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32. RELATED PARTY TRANSACTIONS (continued)
(ii) Shareholding of key management (continued)
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
2010
R’000
2009
R’000
Dividends received by key management
Sun International Limited – 1 167
Afrisun Gauteng 60 151
Afrisun KZN 1 327 2 264
SunWest 1 303 2 344
National Casino Resort Manco Holdings 1 178 1 538
Teemane 61 122
(iii) Other commercial transactions with related parties
Interest in timeshare
Certain members of key management own timeshare at Sun City Vacation Club, which was
acquired at market prices.
(iv) Other related party relationships
Management agreements are in place between SIML and various group companies. A
manage ment fee is charged by SIML in respect of management services rendered.
The group’s ownership of subsidiaries is set out on page 204 of this annual report.
33. INSURANCE CONTRACTS
The group has a captive insurance company which underwrites a range of insurance risks on behalf
of group operating companies. On consolidation these insurance contracts are eliminated. The
insurance captive purchases reinsurance cover for any individual loss exceeding R3 million. Amounts
arising from these contracts are as follows:
3 929 7 586
Reinsurance premium costs (12) (20)
Reinsurance recovery income – 13
34. SHARE INCENTIVE SCHEMES
All share schemes are equity settled.
(i) Share option scheme
Share options were granted to executive directors and to employees. Movements in the number of share options outstanding are as follows:
2010 2009
Number
of
shares
Average
price
Rm
Number
of
shares
Average
price
Rm
Movement during the year
Balance at beginning of year 2 874 913 45.30 3 233 590 44.84
Cancelled (2 813) 56.55 (31 254) 58.82
Exercised (701 901) 40.36 (327 423) 44.64
Balance at end of year 2 170 199 46.88 2 874 913 45.30
Options held by Share Option Trust
Balance at the beginning of year 2 138 694 41.75 6 665 247 28.33
Purchased from employees 701 901 40.36 327 423 44.64
Options exercised (1 264 226) 30.87 (4 336 135) 22.97
Options lapsed (41 552) 20.42 (517 841) 19.12
Balance at end of the year 1 534 817 49.73 2 138 694 41.75
3 705 016 48.31 5 013 607 43.79
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