Directors’ report

Directors’ service contracts

Directors do not have fixed-term contracts.

Directors’ and officers’ disclosure of interest in contracts

During the financial year no contracts were entered into in which directors and officers of the Company had an interest and which significantly affected the business of the Group. The directors had no interest in any third party or company responsible for managing any of the business activities of the Group.

Details of the directors ’and officers’ outstanding share options

               
  Share options at
June 30 2008		 Share options exercised   Share options at
June 30 2009  
  Number   Average  
price  
R  		 Number   Average  
price  
R  		 Benefit  
arising on  
exercise  
of options  
R'000  		 Number Average  
price  
R  
FJ Barnes   36 250   50,04         36 250   50,04  
BL Berson   42 000   48,56         42 000   48,56  
MC Berzack   276 252   46,86   25 000   39,10   1 342   251 252   47,63  
DE Cleasby   70 000   55,68   20 000   40,91   1 038   50 000   61,58  
AW Dawe   94 250   51,96         94 250   51,96  
LI Jacobs   80 000   57,97         80 000   57,97  
B Joffe   200 000   59,81   50 000   43,75   2 643   150 000   65,16  
P Nyman   450 000   43,71   120 000   42,33   6 217   330 000   44,21  
SG Pretorius   135 000   58,11         135 000   58,11  
LP Ralphs   615 000   43,99         615 000   43,99  
AC Salomon   460 000   45,29   125 000   39,10   6 480   335 000   47,50  
MA David (Deceased)   21 250   58,96   12 500   55,98   465   8 750   63,21  
Former executive directors                  
LG Boyle   225 000   48,26   225 000   48,26   11 469   –   –  
MBN Dube   85 000   55,35         85 000   55,35  
Total   2 790 002   48,18   577 500   44,17   29 654   2 212 502   47,21  
 

These options are exercisable over the period July 1 2009 to May 31 2015. A detailed register of options outstanding by tranche is available for inspection at the Company’s registered office.

Details of the directors’ and officers’ conditional share awards

The first grant of conditional share awards took place during the current financial year.
  Conditional  
awards  
2009  
  Number  
B Joffe   150 000           
FJ Barnes   100 000           
BL Berson   100 000           
MC Berzack   100 000           
DE Cleasby   75 000           
AW Dawe   75 000           
LI Jacobs   40 000           
LP Ralphs   100 000           
AC Salomon   50 000           
CA Brighten   10 000           
Total   800 000           
 

A conditional award is a conditional right to a share, which is awarded subject to performance and vesting conditions.

Secretary

Ms MA David passed away on 25 November 2008. The board wishes to acknowledge the loyal and dedicated service by Margaret David and wish to express their condolences to her family on her passing. Mr DE Cleasby was appointed as company secretary in the interim until the appointment of Mr CA Brighten as company secretary with effect from June 1 2009. The business and postal addresses of the secretary, which are also the registered addresses of the Company are Bidvest House, 18 Crescent Drive, Melrose Arch, Melrose, Johannesburg, 2196 and PO Box 87274, Houghton, Johannesburg, 2041, respectively.

Subsidiaries and joint ventures

The attributable interest of the Company in the aggregate net profits and losses for the year of its subsidiaries and joint ventures was:
    2009   2008  
    R’000   R’000  
Profits   3 333 374   3 143 452  
Losses   (115 627)  (174 732)