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Notes to the annual financial statements

for the year ended 28 February 2010

 

2.   Directors’ emoluments and directors’ interest in shares   2.1   Directors’ emoluments     Directors’ remuneration paid by the Company, is detailed below. Note that directors of the Company who are also directors of Pick n Pay Stores Limited do not receive directors’ remuneration for services rendered as a director of this Company.

2010   Fees for   board   meetings   R’000   Cash   total   R’000     Non-executive directors         René de Wet   50.0   50.0

No share options are held by directors. The following share options in the Company are held by directors of Pick n Pay Stores Limited:

1997 Share Option Scheme                       Year   granted   Option   grant   price   R   Balance   held at   1 March   2009   Granted   during   the year   Taken up   during   the year   Balance   held at   28 February   2010   Value of   options   exercised*   R’000   Available   for   take-up     Directors – Pick n Pay Stores Limited                     Nick Badminton   2002   3.80   800   —     800     Now           800   —     800   —       Dennis Cope   2008   11.33   800   —     800     Now           800   —     800   —       David Robins   2003   5.10   180 000   —   (180 000)  —   1 800.0         2005   8.30   400   —   (400)  —   2.7             180 400   —   (180 400)  —   1 802.7       Jonathan Ackerman (Alt)  2000   2.00   30 000   —   —   30 000     Now       2002   4.50   38 900   —   —   38 900     Now           68 900   —   —   68 900   —       Suzanne Ackerman-Berman (Alt)  2001   3.90   14 000   —   —   14 000     Now       2002   4.50   110 000   —   —   110 000     Now           124 000   —   —   124 000   —

*The value of options exercised is equal to the market value of the shares on date of take-up less the purchase price of those shares.

2.2   Directors’ direct interest in shares     The following shares are held by directors of the Company and of Pick n Pay Stores Limited:

How   held*   Balance   held at   1 March   2009   000’s   Additions   during   the year   000’s   Average   purchase   price   per share   R   Disposals   during   the year   000’s   Average   selling   price   per share   R   Balance   held at   28 February   2010   000’s   Beneficial/   non-   beneficial   interest      Directors – Pick n Pay Holdings Limited                      Raymond Ackerman**   – direct   1 098.0       (20.4)   —   1 077.6   Beneficial      Gareth Ackerman   – direct   0.5           0.5   Beneficial         – indirect   3 000.0   7.2   16.80       3 007.2   Beneficial      Raymond Ackerman/ Wendy Ackerman/ Gareth Ackerman/ Jonathan Ackerman (Alt)/ Suzanne Ackerman- Berman (Alt)***   – indirect   260 097.5           260 097.5   Non-   beneficial      Hugh Herman   – direct   62.5           62.5   Beneficial      – indirect      65.0           65.0   Beneficial      Jonathan Ackerman (Alt)   – direct   252.0           252.0   Beneficial      Suzanne Ackerman- Berman (Alt)   – direct   239.3   2.8   17.25       242.1   Beneficial         – indirect   —   2.8   17.44       2.8   Beneficial      David Robins (Alt)   – direct   706.3   180.4   5.11       886.7   Beneficial      Directors – Pick n Pay Stores Limited                      Nick Badminton   – direct   880.6           880.6   Beneficial      Dennis Cope   – direct   200.0           200.0   Beneficial

*Direct interests represent a holding in the director’s personal capacity and indirect interests represent a holding by a family Trust of which the director is a trustee.     **The disposal for the year was a donation for no consideration.     ***The non-beneficial interest represents the holding by the Ackerman Family Trust of 254.9 million shares and 5.2 million shares held by the Mistral Trust, of which these directors are trustees.

 

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