Microsoft Word - Globe Annual Financial Report.30 June 15. Final
Globe Metals & Mining
Limited
(ABN 33 114 400 609)
And Controlled Entities
Annual Financial Report
For the year ended 30 June 2015
CONTENTS
CORPORATE DIRECTORY 1
DIRECTORS REPORT 2
REMUNERATION REPORT ‐ AUDITED 7
AUDITOR'S INDEPENDENCE DECLARATION 14
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 17
CONSOLIDATED STATEMENT OF CASH FLOWS 18
NOTES TO THE FINANCIAL STATEMENTS 19
CORPORATE GOVERNANCE STATEMENT 45
DIRECTORS' DECLARATION 50
INDEPENDENT AUDITOR'S REPORT 51
CORPORATE DIRECTORY
Directors
Ms Alice Wong, Non‐Executive Chairperson
Mr Alistair Stephens, Managing Director and CEO Mr William Hayden, Non‐Executive Director Mr Alex Ko, Non‐Executive Director
Mr Bo Tan, Non‐Executive Director
Company Secretary
Mr Michael Fry
Principal & Registered Office
Level 1, Suite 1 35 Havelock St
West Perth WA 6005 Telephone: (08) 9327 0700 Facsimile: (08) 9327 0798 ABN: 33 114 400 609
Auditors PwC ‐ Australia
Brookfield Place
125 St Georges Terrace Perth
WA 6000
PwC ‐ Malawi
3rd Floor, ADL House Capital City Lilongwe 3
Malawi
Share Registrar
Security Transfers Registrars Pty Ltd 770 Canning Highway
Applecross WA 6153 Telephone: (08) 9315 2333 Facsimile: (08) 9315 2233
Securities Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia) Code: GBE
Bankers
Westpac
109 St Georges Terrace Perth WA 6000
The directors of Globe Metals & Mining Limited ('Globe' or 'the Company') hereby submit their report of the Company and its controlled entities ('the Group') for the financial year ended 30 June 2015.
DIRECTORS
The names and particulars of the Directors of the Company during or since the end of the financial year are: Alice Wong Non‐Executive Chairperson
Alistair Stephens Managing Director and Chief Executive Officer
William Hayden Non‐Executive Director
Bo Tan Non‐Executive Director
Alex Ko Non‐Executive Director
Shasha Lu Executive Director (resigned on 18 November 2014)
Jingbin Tian Non‐Executive Director (retired on 28 November 2014) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
COMPANY SECRETARY
Michael Fry was appointed Company Secretary of Globe on 1 February 2015. Michael holds a Bachelor of Commerce degree from the University of Western Australia and has worked in accounting and advisory roles for over 20 years. Michael is currently a non‐ executive director of VDM Group Ltd and an executive director of Cougar Metals NL.
Ms Kerry Angel ceased as Company Secretary on 31 January 2015.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the financial year were to explore, develop and invest in the resource sector. The Group's major project is the Kanyika Niobium Project in Malawi. The Group has other exploration projects that are at various stages of progress in Malawi but has suspended exploration on its project in Mozambique pending further assessment.
There were no significant changes in the nature of the Group's principal activities during the current year.
RESULTS
The consolidated loss of the Group after providing for income tax amounted to $3,279,524 (2014: $4,625,668). No amounts have been paid or declared by way of dividend during or since the end of the financial year.
REVIEW OF OPERATIONS
During the year ended 30 June 2015, the Group's operational focus was on the advancement of its Kanyika Niobium Project and its Chiziro Graphite Project, both located in the central part of Malawi, north of the capital city of Lilongwe.
Kanyika Niobium Project
The Kanyika Niobium Project is host to a 2004 JORC compliant Mineral Resource Estimate of 68.3Mt @ 2,830ppm Nb2O5 (niobium pentoxide) and 135ppm Ta5O5 (tantalum pentoxide) using a 1,500 ppm Nb2O5 cut‐off (refer ASX announcement of 7 January 2013). Niobium (Nb) and tantalum (Ta) are key additives in steel manufacture, electronics and ceramics.
During the year, the Group continued with the Kanyika Feasibility Optimisation Programme to progress the overall Kanyika Definitive Feasibility Study. This programme focused on operation of the concentrator demonstration plant at the Guangzhou Research Institute of Non‐Ferrous Metallurgy. The results from plant operation were in‐line with earlier bench‐scale testing work. The demonstration plant allowed substantial de‐risking of the concentrator process and also production of sufficient concentrate samples for downstream testing, market evaluation and securing product off‐take agreements. Also during the year the Group also carried out a small soil program within the Kanyika exploration licence area. 198 soil samples were taken but assays failed to detect any significant Nb or Ta anomalism.
The Kanyika Exclusive Prospecting Licence (EPL0188) was due for expiry at the end of December 2014. In early December 2014, Globe applied for a Mining Licence to cover the Kanyika Nb‐Ta resource and all areas covering proposed mine infrastructure and prospective exploration areas. Globe received notification in June 2015 from Malawi Ministry of Natural Resources, Energy & Mining that its application for a Mining Lease has been approved subject to completion of a Development Agreement.
The Development Agreement negotiations are continuing in good faith with the Government of Malawi.
Lastly, the Malawi Ministry of Natural Resources, Energy & Mining approved a new Exclusive Prospecting Licence over an area adjacent to Mining Lease area, which is considered prospective for Nb‐Ta and rare earth elements.
Chiziro Graphite Project
During the year ended 30 June 2015, Globe conducted a significant trenching program at the Chimutu Prospect, which had been outlined from previous mapping and rock chip sampling. A total of 17 trenches were completed for a total of 6,266 metres. The trenching was successful, with significant graphite mineralisation being defined over a six kilometre strike length and widths in excess of 250 metres within two mineralised trends.
During the year Globe also undertook preliminary mineralogical analysis which identified premium quality large‐flake graphite and conducted preliminary metallurgical test‐work which indicated a high grade graphite concentrate product.
In addition, Globe identified further prospects within the project area for future targeting through geological mapping and rock‐chip sampling. Preliminary results from some of the 123 rock chip samples collected at two of these prospects were encouraging, and suggestive of the existence of a third mineralised trend.
The Group also has two other projects in Malawi which were the subject of limited exploration activity as follows:
Machinga Rare Earth Project
Exploration on this Project is at an early stage. Soil sampling programmes in 2013 and 2014 field seasons outlined a substantial rare earth element and a Nb‐Ta anomalism.
During the year ended 30 June 2015, a soil sampling program was carried out as a follow up to previous sampling programmes. A total of 59 samples were collected from the Machinga Main South Zone and the assay results of these further supported and delineated the anomalies.
Also during the year, the Malawi Ministry of Natural Resources, Energy & Mining approved a two year extension of the Machinga exploration licence to August 2016.
Salimbidwe Rare Earth Project
Exploration on this Project is also at an early stage.
During the year ended 30 June 2015, work was limited to a desk top review of available data and planning of future work programs.
Mineral Tenement Schedule
Project
|
Location
|
Status
|
Tenement
|
Globe's interest
|
Kanyika Niobium (i)
|
Malawi
|
Granted
|
under mining lease application
|
100%
|
Kanyika Exploration
|
Malawi
|
Granted
|
EPL0421/15
|
100%
|
Chiziro
|
Malawi
|
Granted
|
EPL0299/10R
|
100%
|
Machinga
|
Malawi
|
Granted
|
EPL0230/07R
|
100%
|
Salambidwe
|
Malawi
|
Granted
|
EPL0289/10R
|
100%
|
Memba
|
Mozambique
|
Granted
|
4832L, 4831L
|
100%
|
(i) a Mining Lease application lodged with Malawi Ministry of Natural Resources, Energy & Mining on 5 December 2014 covering in part the area previously covered by EPL1088/05 has been approved subject to the completion of a Development Agreement.
Note:
|
EPL:
|
Exclusive Prospecting Licence (Malawi)
|
L:
|
Exclusive Prospecting Licence (Mozambique)
|
Competent Person Statements
Information in this report relating to the Mineral Resource Estimate is based on information compiled by Mr Michael Job, Fellow of the Australasian Institute of Mining and Metallurgy, and a consultant employed by Quantitative Group at the time the Mineral Resource Estimate was completed. Mr Job had sufficient experience related to the activity undertaken to qualify as a 'Competent person', as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consented to the inclusion in reports of matters compiled by him in the form and context which they appear. The Mineral Resource Estimate was first reported to the ASX on 7 January 2013 and has not been updated since. The Mineral Resource Estimate has not been updated to comply with JORC Code 2012 on the basis that the information the Mineral Resource Estimate was derived from has not materially changed since it was last reported.
Information in this report relating to metallurgical evaluation is based on information compiled by Dr Marc Steffens. Dr Steffens is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and is a full‐time employee of Globe Metals and Mining. Dr Steffens consents to the inclusion in the report of matters based on his information in the form and context in which it appears
The information in this report relating to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Fergus Jockel, a competent person who is a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Fergus Jockel is a full‐time employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Jockel consents to the inclusion in the report of matters based on his information in the form and context in which it appears.
ENVIRONMENTAL LEGISLATION AND COMPLIANCE
The Group's operations are subject to environmental regulation in Malawi and Mozambique in relation to the exploration and future mining and development activities. Exploration Licenses and other tenements are issued subject to ongoing compliance with all relevant legislation. The Group has complied with all relevant legislation during the year.
SHARES UNDER OPTION
At the date of this report 4,000,000 unissued ordinary shares of the Company under option are as follows:
Grant Date
1‐Jul‐13
|
Expiry Date
31‐Dec‐17
|
Exercise Price
10 cents
|
Number of Options
1,000,000
|
1‐Jul‐13
|
31‐Dec‐18
|
15 cents
|
1,000,000
|
1‐Jul‐13
|
31‐Dec‐19
|
20 cents
|
1,000,000
|
1‐Jul‐13
|
31‐Dec‐20
|
25 cents
|
1,000,000
|
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than as disclosed in this report and the accompanying financial report, there were no other significant changes in the Group's state of affairs during the course of the financial year.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Group proposes to continue its exploration program and investment activities across its various mineral industry interests. Further information in relation to likely developments and the impact on the operations of the Group has not been included in this report, as the directors believe it would result in unreasonable prejudice to the Group.
AFTER BALANCE DATE EVENTS
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
INFORMATION ON DIRECTORS
Alice Wong Non‐Executive Chairperson
Special Responsibilities Member of Nomination and Remuneration Committee Qualifications B.Bus in Accounting and Finance
Ms Alice Wong commenced her career with Pricewaterhouse as an auditor for leading international companies. Ms Wong subsequently worked in the investment banking industry in Hong Kong where her career spanned across BNP Paribas Peregrine, ABN AMRO Rothschild, and Morgan Stanley. In her investment banking career Ms Wong engaged in equity capital markets including IPOs, share placements, rights issues, and bond issues for a vast range of clients.
Ms Wong holds a Bachelor of Business Administration in Accounting and Finance from the University of Hong Kong and is a member of the American Institute of Certified Public Accountants (AICPA).
Interest in Shares and Options 245,983,611(1) Directorships of other
ASX Listed Companies Nil
(1)Ms Wong is the sole shareholder and Director of Apollo Metals Investment Co. Ltd which holds 245,983,611 shares in the Company
Alistair Stephens Managing Director and Chief Executive Officer
Qualifications Masters of Business Administration Bachelor of Science (Honours)
Graduate of the Australian Institute of Company Directors (GAICD)
Experience Mr Stephens is a qualified geologist with more than 30 years' experience in the resources industry, in a broad range of technical and corporate management, including corporate governance, strategic development and delivery, technical program development, marketing, shareholder communications and capital funding.
Mr Stephens held the position of Managing Director and Chief Executive Officer of Arafura Resources Limited (ASX: ARU) between 2004 and 2009.
Mr. Stephens commenced his career in gold and copper exploration and development with Newmont but orientated most of his career in mining, planning and processing operations in gold with Normandy Poseidon and KCGM Pty Ltd and nickel with WMC Resources. He also has marketing and commercial experience with Orica Ltd in explosives.
Interest in Shares and Options 1,000,000 10 cent options exercisable on or before 30 June 2017
1,000,000 15 cent options exercisable on or before 30 June 2018 1,000,000 20 cent options exercisable on or before 30 June 2019 1,000,000 25 cent options exercisable on or before 30 June 2020
Directorships of other
ASX Listed Companies Nil
William Hayden Non‐Executive Director
Special Responsibilities Member of the Nomination and Remuneration Committee
Member of the Audit and Risk Committee
Qualifications B Sc (Hons)
Experience Mr Hayden is a geologist with over 36 years' experience in the mineral exploration industry, much of which has been in Africa and the Asia‐Pacific region. Mr Hayden was the founder and President of Ivanhoe Nickel and Platinum Ltd. (formerly African Minerals Ltd.), a Canadian company which has assembled extensive mineral holdings in Africa. Since 1986 Mr Hayden has worked in a management capacity with several exploration and mining companies both in Australia and overseas. Mr Hayden was President of Ivanhoe Philippines, Inc. (an Ivanhoe Mines wholly owned subsidiary), former President of GoviEx Uranium Inc., a director of China Polymetallic Mining Ltd (HKSE listed), Sky Alliance Resources Inc., Ivanplats Ltd, Sunward Resources Ltd (TSX listed) and Condoto Platinum NL. (ASX listed).Interest in Shares and Options 76,923 Fully Paid Ordinary Shares
Directorships of other
ASX Listed Companies Condoto Platinum NL
Bo Tan Non‐Executive Director
Special Responsibilities Chairperson of Audit and Risk Committee
Qualification BEcon ‐ Renmin China, MBA ‐ Thunderbird USA, M.A University of Connecticut
Experience Mr Bo Tan, a Canadian national, has over 15 years' experience as a senior manager and director in financial planning, reporting, investment, capital structure and industrial research.
Mr Tan has worked for companies such as Bohai Industrial Investment Fund, Lehman Brothers Asia and Macquarie Securities Asia, and across international markets in China, Hong Kong, Canada and USA.
Interest in Shares and Options Nil Directorships of other
ASX Listed Companies Nil
Alex Ko Non‐Executive Director
Special Responsibilities Chairperson of the Nomination and Remuneration Committee
Member of the Audit and Risk Committee
Qualifications Bachelor Business Administration
Experience Mr Ko has over 30 years' experience in finance and investment banking. He has been a pioneer in the listing of Chinese equity offers through the Hong Kong exchange including many high profile government and private Chinese companies. He has held many independent non‐executive director roles with Hong Kong listed companies in the transportation, electronics and environmental protection industries. He has strengths in finance and corporate governance.
Mr Ko is currently a Director and CEO of CMBC International Holdings Limited, a non‐ executive director of Petro‐king Oilfield Services Limited, and a trustee of a not for profit schooling academy in the USA.
Interest in Shares and Options Nil Directorships of other
ASX Listed Companies Nil
REMUNERATION REPORT ‐ AUDITED
This remuneration report for the year ended 30 June 2015 outlines the remuneration arrangements of the Group in accordance with the requirements of Corporations Act 2001 (the Act) and its regulations. This information has been audited as required by Section 308(3C) of the Act.
The remuneration report details the remuneration arrangements for Key Management Personnel (KMP) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the parent.
For the purposes of this report, the term 'executive' includes the Managing Director (MD), executive directors (where applicable) and senior executives of the Group.
-
Remuneration Governance
The Board of Directors has established a Committee for the purpose of reviewing and making recommendations with respect to the remuneration practices of the Company.
The Committee comprises Mr Alex Ko (Chairperson), Mr Bill Hayden and Ms Alice Wong; all of whom are non‐executive directors.
The Board of Directors has prepared and approved a charter as the basis on which the Committee will be constituted and operated. The role of the Committee is to provide a mechanism for the determination, implementation and assessment of the remuneration practices of the Company, including remuneration packages and incentive schemes for executive Directors and senior management, and fees payable to Non‐Executive Directors.
The Committee is primarily responsible for making recommendations to the Board on:
-
the overarching executive remuneration framework;
-
the operation of incentive plans (if any) which apply to the executive team, including key performance indicators and performance hurdles;
-
the remuneration levels of executive directors and other KMP; and
-
the fees payable to non‐executive directors.
The Committee's objective is to ensure that remuneration policies and structures are fair and competitive, and aligned with the long term interests of the Group.
From time to time, the Committee may seek external remuneration advice. Where this is the case, remuneration consultants are engaged by, and report directly to, the Committee. In selecting remuneration consultants, the Committee considers potential conflicts of interest and requires independence from the Group's KMP as part of the terms of engagement.
The Corporate Governance Statement provides further information on the role of the Remuneration Committee.
-
Remuneration Policy
The remuneration policy of Globe Metals & Mining Limited and its Controlled Entities has been designed to align Director and executive objectives with shareholder and business objectives by providing a fixed remuneration component which is assessed on an annual basis in line with market rates and offering specific incentives, from time to time, that are based on share price and key performance areas affecting the Group's financial results.
The Board of Directors of Globe believes the remuneration policy is appropriate and effective in its ability to attract, retain and motivate suitably qualified and experienced Directors and executives to run and manage the Group, as well as create goal congruence between the Directors, executives and the Company's shareholders.
-
Remuneration Arrangements
All executives receive a base salary (which is based on factors such as length of service and experience) and superannuation (in accordance with relevant legislation). Executive remuneration may also incorporate a component of performance based remuneration.
The Board reviews executive packages annually by reference to the economic entity's performance, executive performance and comparable information from industry sectors and other listed companies in similar industries.
REMUNERATION REPORT - AUDITED (CONTINUED)
-
Remuneration Arrangements (continued)
Non‐executive directors are remunerated at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to non‐executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non‐executive directors is subject to approval by shareholders at the Annual General Meeting (currently $600,000).
The Board of Directors may exercise discretion in relation to approving incentives, bonuses and options.
All remuneration paid to Directors and executives is valued at the cost to the Company and expensed. Options are independently valued by corporate advisers using the Black‐Scholes method and Monte Carlo Model. Shares are valued at Market Value.
-
Performance Based Remuneration
The Company believes that linking the remuneration of Directors and executives with performance will be effective in increasing shareholder wealth.
From time to time, the Board of Directors may establish performance targets and a bonus system for the purposes of providing directors and executives with short‐term and long‐term performance incentives. Such incentives are offered to increase goal congruence between shareholders and directors and executives.
There are currently no incentive programs in place, apart from options which have been granted to the Managing Director and CEO. The options were not based on a percentage of salary. The Board of Directors issued the options to the Managing Director and CEO as an incentive based on market conditions.
-
Details of Remuneration
Compensation of key management personnel for the year ended 30 June 2015
2015
|
SHORT‐TERM BENEFITS
Salary & Termination Other Fees Payment
|
POST EMPLOY‐ MENT
Super‐ annuation
|
SHARE‐ BASED PAYMENT
Options
|
TOTAL
$
|
SHARE‐ BASED PAYMENT
as a % of TOTAL
|
Directors
|
Alice Wong - Chairperson
|
82,042 ‐
|
‐
|
‐
|
‐
|
82,042
|
0%
|
Alistair Stephens ‐ Managing Director & CEO
|
385,000 ‐
|
‐
|
18,783
|
‐
|
403,783
|
0%
|
Shasha Lu - Executive Director & Deputy CEO (i) 360,000 ‐ ‐ ‐ ‐ ‐ 14,‐468 374,468 4%
|
William Hayden ‐ Non‐Executive Director
|
52,968
|
‐
|
‐
|
5,032
|
‐
|
58,000
|
0%
|
Bo Tan ‐ Non‐Executive Director
|
58,000
|
‐
|
‐
|
‐
|
‐
|
58,000
|
0%
|
Alex Ko ‐ Non‐Executive Director
|
54,958
|
‐
|
‐
|
‐
|
‐
|
54,958
|
0%
|
Jingbin Tian ‐ Non‐Executive Director (ii) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 29,0000%
|
Total remuneration directors 2015
|
992,968
|
‐
|
‐
|
23,815
|
14,468
|
1,031,251
|
1%
|
Specified Executives
Kerry Angel ‐ CFO & Company Secretary (iii)
|
140,000
|
102,000
|
‐
|
14,088
|
‐
|
256,088
|
0%
|
Fergus Jockel ‐ Exploration Manager
|
220,000
|
‐
|
‐
|
18,783
|
‐
|
238,783
|
0%
|
Total remuneration specified executives 2015
|
360,000
|
102,000
|
‐
|
32,871
|
‐
|
494,871
|
0%
|
(i) Resigned as a Director on 18 November 2014
(ii) Retired as a Director on 28 November 2014
(iii) Ceased employment on 31 January 2015
REMUNERATION REPORT - AUDITED (CONTINUED)
E. Details of Remuneration (continued)
Compensation of key management personnel for the year ended 30 June 2014
2014
|
SHORT‐TERM BENEFITS
|
POST
|
SHARE‐
|
TOTAL
|
SHARE‐
|
EMPLOY‐
|
BASED
|
BASED
|
MENT
|
PAYMENT
|
PAYMENT
|
Salary & Fees
Termination Payment
Other(vii) Super‐ annuation
Options $ as a % of TOTAL
Directors
Alice Wong ‐ Chairperson(i)
|
51,627
|
‐
|
‐
|
‐
|
‐
|
51,627
|
0%
|
Alistair Stephens ‐ Managing Director & CEO
|
364,583
|
‐
|
‐
|
17,775
|
‐
|
382,358
|
0%
|
Shasha Lu - Executive Director & Deputy CEO
|
363,511
|
‐
|
‐
|
29,731
|
‐ ‐
|
34,‐975
|
428,217
|
8%
|
William Hayden ‐ Non‐Executive Director
|
53,089
|
‐
|
‐
|
4,911
|
‐
|
58,000
|
0%
|
Bo Tan ‐ Non‐Executive Director(ii)
|
39,817
|
‐
|
‐
|
‐
|
‐
|
39,817
|
0%
|
Alex Ko ‐ Non‐Executive Director(iii)
|
19,792
|
‐
|
‐
|
‐
|
‐
|
19,792
|
0%
|
Jingbin Tian ‐ Non‐Executive Director
|
29,000
|
‐
|
‐
|
‐
|
‐
|
‐ ‐
|
‐ ‐
|
29‐,000
|
29,0000%
|
Yi Shao ‐ Chairman(iv)
|
43,500
|
‐
|
‐
|
‐
|
‐
|
43,500
|
0%
|
Peter Stephens ‐ Non‐Executive Director(v)
|
30,969
|
‐
|
‐
|
2,865
|
‐
|
33,834
|
0%
|
Total remuneration directors 2014
|
995,888
|
‐
|
29,731
|
25,551
|
34,975
|
1,086,145
|
3%
|
Specified Executives
|
Kerry Angel ‐ CFO & Company Secretary
|
241,500
|
‐
|
‐
|
17,775
|
‐
|
259,275
|
0%
|
Fergus Jockel ‐ Exploration Manager
|
221,500
|
‐
|
‐
|
17,775
|
‐
|
239,275
|
0%
|
Les Middleditch ‐ Kanyika DFS Manager (vi)
|
48,244
|
144,756
|
‐
|
1,481
|
‐
|
194,481
|
0%
|
Total remuneration specified executives 2014
|
511,244
|
144,756
|
‐
|
37,031
|
‐
|
693,031
|
0%
|
(i) Appointed Non‐ Executive Director on 11 October 2013 and Chairperson on 31 January 2014
(ii) Appointed on 9 October 2013
(iii) Appointed on 10 February 2014
(iv) Resigned on 6 January 2014
(v) Resigned on 13 January 2014; options had not vested and were forfeited on resignation
(vi) Resigned on 31 July 2013
(vii) Accrued annual leave paid
Compensation options granted to key management personnel during the year ended 30 June 2015
There were no options granted to key management personnel during the year ended 30 June 2015.
Compensation options granted to key management personnel during the year ended 30 June 2014
Options granted to key management personnel during the year ended 30 June 2014 were as follows:
Terms & Conditions for Each Grant
Vested No. Granted No. Grant Date Value per
Option at Grant Date
$
Exercise Price
$
First Exercise Date
Last Exercise Date
Alistair Stephens(i) ‐ 1,000,000 2/07/2013 0.00 0.100 1/7/2014 30/6/2017
Alistair Stephens(ii) ‐ 1,000,000 2/07/2013 0.00 0.150 1/7/2015 30/6/2018
Alistair Stephens(iii) ‐ 1,000,000 2/07/2013 0.00 0.200 1/7/2016 30/6/2019 Alistair Stephens(iv) ‐ 1,000,000 2/07/2013 0.00 0.250 1/7/2017 30/6/2020
‐ 4,000,000
REMUNERATION REPORT - AUDITED (CONTINUED)
E. Details of Remuneration (continued) Vesting conditions pertaining to employee options:
(i) Options vest on 1 July 2014 and expire on 30 June 2017, conditional on VWAP over fifteen consecutive trading days on the ASX must be greater than A$0.20. The share price must be greater than the excise price at vesting date. The option is forfeited if not exercised within one calendar month of leaving employment of the company.
(ii) Options vest on 1 July 2015 and expire on 30 June 2018, conditional on VWAP over fifteen consecutive trading days on the ASX must be greater than A$0.30. The share price must be greater than the excise price at vesting date. The option is forfeited if not exercised within one calendar month of leaving employment of the company.
(iii) Options vest on 1 July 2016 and expire on 30 June 2019, conditional on VWAP over fifteen consecutive trading days on the ASX must be greater than A$0.40. The share price must be greater than the excise price at vesting date. The option is forfeited if not exercised within one calendar month of leaving employment of the company.
(iv) Options vest on 1 July 2017 and expire on 30 June 2020, conditional on VWAP over fifteen consecutive trading days on the ASX must be greater than A$0.50. The share price must be greater than the excise price at vesting date. The option is forfeited if not exercised within one calendar month of leaving employment of the company.
Option Holdings of Directors and Key Management Personnel
The numbers of options over ordinary shares in the company granted under the executive short term incentive scheme that were held during the financial year by each director and the key management personnel of the group, including their personally related parties, are set out below:
2015
|
Balance at beginning
|
Granted as Remuneration
|
Exercised
|
(Lapsed)
|
Balance at 30 Total Vested atTotal Exercisable June 2015 30 June 2015 at 30 June 2015
|
Alice Wong
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Alistair Stephens
|
4,000,000
|
‐
|
‐
|
‐
|
4,000,000
|
1,000,000
|
1,000,000
|
William Hayden
|
1,100,000
|
‐
|
‐
|
(1,100,000)
|
‐
|
‐
|
‐
|
Bo Tan
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Alex Ko
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Shasha Lu (i)
|
3,800,000
|
‐
|
‐
|
(3,800,000)
|
‐
|
‐
|
‐
|
Jingbin Tian (ii) ‐ ‐ ‐ ‐ ‐ ‐ ‐
|
Fergus Jockel
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Kerry Angel(iii)l
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
8,900,000
|
‐
|
‐
|
(4,900,000)
|
4,000,000
|
1,000,000
|
1,000,000
|
(i) Resigned as a director on 18 November 2014; continues in capacity of Deputy CEO
(ii) Retired as a director on 28 November 2014
(iii) Ceased employment on 31 January 2015
2014
|
Balance at beginning
|
Granted as Remuneration
|
Exercised
|
(Lapsed)
|
Balance at 30 Total Vested atTotal Exercisable June 2014 30 June 2014 at 30 June 2014
|
Alice Wong
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Alistair Stephens
|
‐
|
4,000,000
|
‐
|
‐
|
4,000,000
|
‐
|
‐
|
William Hayden
|
1,100,000
|
‐
|
‐
|
‐
|
1,100,000
|
1,100,000
|
1,100,000
|
Bo Tan
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Alex Ko
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Shasha Lu
|
4,800,000
|
‐
|
‐
|
(1,000,000)
|
3,800,000
|
‐
|
‐
|
Jingbin Tian
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Kerry Angel
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Fergus Jockel
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Yi Shao(i)
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
Peter Stephens (ii)
|
1,100,000
|
‐
|
‐
|
(1,100,000)
|
‐
|
‐
|
‐
|
Les Middleditch(iii)
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
‐
|
7,000,000
|
4,000,000
|
‐
|
(2,100,000)
|
8,900,000
|
1,100,000
|
1,100,000
|
(i) Resigned as a director on 6 January 2014
(ii) Resigned employment on 13 January 2014; options held forfeited at the date of resignation
(iii) Resigned employment on 31 July 2013