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Notes to the Financial Statements 2018
The following are details with regard to the scheme: 30. Share-based payments continued
2017 Award
2016 Award
2015 Award
2014 Award
Grant date
1 November 2017
1 October 2016 905,211
1 October 2015 3,208,083
1 October 2014 815,164
Number of shares granted
890,075 1
Market price per share at grant date
$7.85
$10.61
$6.89
$8.79
Total value at grant date
$6,985,959 $9,604,289 $22,103,692 $7,165,291
Vesting date
30 June 2020
30 September 2019
30 September 2018
30 September 2017
Number of shares: Number of shares originally granted Less forfeited over life of scheme Less vested over life of scheme Number of shares held at 30 June 2018
890,075 (85,739)
905,211 (415,950)
3,208,083 (1,799,372)
815,164 (658,245) (17,479) 139,440
(906)
(20,501)
804,336
488,355 1,388,210
1 Includes 182,561 shares granted at $7.43 to Ross Taylor as Chief Executive Officer. The benchmark share price for all participants is $7.43.
June 2018 NZ$M
June 2017 NZ$M
8
Total fair value expense in year for executive performance share scheme
12 20
14
Amount recognised at year end for related bonus payable
Fair value has been determined using Monte Carlo valuation methodology.
Share options The Company had previously issued 1,000,000 options in two separate tranches in 2012 and 2015 for the benefit of Mark Adamson. All 1,000,000 options were forfeited when his employment as Chief Executive Officer and Managing Director ceased on 20 July 2017, as disclosed in the 2017 annual report. Employee share purchase scheme – FBuShare The global employee share purchase scheme, FBuShare, allows eligible group employees to regularly save up to NZ$5,000 per annum of their after-tax pay and purchase shares in the company (purchased shares) at market prices. At the end of rolling three year qualification periods, and provided they remain employed by a Group company, employees will be awarded one free award share for every two purchased shares acquired in the first year of each three year qualification period and still held at the end of those periods. Dividends payable will be re-invested in additional shares. Employees will receive award shares on any additional shares, subject to the same conditions set out above. The employees are responsible for any income tax liability payable on dividends and on the value of any award shares. At the end of each three year qualification period, employees may continue to hold any purchased, additional and award shares or they may sell some or all of the shares. The Group accrues the liability to pay for award shares over the three year qualification periods.
100 Fletcher Building Limited Annual Report 2018
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