
The company’s borrowings are not restricted in terms of the articles of
association. The debt covenants and group debt capacity appear in the
joint chief executive’s and chief financial officer’s report on page 32.
DIRECTORS AND COMPANY SECRETARY
The names of the directors in office at the date of this report appear on
pages 10 and 11 and particulars of the company secretary on page 13.
The following changes in the directorate have taken place during the
financial year:
Name of director Nature of change Date of change
Ms ZBM Bassa Appointed 1 March 2010
Ms BLM Makgabo-Fiskerstrand Appointed 1 March 2010
Ms SA Bailes retired as company secretary on 31 March 2010 and
Ms CA Reddiar was appointed as company secretary on 1 April 2010.
In terms of the company’s articles of association, Ms ZBM Bassa,
Ms BLM Makgabo-Fiskerstrand, Ms LM Mojela and Messrs E Oblowitz,
IN Matthews and PL Campher are required to retire from office at the
forthcoming annual general meeting and, being eligible, offer themselves
for re-election.
As at 30 June 2010, the directors of the company beneficially held,
directly or indirectly, 1 417 184 (2009: 1 613 891) ordinary shares in the
issued capital of the company, as follows:
Direct Indirect 2010 2009
RP Becker 35 976 114 024 150 000 144 566
DC Coutts-Trotter 85 000 323 365 408 365 441 581
NN Gwagwa – *261 352 *261 352 *282 254
DA Hawton n/a n/a n/a 101 141
IN Matthews 2 723 – 2 723 2 723
MV Moosa – *588 188 *588 188 *635 070
DM Nurek – 5 000 5 000 5 000
E Oblowitz 1 556 – 1 556 1 556
125 255 1 291 929 1 417 184 1 613 891
* Held indirectly through Lereko Investments (Pty) Limited and Dinokana.
The following changes in directors’ shareholdings have taken place since
the end of the financial year and to the date of this report:
Ordinary shares acquired/(disposed of)
RP Becker (2 355)
DC Coutts-Trotter (6 217)
NN Gwagwa (10 679)*
MV Moosa (24 084)*
* Held indirectly through Lereko Investments (Pty) Limited and Dinokana.
(43 335)