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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
2016
R’000
2015
R’000
G.
SHARE CAPITAL
(continued
)
G.2 ISSUED
Ordinary share capital
Opening balance of 201 685 611 ordinary shares (2015: 201 589 011) of 10 cents each
20 168
20 158
Repurchase and cancellation of 19 458 196 A shares of 10 cents each
(1 946)
–
Repurchase and cancellation of 6 486 065 B shares of 10 cents each
(649)
–
Issue of 6 700 ordinary shares of 10 cents each (2015: 96 600 shares)
1
10
17 574
20 168
6 700 (2015: 96 600) ordinary shares were issued, in various tranches during the year, to meet the
obligations of the Adcock Ingram Holdings Limited Employees Share Trust (2008).
The modified BEE structure was implemented in July 2015. As part of the modification of the old
BEE scheme, the A and B shares were repurchased by the Company for a nominal amount of
R100 and cancelled. For full details of the modified scheme including the share-based expenses
of R20,8 million arising in the current year refer to Annexure B.
G.3 UNISSUED SHARES
In terms of the Companies Act, the unissued shares are under the control of the directors.
Accordingly, the directors are authorised to allot and issue them on such terms and conditions
and at such times as they deem fit but subject to the provisions of the Companies Act.
H.
SHARE PREMIUM
Balance at beginning of the year
949 881
947 863
Reversal of share premium on repurchase and cancellation of A shares
(55 417)
–
Issues of 6 700 ordinary shares (2015: 96 600)
189
2 018
894 653
949 881
I.
NON-DISTRIBUTABLE RESERVES
Share-based
payment
reserve
R’000
Other
reserves
R’000
Total
R’000
Balance at 1 July 2014
269 000
883
269 883
Movement during the year
–
403
403
Balance at 30 June 2015
269 000
1 286
270 286
Movement in share-based payment reserve
20 821
–
20 821
Revaluation of available-for-sale asset
(700)
(700)
Tax effect of revaluation
112
112
Repurchase and cancellation of the A&B shares
58 012
58 012
Balance at 30 June 2016
289 821
58 710
348 531
Other reserves represents a fair value adjustment on the Company’s investment in Group Risk Holdings Proprietary Limited and a
reserve created on the repurchase and cancellation of the A&B shares in the current year.
NOTES TO THE COMPANY ANNUAL FINANCIAL
STATEMENTS
CONTINUED