| Schedule of SAR |
The
following table summarizes the Company’s SARs for the fiscal year ended March 31, 2024:
Schedule
of SAR
| | |
Number
of SARs | | |
Weighted- Average Exercise
Price in U.S. Cents* | | |
Weighted-Average Remaining Contractual Term (years) | | |
Aggregate Intrinsic Value* (in thousands) |
|
| Outstanding as of April 1, 2023 | |
| 35,800,000 | | |
| 37 | | |
| | | |
| | |
| Granted on June 26, 2023 | |
| 10,600,000 | | |
| 27 | | |
| | | |
| | |
| Exercised | |
| — | | |
| — | | |
| | | |
| | |
| Forfeited | |
| (1,425,000 | ) | |
| 31 | | |
| | | |
| | |
| Outstanding as of March 31, 2024 | |
| 44,975,000 | | |
| 33 | | |
| 3.58 | | |
| | |
| Vested and expected to vest as of March 31, 2024 | |
| 43,333,438 | | |
| 33 | | |
| 3.56 | | |
$ | 10,819,015 | |
| Vested as of March 31, 2024 | |
| 12,143,750 | | |
| 40 | | |
| 2 | | |
$ | 2,218,099 | |
| * | | The exercise
price is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8761 as of March 31, 2024. |
The
following table summarizes the Company’s unvested SARs for the fiscal year ended March 31, 2024:
| | |
Number of SARs | | |
Weighted- Average Grant-Date Fair
Value in U.S. Cents* | |
| Unvested as of April 1, 2023 | |
| 35,800,000 | | |
| 15 | |
| Granted on June 26, 2023 | |
| 10,600,000 | | |
| 10 | |
| Vested | |
| (12,143,750 | ) | |
| 16 | |
| Forfeited | |
| (1,425,000 | ) | |
| 14 | |
| Unvested as of March 31, 2024 | |
| 32,831,250 | | |
| 13 | |
| * | | The exercise
price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD
exchange rate of 18.8761
as of
March 31, 2024. |
|
| Schedule of salient details of SARs |
The
salient details of SARs granted during fiscal year 2024 are provided in the table below:
Schedule of salient details
of SARs
| | |
Total shareholder return | |
| Grant date | |
| June
26, 2023 | |
| Grant date fair value (ZAR/$)(1) | |
| R1.93/$0.10 | |
| Award price (ZAR/$)(1) | |
| R5.01/$0.27 | |
| JSE share price on grant
date (ZAR/$)(1) | |
| R5.01/$0.27 | |
| Expiry date | |
| June
26, 2029 | |
| Performance conditions | |
| | |
| – Total shareholder return of (%) | |
| 10.0 | |
| Remaining contractual life at March 31, 2024 | |
| 5.2 | |
| | |
| | |
| Valuation assumptions and drivers | |
| | |
| Volatility (%) | |
| 52.6 | |
| Anticipated forfeiture rate (%) | |
| 5.0 | |
| Anticipated dividend yield (%) | |
| 3.75 | |
| Annual risk-free interest rate (%) | |
| 8.97 | |
The
salient details of SARs granted during fiscal year 2023 are provided in the table below:
| | |
Total shareholder return | |
| Grant date | |
| November
1, 2022 | |
| Grant date fair value (ZAR/$)(1) | |
| R2.58/$0.14 | |
| Award price (ZAR/$)(1) | |
| R5.10/$0.28 | |
| JSE share price on grant
date (ZAR/$)(1) | |
| R5.80/$0.32 | |
| Expiry date | |
| November
1, 2028 | |
| Performance conditions | |
| | |
| – Total shareholder return of (%) | |
| 10.0 | |
| Remaining contractual life at March 31, 2024 | |
| 4.6 | |
| Valuation assumptions and drivers | |
| | |
| Volatility (%) | |
| 50.4 | |
| Anticipated forfeiture rate (%) | |
| 5.0 | |
| Anticipated dividend yield (%) | |
| 3.71 | |
| Annual risk-free interest rate (%) | |
| 8.74 | |
| (1) | | For purposes
of this table, the award price has been converted, based on the South African Rand/U.S. Dollar exchange rate in effect as of grant date. |
|
| Schedule of unvested RSUs |
The
following table summarizes the Company’s unvested RSUs for the fiscal year ended March 31, 2024:
Schedule of unvested RSUs
| | |
Number of RSUs | | |
Weighted- Average Grant-Date Fair
Value in U.S. Cents* | |
| Unvested as of April 1, 2023 | |
| 800,000 | | |
| 30 | |
| Settled | |
| (800,000 | ) | |
| 30 | |
| Forfeited | |
| — | | |
| 30 | |
| Unvested as of March 31, 2024 | |
| — | | |
| 30 | |
| * | | The exercise
price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD
exchange rate of 18.8761
as
of March 31, 2024. |
|