| 13.1 |
LONG-TERM RECEIVABLE (AT AMORTISED COST)
| |
2015
R’000 |
|
| Black Managers Share Trust (BMT) |
|
|
|
|
| Balance at beginning of year |
88 191 |
|
136 191 |
|
| Proceeds from sale |
(11 961) |
|
(41 664) |
|
| Impairment (Refer to Annexure G) |
(4 135) |
|
(6 336) |
|
| |
72 095 |
|
88 191 |
|
The maturity of the receivable from the BMT depends on how beneficiaries exercise their options until 30 September 2024 when the scheme is due to end or when a beneficiary dies. The proceeds on sale during the current year is as a result of the capital contribution payments upon units being excercised after the lock-in period (R12.0 million). The impairment charge was as a result of the cost of the capital contribution exceeding the terminal amount (original capital contribution, increased by a notional return on the capital contribution and reduced by dividends distributed to the beneficiaries). Refer to Annexure B for further details. |