The Crookes Brothers Share Option Scheme

As approved at an annual general meeting of shareholders, a total of 900 000 ordinary shares is reserved and placed under the control of the directors for the purpose of the Crookes Brothers Share Option Scheme for employees. At the discretion of the board, share options are awarded for outstanding contributions to meeting the strategic objectives of the business. Options are exercisable at a price equal to the volume-weighted average price of a share on the JSE over the 20 trading days immediately prior to the day on which the option was granted. Options vest after stipulated periods over five years and are exercisable up to a maximum of ten years from the date of grant.

Options granted and unexpired as at 31 March 2016

Options
as at
31 March
2015
Options
granted
during
the year
Weighted
average
option price
(cents)
Options
forfeited
during
the year
Options
exercised
during
the year
Exercise
price
(cents)
Options
as at
31 March
2016
Executive directors
GS Clarke 128 000 5 228 128 000
PJ Barker 31 000 4 486 31 000
GL Veale* 25 000 5 272 25 000
Management
77 000 65 000 6 708 142 000
Total 236 000 90 000 5 613 326 000

* Prescribed Officer appointed 3 August 2015

Options available at 31 March 2016 for further grants

Options at at
31 March
2016
Number of shares
Shares reserved for the share option scheme 900 000
Shares issued to the end of the financial year (415 000)
Options granted and unexpired as shown above (326 000)
Balance available 159 000

Assumptions used in the valuation of the option grants include market volatility, dividend yield and 100% of options exercised, not forfeited.