132 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
26. Employee remuneration
continued
26.2 Equity-settled share-based employee remuneration
continued
26.2.3 Reconciliation of shares allocated in terms of the CUP
Number of
performance
shares
Number of
retention shares
Unvested at 1 July 2013
Granted
107 563
46 100
Forfeited
Vested
Unvested at 30 June 2014
107 563
46 100
Granted
110 422
47 324
Forfeited
(3 368)
(1 443)
Vested
Unvested at 30 June 2015
214 617
91 981
Performance shares Retention shares
Tranche 1
Grant date
1 January 2014
1 January 2014
Vesting period ends
31 December 2016 31 December 2018
Fair value of shares at grant date
R73,17
R73,17
The inputs used in the measurement of the fair value at grant date were
as follows:
Expected life
3 years
5 years
Volatility
20,00%
20,00%
Interest-free rate after taxation of 28%
5,83%
5,83%
Dividend yield
5,81%
5,81%
Tranche 2
Grant date
1 July 2014
1 July 2014
Vesting period ends
30 June 2017
30 June 2019
Fair value of shares at grant date
78,51
78,51
The inputs used in the measurement of the fair value at grant date were
as follows:
Expected life
3 years
5 years
Volatility
20,00%
20,00%
Interest-free rate after taxation of 28%
5,83%
5,83%
Dividend yield
6,92%
6,92%
The executive directors were allocated the following percentages of the total shares allocated:
Pieter Prinsloo
(CEO)
Laurence Cohen
(FD)
Tranche 1
Performance shares
19%
10%
Retention shares
19%
10%
Tranche 2
Performance shares
20%
11%
Retention shares
20%
11%
The charge to the statement of comprehensive income for the year ended 30 June 2015 amounted to R6,7 million. As
the above are equity-settled shared-based payments, the accounting treatment recognises the share-based payments
in profit and loss on a straight-line basis over the vesting period, with a corresponding credit to equity.
130
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS