Financial statements

Directors' report
 
     
 

Directors’ shareholdings

The individual beneficial interests declared by the current directors and officers in the Company’s share capital at June 30 2010 held directly or indirectly were:
 
 
Beneficial   2010  
Number of shares  		 2009  
Number of shares  
Director   Direct   Indirect     Direct   Indirect  
BL Berson   8       8    
MC Berzack   24 014       44 014    
LG Boyle   101 000       101 000    
AA da Costa   110 257   223 810     110 257   223 810  
LI Jacobs     1 808 003       1 808 003  
B Joffe   127 986       127 986    
S Koseff   8       8    
RM Kunene     434 239       434 239  
D Masson   8   5 235     8   5 235  
LJ Mokoena (alternate)    216 840       216 840  
P Nyman   78 000   78 000     70 000   70 000  
JL Pamensky   9       9    
SG Pretorius   24 790       24 790    
LP Ralphs   180 624       240 360    
MC Ramaphosa     1 530 372       1 530 372  
AC Salomon   187 660       187 584    
Total   834 364   4 296 499     906 024   4 288 499  

 

Held in terms of The Bidvest Incentive Scheme

The Bidvest Incentive Scheme grants loans to staff and directors for the acquisition of shares in the Company. The numbers of shares and carrying values of the loans issued to directors and officers as at June 30 2010 were:
  2010   2009  
Director   Number  
of shares  		 Carrying  
value of loan  
R’000  		   Number  
of shares  		 Carrying  
value of loan  
R’000  
FJ Barnes   99 162   11 459     99 162   11 824  
BL Berson   49 581   5 729     49 581   5 912  
MC Berzack   148 743   16 498     148 743   16 484  
DE Cleasby   74 371   8 249     74 371   8 242  
AW Dawe   99 162   10 999     99 162   10 989  
LI Jacobs   49 581   5 499     49 581   5 495  
B Joffe   198 324   21 386     198 324   21 979  
P Nyman   49 581   5 499     49 581   5 495  
SG Pretorius   148 743   16 498     148 743   16 484  
LP Ralphs   148 743   16 498     148 743   16 484  
AC Salomon   74 371   8 249     74 371   8 242  
Total   1 140 362   126 563     1 140 362   127 630  

 

Non-beneficial

In addition to the aforementioned holdings:

– B Joffe is a trustee and potential beneficiary of a discretionary trust holding 3 335 296 (2009: 3 335 237) shares;
– P Nyman is a trustee of various trusts holding 4 163 215 (2009: 4 345 398) shares but has no beneficial interest in these shares;
– D Masson and P Nyman are trustees of the Group’s retirement funds which hold 863 260 (2009: 837 781) shares. P Nyman is also a trustee of a Group medical aid society which holds nil (2009: 29 575) shares; and
– AA da Costa, LI Jacobs and RM Kunene are directors and shareholders of Dinatla Investment Holdings (Pty) Limited (Dinatla) and their indirect beneficial holdings have been included in the table of holdings. P Nyman and T Slabbert are also directors of Dinatla but have no beneficial interest in Dinatla’s shares. Dinatla holds 26 510 312 (2009: 26 510 312) shares.

 

The only director who was directly or indirectly interested in excess of 1% of the Company’s issued share capital was B Joffe.
  Number of shares
  2010   2009  
Beneficial – Direct   127 986   127 986  
Held in terms of The Bidvest Incentive Scheme   198 324   198 324  
Non-beneficial   3 335 296   3 335 237  
  3 661 606   3 661 547  

The interests of the directors remained unchanged from the end of the financial year to the date of this report.