Rangatira Annual Report 2023 - Flipbook - Page 77
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
The amount recognised is based on the Group’s current estimate of results against the LTIP’s performance and service conditions,
completion against the vesting period, and the fair value of the shares on grant date at $13.97. In calculating this fair value, the $14.25
per share has been adjusted to reflect that no dividends are payable until the rights are awarded. Currently, the Group expects all
conditions to be met (2022: nil).
Cash-settled portion of the LTIP
Upon vesting of share rights, the Rangatira Limited settles the employee’s PAYE liability in relation to the LTIP and issues the net
amount of shares to those employees. In relation to this, a liability of $84,626 (2022: $nil) has been included in the Group’s other noncurrent liabilities in its statement of financial position.
Movements in the number of share rights granted
The following table illustrates the number of, and movements in, total share rights and the total shares issued during the year subject
to the vesting conditions. None of the share rights are exercisable as the vesting conditions have not yet been met.
2023
$000
2022
$000
-
-
43,547
-
Exercised during the period
-
-
Forfeited during the period
-
-
43,547
-
Opening balance
Granted during the period
Closing balance
77