Notes to the Group financial statements

for the year ended 30 June

33   EMPLOYEE SHARE TRUSTS      
  These trusts have been consolidated in the Group’s financial statements in terms of IFRS10 – Consolidated Financial Statements. However, the trusts are controlled by their trustees. The majority of the trustees are representatives elected by and from the employees who are beneficiaries of the trust. The Company has no beneficial interest in and has no control over the trusts. The Group does not share in any economic benefits of the trusts.  

Sun International Employee Share Trust  
The Sun International Employee Share Trust was established to enable eligible employees to share in the success of the Group through share ownership. The share scheme excludes participants of any other Group share incentive scheme. Eligible employees will benefit from income and growth distributions made by the trust.  

The trust is funded through interest free loans from the participating companies in the Group. These loans have been fair valued and imputed interest at 12% per annum is recognised over the expected loan period. Loans will be repaid through dividend flows and proceeds on the disposal of the underlying investments held by the trust.  

The economic interest held by the trust in Group companies is set out below:  

    2014  
%  
2013  
%  
  Afrisun Gauteng   3.5%   3.5%  
  Emfuleni Resorts   3.5%   3.5%  
  SunWest   3.3%   3.3%  
  Meropa   3.5%   3.5%  
  Teemane   3.5%   3.5%  
  Afrisun KZN   3.5%   3.5%  
  Mangaung Sun   3.5%   3.5%  
  Worcester   3.5%   3.5%  
  Sun International Limited – direct   2.5%   2.5%  
 
 – indirect
2.8%   2.8%  
  Sun International Black Executive Management Trust (SIBEMT)     
  As a further commitment to BEE and to assist Sun International in retaining black managerial staff, to attract new black talent and to contribute towards the creation of sustainable black leadership, a trust was formed for the benefit of current and future South African black management of the Group. Permanent employees of the Sun International Group, who occupy management grade levels, and are black South Africans are eligible to participate in the SIBEMT.  

The economic interest held by the trust in Group companies is set out below:  

Sun International Limited – indirect  
0.4%   0.4%