XML 56 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Capital Structure
3 Months Ended
Sep. 30, 2015
Capital Structure [Abstract]  
Common Stock

10. Capital structure

     The following table presents reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the three months ended September 30, 2015 and 2014, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the three months ended September 30, 2015 and 2014, respectively:

  Sept 30,   Sept 30,  
  2015   2014  
 
Number of shares, net of treasury:        
Statement of changes in equity 47,322,702   46,475,623  
Less: Non-vested equity shares that have not vested (Note 12) (589,447 ) (453,333 )
Number of shares, net of treasury excluding non-vested        
equity shares that have not vested 46,733,255   46,022,290  

     Common stock repurchases and transaction with non-controlling interests

     The Company did not repurchase any of its shares during the three months ended September 30, 2015 and 2014, under its share repurchase authorization. However, on August 27, 2014, the Company entered into a Subscription and Sale of Shares Agreement with Business Venture Investments No 1567 Proprietary Limited (RF) ("BVI"), one of the Company's BEE partners, in preparation for any new potential SASSA tender. Pursuant to the agreement: (i) the Company repurchased BVI's remaining 1,837,432 shares of the Company's common stock for approximately ZAR 97.4 million in cash ($9.2 million translated at exchange rates prevailing as of August 27, 2014) and (ii) BVI has subscribed for new ordinary shares of Cash Paymaster Services (Pty) Ltd ("CPS") representing 12.5% of CPS' ordinary shares outstanding after the subscription for ZAR 15.0 million in cash (approximately $1.4 million translated at exchange rates prevailing as of August 27, 2014). In connection with transactions described above, the CPS shareholder agreement that was negotiated as part of the original December 2013 Relationship Agreement became effective.