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Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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21. Issued capital


US$ million Number of shares 2011 Number of shares 2010
Authorised – ordinary shares of 10p each
As at 1 July 2010 and 30 June 2011 650,000,000 115.2 400,000,000 76.3
Issued and fully paid
At 1 July 352,803,021 61.4 184,005,523 33.5
Allotments during the year 147,070,988 23.4 168,797,498 27.9
At 30 June 499,874,009 84.8 352,803,021 61.4

Allotments during the year were in respect of 136,698,212 shares issued as part of a capital fundraising exercise, the exercise of 8,292,777 warrants held over ordinary shares by Canaccord Genuity and RMB, and the exercise of 2,079,999 share options held by employees.

Allotments during the prior year were in respect of 121,200,000 shares issued as part of a capital fundraising exercise, the issue of 36,000,000 shares as part consideration for the acquisition of an additional 50% interest in CIHL, the issue of 11,363,636 shares in respect of a US$15 million Al Rajhi loan repayment and the exercise of 233,862 share options held by employees.

Warrants

Holder Expiry Exercise price
(pence)
2011
Number of warrants
2010
Number of warrants
Canaccord Genuity 17 December 2011 80 4,092,777
RBC Capital Markets 17 December 2011 80 1,364,259 1,364,259
Rand Merchant Bank 2 November 2014 100 2,100,000
International Finance Corporation 2 November 2012 90 2,100,000
International Finance Corporation 2 November 2013 95 2,100,000
International Finance Corporation 2 November 2014 100 2,100,000

As part of the debt facilities referred to in note 22 parts (iv) and (v), 12,600,000 warrants over Petra shares were granted to IFC (6,300,000) and RMB (6,300,000), with an exercise price ranging between 90 pence – 100 pence per warrant and which vested on 3 November 2010.

During the year warrants over 4,092,777 ordinary shares at an exercise price of 80 pence were exercised by Canaccord Genuity. RMB exercised 2,100,000 warrants over ordinary shares at an exercise price of 90 pence and a further 2,100,000 warrants over ordinary shares at an exercise price of 95 pence.

The Black-Scholes methodology as outlined in IFRS 2 has been used to value the warrants, as set out in note 28.

Employee share options

Holder Shares Exercise price
(pence)
Expiry
Directors
A Pouroulis 500,000 44.0 5 September 2013
250,000 85.0 16 June 2015
250,000 79.5 31 May 2016
250,000 27.5 12 March 2019
100,000 45.5 30 September 2019
100,000 60.5 16 March 2020
D Abery 500,000 44.0 5 September 2013
250,000 85.0 16 June 2015
250,000 79.5 31 May 2016
750,000 27.5 12 March 2019
350,000 45.5 30 September 2019
350,000 60.5 16 March 2020
J Dippenaar 750,000 85.0 16 June 2015
250,000 79.5 31 May 2016
750,000 27.5 12 March 2019
350,000 45.5 30 September 2019
350,000 60.5 16 March 2020
J Davidson 750,000 85.0 16 June 2015
250,000 79.5 31 May 2016
750,000 27.5 12 March 2019
350,000 45.5 30 September 2019
350,000 60.5 16 March 2020
Senior Management 50,000 56.75 13 September 2014
75,000 46.5 24 September 2014
23,750 56.5 28 January 2015
84,300 65.75 27 November 2015
166,388 79.5 31 May 2016
236,812 96.0 31 July 2016
4,470,000 27.5 12 March 2019
2,117,671 45.5 30 September 2019
3,060,002 60.5 16 March 2020
500,000 92.8 25 November 2020
Total 19,583,923

The current number of shares reserved for issue under the share option scheme is 19,583,923, the terms and conditions of which are disclosed in note 28.

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