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SUN INTERNATIONAL ANNUAL REPORT ’10
190
NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June
34. SHARE INCENTIVE SCHEMES (continued)
(iii) Equity growth plan
EGP rights provide senior executives with the opportunity to receive shares in Sun International Limited through the grant of conditional
EGP rights, which are rights to receive shares equal in value to the appreciation of the Sun International share price between the date on
which the conditional EGP rights are granted and the date on which they are exercised, subject to the fulfilment of predetermined
performance conditions over a specified performance period. The performance condition applied to the grants is that the group’s adjusted
headline earnings per share should increase by 2% per annum above inflation over a three-year performance period. If the performance
condition is not met at the end of 3 years it is retested at the end of 4 and 5 years from the date of grant.
Movements in the number of share grants outstanding are as follows:
Number
of grants
2010 2009
Weighted
average
grant price
R
Number
of grants
Weighted
average
grant price
R
Balance at beginning of year 2 139 221 96.09 1 488 282 106.72
Lapsed – termination of employment (88 550) 89.88 (143 275) 102.03
Exercised (22 300) 82.86 – –
Granted 812 298 84.12 794 214 77.25
Balance at end of year 2 840 669 92.96 2 139 221 96.09
Exercisable at end of year 438 365 82.74 – –
Share grants outstanding at the end of the year
become exercisable in the following years, subject to
fulfilment of performance conditions:
Year ending on 30 June
2009 – – 465 065 82.74
2010 279 120 149.55 287 770 149.55
2011 556 472 90.47 592 172 90.47
2012 754 414 77.25 794 214 77.25
2013 812 298 84.12 – –