Telstra 2013 Annual Report Download - page 186
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NOTES TO THE
FINANCIAL STATEMENTS
(CONTINUED)
184 Telstra Annual Report 2013 Telstra Corporation Limited and controlled entities
TESOP99 and TESOP97 (continued)
The Telstra ESOP Trust Trustee continues to hold loan shares
where the employee ceased employment and elected not to repay
the loan, until the share price is sufficient to recover the loan amount
and associated costs of sale. The Trustee is then required to sell
the shares. In financial year 2013, 9,258,700 TESOP99 shares
held for this purpose were sold in an off market transaction at
market price to the Growthshare Trust. As at 30 June 2013, there
were 73,000 shares held for this purpose (2012: 9,204,900).
The following table provides information about our TESOP99 and
TESOP97 share plans.
(*) The fair value of these shares is based on the market value of
Telstra shares at reporting date and exercise date.
(#) The amount exercised relates to the shares released from trust
as a result of the interest free loan to employees being fully repaid
during the year.
(^) The amount sold relates to loan shares disposed of to the
Growthshare Trust and external third parties during the year.
The employee share loan balance as at 30 June 2013 is $20 million
(2012: $67 million). The weighted average loan still to be repaid for
TESOP97 is nil per instrument (2012: $0.14) and for TESOP99 is
$4.64 per instrument (2012: $4.85).
27. EMPLOYEE SHARE PLANS (CONTINUED)
TESOP97 TESOP99
Number
Weighted
average
fair value
(*)
Total fair
value
$m Number
Weighted
average
fair value
(*)
Total fair
value
$m
Equity instruments outstanding and exercisable as at
30 June 2011. . . . . . . . . . . . . . . . . . . . . . . . 15,000 $2.89 - 13,789,000 $2.89 40
Exercised (#) . . . . . . . . . . . . . . . . . . . . . . . . (12,500) $3.10 - (34,600) $3.15 -
Equity instruments outstanding and exercisable as at
30 June 2012 . . . . . . . . . . . . . . . . . . . . . . . 2,500 $3.69 - 13,754,400 $3.69 51
Exercised (#) . . . . . . . . . . . . . . . . . . . . . . . . (2,500) $3.85 -(77,500) $4.38 -
Sold (^) . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - (9,527,100) $4.68 45
Equity instruments outstanding and exercisable as at
30 June 2013 . . . . . . . . . . . . . . . . . . . . . . . - - - 4,149,800 $4.77 20