Integrated Reports Senwes Financial Review 2018 - Page 37

FINANCIAL REVIEW 11. 12.2 Treasury shares ISSUED CAPITAL GROUP GROUP 2018 R’m Authorised: 581 116 758 (2018 and 2017) ordinary shares of 0,516 cents each Issued: 180 789 308 (2018 and 2017) ordinary shares of 0,516 cents each COMPANY 2017 R’m 2017 R’m 2018 R’m 3 3 3 3 1 1 1 1 2018 COMPANY 2017 2017 2018 Number of shares Number of shares Shares issued 180 789 308 180 789 308 180 789 308 180 789 308 Treasury shares purchased * (15 651 883) (11 904 746) - - - - - Treasury shares vested ** Total shares in issue Balance at the beginning of the year Treasury shares vested * GROUP Reconciliation of issued shares: 444 764 Treasury shares purchased ** Balance at the end of the year Senwes Capital (Pty) Ltd sold 360 109 shares (2017: 2 561 036) to the Senwes Share Incentive Trust during the year. Senwes Capital (Pty) Ltd held 8 953 968 (2017: 5 702 809) shares in Senwes Ltd as at 30 April 2018. The Senwes Share Incentive Trust held 6 253 151 (2017: 6 201 934) shares as at 30 April 2018. ** During the year 444 764 shares vested under the LTI scheme and 135 869 shares were bought back from them. The Senwes Share Incentive Scheme Trust also further bought 360 109 shares from Senwes Capital (Pty) Ltd. 2018 R’m 2017 R’m 2018 R’m 2017 R’m 67 67 67 67 - (47) - (168) (126) GROUP Balance at the end of the year COMPANY 2018 R’m 2017 R’m 2018 R’m 2017 R’m 5 6 3 3 This reserve represents fair value changes on available-for-sale financial assets as indicated in note 4.1.1. as well as fair value movement on investment held by Molemi Sele Management as indicated in note 5.1.5. 12.4 Change in ownership: Equity of a joint venture GROUP 2018 R’m 2017 R’m (14) (14) (14) (14) During the 2014 financial year Prodist (Pty) Ltd a subsidiary of Hinterland SA (Pty) Ltd, issued shares to LRB, who obtained a 25% shareholding in Prodist. Hinterland owns 75% (2017: 75%) of Prodist after the issuing of shares. Where the holding company’s shareholding changes in a subsidiary, without losing control, the profit or loss will be accounted for in other comprehensive income (equity). FINANCIAL REVIEW Balance at the end of the year COMPANY (126) 5 12.3 Fair value adjustments Balance at the end of the year GROUP (126) Senwes Share Incentive Scheme Trust, an SPV of Senwes Ltd, bought 135 869 shares for a total amount of R3 million (2017: Nil shares) from Senwes' sharehol­ ders during the year. Balance at the beginning of the year 12.1 Share premium 2017 R’m ** Senwes Capital (Pty) Ltd, a subsidiary of Senwes Ltd, bought 3 611 268 shares for a total amount of R44 million (2017: Nil shares) from Senwes’ shareholders during the year. The unissued shares are under the control of the directors until the forthcoming annual general meeting. RESERVES 2018 R’m * During the year 444 764 shares vested from Senwes Share Incentive Scheme Trust to the qualifying members through the LTI scheme. 165 582 189 168 884 562 180 789 308 180 789 308 * Senwes Capital (Pty) Ltd has repurchased 3 611 268 of the Senwes shares at an average price of R12,21 per share (R44,1 million) during the year under review (2017: nil shares). These shares are held by Senwes Capital (Pty) Ltd and are classified as treasury shares. 12. 37