Notes to the annual financial statements

Pick n Pay Holdings Limited
 
     
 
2.   Directors’ remuneration and interest in shares  
2.1   Directors’ remuneration                      
  Directors’ remuneration paid by the Company, is detailed below. Note that directors of Pick n Pay Stores Limited who are also directors of Pick n Pay Holdings Limited do not receive directors’ remuneration for services rendered as a director of this Company.  
    Fees for  
board  
meetings  		 Remune-  
ration  		 Fringe and  
other  
benefits  		 Cash  
total  
    R’000   R’000   R’000   R’000  
  2011          
  Non-executive directors          
  Raymond Ackerman   53.0       53.0  
  Wendy Ackerman   53.0       53.0  
  René de Wet   53.0       53.0  
    159.0   —   —   159.0  
  Wendy Ackerman▲   —   440.0   62.6   502.6  
  2010          
  Non-executive director          
  René de Wet   50.0       50.0  
  ▲Remuneration earned while working as an executive of a subsidiary company.  
2.2   Share options in the Company held by directors  
  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  
(strike) 
price  
R  		 Balance  
held at  
1 March  
2010  		 Granted  
during  
the year  		 Taken up  
in year  
at grant  
price  		 Forteited  
during  
the year  		   Balanace  
held at  
28 February  
2011  		 Value of  
options  
exercised*
R’000  		 Available  
for  
take-up  
  Directors – Pick n Pay Stores Limited                      
  Nick Badminton   2002   3.80   800   —     —     800     Now  
    2011   16.00   —   800     —     800     Now  
        800   800     —     1 600      
  Dennis Cope   2008   11.33   800   —     —     800     Now  
        800   —     —     800      
  Jonathan Ackerman   2000   2.00   30 000   —   (30 000)  —     —   441.9   —  
  (Alt director Pick n Pay   2002   4.50   38 900   —   (38 900)  —     —   475.7   —  
  Holdings Limited)  2011   16.00   —   1 000   —   —     1 000     Now  
        68 900   1 000   (68 900)  —     1 000   917.6    
  Suzanne Ackerman- Berman (Alt director   2001   3.90   14 000   —   (14 000)  —     —   191.8   —  
  Pick n Pay Holdings Limited)  2002   4.50   110 000   —   (110 000)  —     —   1 441.0   —  
        124 000   —   (124 000)  —     —   1 632.8    
 
* The value of options exercised is equal to the market value of the shares on the date taken up less the purchase price of those options. 
2.3   Directors’ 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  
2010  
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  
2011  
000’s  		 Beneficial/  
non-  
beneficial  
interest  
  Directors – Pick n Pay Holdings Limited                      
  Raymond Ackerman**   – direct    1 077.6       (58.2)  —     1 019.4   Beneficial  
  Gareth Ackerman – direct     0.5             0.5   Beneficial  
     – indirect   3 007.2   64.8   17.49         3 072.0   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  
     – indirect   —   1 089.6   18.98         1 089.6   Beneficial  
  Suzanne Ackerman- Berman (Alt)   – direct    242.1             242.1   Beneficial  
     – indirect   2.8   778.4   17.42         781.2   Beneficial  
  David Robins (Alt)    – direct   886.7             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.
 
 

 

  
 
Integrated Annual Report 2011|www.picknpay.co.za