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Hyprop Investments Limited
Group annual financial statements 2016
25.
Employee remuneration
continued
25.3 Reconciliation of shares allocated in terms of the CUP
continued
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 options at grant date
R61,50
R54,77
Share price at grant date
R76,50
R76,50
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%
5,75%
5,75%
Dividend yield
5,79%
5,79%
Tranche 2
Grant date
1 July 2014
1 July 2014
Vesting period ends
30 June 2017
30 June 2019
Fair value of options at grant date
R65,55
R58,12
Share price at grant date
R79,51
R79,51
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%
5,88%
5,88%
Dividend yield
6,01%
6,01%
Tranche 3
Grant date
1 July 2015
1 July 2015
Vesting period ends
30 June 2018
30 June 2020
Fair value of options at grant date
R105,76
R96,68
Share price at grant date
R121,00
R121,00
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%
5,97%
5,97%
Dividend yield
4,49%
4,49%
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%
Tranche 3
Performance shares
20%
11%
Retention shares
20%
11%
The charge to the statement of profit or loss and other comprehensive income for the year ended 30 June 2016 amounted to R9,9 million
(2015: R6,7 million). As the above are equity-settled shared-based payments, the accounting treatment recognises the share-based payments
in profit or loss on a straight-line basis over the vesting period, with a corresponding credit to equity.