All monetary amounts are expressed
in millions of Rands |
2007 |
Restated
2006 |
| 6. |
EMOLUMENTS OF DIRECTORS |
|
|
|
Executive directors (paid by subsidiary companies) |
26,9 |
23,3 |
|
Non-executive directors (paid by the company) |
2,6 |
2,1 |
| |
|
29,5 |
25,4 |
| |
Included in the above are fees paid for services as directors of the company |
– |
1,0 |
| |
Number of directors at year end |
14 |
16 |
| |
Details of individual director emoluments are disclosed in note 45 on the consolidated financial statements. |
|
|
| 7. |
CONTINGENT LIABILITIES |
|
|
|
There are contingent liabilities in respect of limited and unlimited guarantees |
|
|
|
covering loans, banking facilities and other obligations of joint venture and |
|
|
|
subsidiary companies and other persons. The ascertainable contingent liabilities |
|
|
| |
at 30 June covered by such guarantees being |
214,8 |
214,8 |
| 8. |
DERIVATIVE FINANCIAL INSTRUMENTS: CALL OPTIONS |
|
In terms of the Broad-based Black Economic Empowerment transaction approved by shareholders on 21 November 2005, the
company has two call options to repurchase the shares in Murray & Roberts Letsema Khanyisa (Proprietary) Limited and Murray
& Roberts Letsema Sizwe (Proprietary) Limited (the BBBEE subco's) at market value and on the following conditions: |
|
|
|
| a) |
31 December 2010 call option |
|
| |
On 31 December 2010, if after review, all parties agree in writing that it is not economically viable to continue with the
structure, and |
|
| b) |
31 December 2015 call option |
|
| |
On 31 December 2015, being the date on which the lock-in period expires, if the value of the shares owned by the BBBEE
subco's is less than the aggregate redemption amount of the funding. |
|
| |
No value has been placed on these call options as they give the company an option to repurchase the shares at is market value
and therefore do not expose the company to any potential loss or gain. |
