Page 249 - Capricorn IAR 2020

NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
33. SHARE–BASED PAYMENTS (continued)
Share appreciation rights (“SAR”) (continued)
The fair value of SAR granted during the year was determined by using the American Call Option valuation model. The significant inputs into the model are summarised in the table below. Refer to note 8 for the total expense recognised in profit or loss for SAR granted to directors and employees.
30 June 2020
Spot and strike price (N$) Risk-free rate
Dividend yield
Volatility
Membership attrition
30 June 2019
Spot and strike price (N$) 16.89 Risk-free rate 8.4% Dividend yield 3.8% Volatility 30% Membership attrition 5%
Conditional share plan (“CSP”)
Capricorn Group shares are granted to selected employees for no consideration. The allocation of shares are conditional on the employee completing three years of service after grant date (the vesting period). The Group has no legal or constructive obligation to repurchase or settle the shares in cash.
2020 INTEGRATED ANNUAL REPORT
Capricorn Group
16.00
7.8%
4.0%
30%
5%
Details of the number of shares outstanding are as follows:
Opening balance Granted
Vested
Forfeited
Closing balance
2019 No. of CSPs ’000
1,354 986
(306) (308)
1,726
2020 No. of CSPs ’000
1,726
831
(221)
(14)
2,322
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