XML 45 R28.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 23 - Equity-settled Share-based Expense | 12 Months Ended
--- | ---
Dec. 31, 2017
Statement Line Items [Line Items] |
Disclosure of share-based payment arrangements [text block] |
23.1 |  | Equity-settled share-based expense
The Group has expensed the following Equity-settled share-based payment arrangements for the year ended December 31
|  | Note |  | 2017 |  |  | 2016 |  |  | 2015 |
Share option programmes |  | 23.1(a) |  |  | 29 |  |  |  | 170 |  |  |  | 24 |
Facilitation and advanced dividend loan modification |  | 23.1(b) |  |  | 806 |  |  |  | - |  |  |  | - |
|  |  |  |  | 835 |  |  |  | 170 |  |  |  | 24 |
(a) Share option programmes The Omnibus Equity Incentive Compensation Plan (“OEICP”) was established for grants after May 2015. Share options issued before May 2015 were issued in terms of the Rolling Stock Option Plan (“RSOP”), which was superseded by the OEICP . In accordance with the OEICP, options are granted at an exercise price equal to the greater of volume weighted average trading price for the five days prior to grant or the closing price on the day immediately prior to the date of grant. The options vest according to dates set at the discretion of the Compensation Committee of the Board of Directors at the date of grant. All outstanding option awards that have been granted, pursuant to the plan, vest immediately. Terms and conditions of share option programmes The maximum term of the options under the OEICP is 10 years and under the RSOP 5 years. The terms and conditions relating to the grant of options under the RSOP are that all options are to be settled by physical delivery of shares. Equity settled share based payments under the OEICP will also be settled by physical delivery of shares. Under both plans the aggregate number of shares that may be issued pursuant to the grant of options, or under any other share compensation arrangements of the Company, will not exceed 10% of the aggregate issued and outstanding shares issued of the Company. At December 31, 2017, the Company has the following options outstanding:
Number of Options |  |  | Exercise Price |  |  | Expiry Date
|  |  | Canadian $ |  |  |
| 5,000 |  |  |  | 4.00 |  |  | Oct 8, 2020
| 18,000 |  |  |  | 11.50 |  |  | Oct 13, 2021
| 5,000 |  |  |  | 8.10 |  |  | May 30, 2022
| 28,000 |  |  |  |  |  |  |
The continuity of the options granted, exercised, cancelled and expired under the Plan were as follows:
|  | Number of Options * |  |  | Weighted Avg. Exercise Price |
|  |  |  |  | Canadian $ * |
Options outstanding and exercisable at January 1, 2015 |  |  | 513,184 |  |  |  | 5.55 |
Expired or forfeited |  |  | (88,000 | ) |  |  | 5.55 |
Granted |  |  | 23,000 |  |  |  | 3.65 |
Options outstanding and exercisable at December 31, 2015 |  |  | 448,184 |  |  |  | 5.40 |
Expired or forfeited |  |  | (232,200 | ) |  |  | 6.50 |
Granted |  |  | 18,000 |  |  |  | 11.50 |
Exercised |  |  | (141,704 | ) |  |  | 4.15 |
Options outstanding and exercisable at December 31, 2016 |  |  | 92,280 |  |  |  | 5.85 |
Granted |  |  | 5,000 |  |  |  | 8.10 |
Exercised |  |  | (69,280 | ) |  |  | 4.50 |
Options outstanding and exercisable at December 31, 2017 |  |  | 28,000 |  |  |  | 9.55 |
* Amounts stated after the 1:5 share consolidation, refer note 19. The weighted average remaining contractual life of the outstanding options is 3.72 years ( 2016: 3.08 years; 2015: 2.46 years). Inputs for measurement of grant date fair values The fair value of share-based payments noted above was estimated using the Black-Scholes Option Pricing Model as the fair value of the services could not be estimated reliably. Service and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value. The following assumptions were used in determining the fair value of the options:
|  | 2017 |  | 2016 |  | 2015 |  | 2015
Options granted |  | *5,000 |  | *18,000 |  | 90,000 |  | 25,000
Grant date |  | May 30, 2017 |  | October 13, 2016 |  | December 21, 2015 |  | October 7, 2015
Risk-free interest rate |  | 2.40% |  | 0.53% |  | 0.53% |  | 0.53%
Expected stock price volatility (based on historical volatility) |  | 118% |  | 119% |  | 41,2% |  | 39,6%
Expected option life in years |  | 3 |  | 5 |  | 5 |  | 5
Exercise price |  | * CAD 8.10 |  | * CAD 11.50 |  | CAD 0.74 |  | CAD 0.80
Share price at grant date |  | * CAD8.10 |  | * CAD 11.50 |  | CAD 0.74 |  | CAD 0.79
Fair value at grant date |  | * USD 5.81 |  | * USD 9.45 |  | USD 0.27 |  | USD 0.27
On May 30, 2017 a grant of 5,000 share options was made to Mr. J Staiger, who provides investor relations services in continental Europe for the Company. The exercise price was determined as the prevailing Toronto Stock Exchange share price on the day of the grant. Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price. The expected term has been based on historical experience. The share based payment expense relating to the grant amounted to $29. * Amounts stated after the 1:5 share consolidation, refer note 19.
(b) Facilitation and advance dividend loan modification On June 23, 2017, the Group, Blanket Mine and the Indigenous Shareholders reached agreement to change the interest rate on the facilitation and advanced dividend loans from the previously agreed 12 month LIBOR + 10% to the lower of a fixed rate of 7.25% per annum, payable quarterly or 80% of the dividends paid in the financial quarter. The modification was beneficial to the Indigenisation Shareholders and resulted in an equity-settled share-based payment expense of $806. The Monte Carlo simulation approach was followed to value the fair value of the Indigenisation Shareholders’ equity before and after the modification date. The fair value of the Indigenisation Shareholders’ equity was based on simulating the future Blanket Mine dividend yields. The following assumptions were used in determining modification of the expense:
Modification date |  | June 23, 2017
Blanket Mine dividend yield |  | 23.70% | - | 89.88%
Risk free interest rate |  | USD swap curve
Group market capitalisation at grant date ($’000) |  | USD 68,436
23.2 |  | Cash-settled share-based expense
The Group has expensed the following Cash-settled share-based payment arrangements for the year ended December 31
|  | Note |  | 2017 |  |  | 2016 |  |  | 2015 |
Restricted Share units and Performance Share Units |  | 23.2(a) |  |  | 853 |  |  |  | 618 |  |  |  | - |
Caledonia Mining South Africa employee incentive scheme |  | 23.2(b) |  |  | 123 |  |  |  | - |  |  |  | - |
|  |  |  |  | 976 |  |  |  | 618 |  |  |  | - |
(a) Restricted Share units and Performance Share Units Certain key management members were granted Restricted Share units (“RSU’s”) and Performance Share Units (” PSU’s”) pursuant to provisions of the 2015 Omnibus Equity Incentive Compensation Plan. All RSU’s and PSU’s were granted and approved by the Compensation Committee of the Board of Directors. The RSU’s will vest three years after grant date given that the service condition of the relevant employees are fulfilled. The value of the vested RSU’s will be the number of RSU’s vested multiplied by the fair market value of the Company’s shares, as specified by the plan, on date of settlement. The PSU’s have a service condition and a performance period of three years. The performance condition is a function of production cost, gold production and central shaft depth targets on certain specified dates. The number of PSU’s that will vest will be the PSU granted multiplied by the Performance Multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date of the award. RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSU’s at the then applicable share price calculated at the average Bank of Canada noon rate immediately preceding the dividend payment. PSU’s have rights to dividends only after they have vested. The fair value of the RSU’s, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PSU’s, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting date it was assumed that there is a 94% probability that the performance conditions will be met and therefore a 94% performance multiplier was used in calculating the estimated liability. The liability as at December 31, 2017 amounted to $1,782 ( 2016:$618 ). Included in the liability as at December 31, 2017 is an amount of $311 ( 2016:Nil; 2015: Nil ) that was expensed and classified as production costs, refer note 8. The following assumptions were used in estimating the fair value of the cash settled share-based payment liability on December 31:
|  |  | *2017 |  |  |  | *2016 |
|  |  | RSUs |  |  |  | PSUs |  |  |  | RSUs |  |  |  | PSUs |
Fair value (USD) |  | $ | 7.37 |  |  | $ | 7.17 |  |  | $ | 5.50 |  |  | $ | 5.25 |
Share price (USD) |  | $ | 7.37 |  |  | $ | 7.37 |  |  | $ | 5.50 |  |  | $ | 5.50 |
Performance multiplier percentage |  |  | - |  |  |  | 94 | % |  |  | - |  |  |  | 100 | %
Share units granted:
|  | RSUs |  |  | PSUs |  |  | RSUs |  |  | PSUs |
Grant - January 11, 2016 |  |  | 60,645 |  |  |  | 242,579 |  |  |  | 60,645 |  |  |  | 242,579 |
Grant - March 23, 2016 |  |  | 10,965 |  |  |  | 43,871 |  |  |  | 10,967 |  |  |  | 43,871 |
Grant - June 8, 2016 |  |  | 5,117 |  |  |  | 20,470 |  |  |  | 5,117 |  |  |  | 20,470 |
Grant - January 19, 2017 |  |  | 4,443 |  |  |  | 17,774 |  |  |  | - |  |  |  | - |
RSU dividend reinvestments |  |  | 7,324 |  |  |  | - |  |  |  | 3,505 |  |  |  | - |
Total awards at December 31 |  |  | 88,494 |  |  |  | 324,694 |  |  |  | 80,234 |  |  |  | 306,920 |
* Amounts are presented after the 1:5 share consolidation that took place on June 26, 2017. All fractional entitlements due to the share consolidation were rounded down. RSU’s and PSU’s were all granted in 2016 and not applicable in 2015. (b) Caledonia Mining South Africa employee incentive scheme In July, 2017 the Group granted 37,330 cash-settled share awards to certain employees based in South Africa. These cash-settled share awards will vest in 3 equal tranches on November 30, 2017, 2018 and 2019 subject to the employees fulfilling their service condition. The cash-settled share-based payment liability was calculated based on the number of awards expected to vest multiplied by the Company’s Black Scholes option valuation fair value of £5.10 at the reporting date. The liability relating to these cash-settled share based payment awards amounted to $44 ( 2016:Nil; 2015:Nil ) and the expense amounted to $123 ( 2016:Nil; 2015:Nil ) for the year ended December 31, 2017. 12,447 of the cash-settled share awards vested on November 30, 2017 and an amount of $79 was paid out to these employees.

X
- References No definition available. + Details
Name: | cmcl_StatementLineItems
Namespace Prefix: | cmcl_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for share-based payment arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2017-01-01 -Paragraph 44 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=2&date=2017-03-01&anchor=para_44&doctype=Standard -URIDate 2017-03-09 + Details
Name: | ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration