Page 246 - Capricorn IAR 2020

GLOSSARY OF TERMS ANNUAL FINANCIAL GLOSSARY OF TERMS STATEMENTS
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
30. POST-EMPLOYMENT BENEFITS (continued)
30.2 Medical aid scheme
The Group has no liability in respect of post-retirement medical aid contributions.
30.3 Pension schemes
All full-time permanent employees are members of the CIH Group Retirement Fund, a defined contribution plan, which has been registered in Namibia in accordance with the requirements of the Pension Funds Act. The fund is governed by the Pension Funds Act, 1956, which requires a statutory actuarial valuation every three years. The latest statutory actuarial valuation was carried out on 31 March 2018 and in the actuary’s opinion the fund was in a sound financial position at that date. The valuation confirmed that the value of the assets in the fund exceeded the value of the actuarially determined liabilities.
The Group currently contributes 12% of basic salary to the fund, while the members contribute 7.5%. Post-employment benefits are classified as non-current liabilities.
31. SHARE CAPITAL AND PREMIUM
Authorised share capital
600,000,000 ordinary shares of 2.5 cents each 1,000,000 redeemable preference shares of 1 cent each 35,000 Class A preference shares of 1 cent each
30,000 Class B preference shares of 1 cent each
Issued ordinary share capital
Balance as at 1 July
Shares issued during the year
Balance as at 30 June
Share premium
Balance as at 1 July
Shares issued during the year
Balance at 30 June Less: Treasury shares
Total ordinary share capital and premium
Issued number of ordinary shares reconciliation (’000):
Issued number of shares at the beginning of the year Shares issued during the year
Issued number of shares at the end of the year Less: Treasury shares
Total number of ordinary shares issued at year-end
Group
Company
2020 N$’000
0.30
–
519,184 –
2020 N$’000
15,000
15,000 10 0.35 0.30
15,000
10
10
0.35
0.35
0.30
12,980
12,980 –
12,980
765,566
–
12,980
765,566 –
12,980
–
12,980
765,566
–
765,566
765,566 (58,244)
765,566
(60,468)
(17,879)
718,078
720,302
760,667
519,184
519,184
–
–
519,184
519,184 (7,068)
519,184
(7,239)
(1,253)
511,945
512,116
517,931
2019 N$’000
2019 N$’000
15,000 10 0.35 0.30
12,980 –
12,980
765,566 –
765,566 (13,039)
765,507
519,184 –
519,184 (951)
518,233
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