Peachtree 2013 Annual Report Download - page 138

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Other notes continued
132 The Sage Group plc | Annual Report & Accounts 2013
17 Related party transactions
The Group’s related parties are its subsidiary undertakings and Executive Committee members. The Group has taken advantage of the exemption
available under IAS 24, “Related Party Disclosures”, not to disclose details of transactions with its subsidiary undertakings. Compensation paid to
the Executive Committee is disclosed in note 2.3.
Supplier transactions occurred during the year between Softline (Pty) Ltd, one of the Group’s subsidiary companies and Ivan Epstein, Chief Executive
Officer, AAMEA. These transactions relate to the lease of three properties in which Ivan Epstein has a minority and indirect shareholding. During the
year £1.1m (2012: £0.8m) relating to these transactions was charged through selling and administrative expenses. There were no outstanding
amounts payable for the year ended 2013 (2012: £nil).
Supplier transactions occurred during the year between Sage SP, S.L., one of the Group’s subsidiary companies and Álvaro Ramírez, Chief Executive
Officer, Europe. These transactions relate to the lease of a property in which Álvaro Ramírez has a minority shareholding. During the year £0.2m
(2012: £0.2m) relating to these transactions was charged through selling and administrative expenses. There were no outstanding amounts payable
for the year ended 2013 (2012: £nil).
These arrangements are subject to independent review using external advisers to ensure all transactions are at arm’s length.
18 Events after the reporting period
18.1 Share buyback
On 30 September 2013 the Group appointed Citigroup Global Markets Limited to manage an irrevocable buyback programme during the close period
which commenced on 1 October 2013 and will run up to 4 December 2013. From 1 October 2013 to 28 November 2013, the latest practical date
prior to publication of the Annual Report & Accounts, 5,507,000 ordinary shares of 1p each were repurchased through Citigroup Global Markets
Limited at a weighted average price of 333.4p per share. The highest and lowest prices paid for these shares were 350.0p per share and 312.3p per
share respectively. The purchased shares have not been cancelled and are held as treasury shares. The total number of ordinary shares in issue
(excluding shares held as treasury shares) at 28 November 2013 is 1,096,898,597.
18.2 Executive Committee change
On 11 November 2013 the Group announced the appointment of Steve Hare as Chief Financial Officer, who will join Sage’s Executive Committee
on 3 January 2014.
136 The Sage Group plc | Annual Report & Accounts 2013