DIRECTORS’ REPORT CONTINUED
Analysis of LTI performance shares granted as remuneration
Details of vesting profile of the performance shares granted as remuneration
to the Managing Director and named executives
are below:
Value yet to vest Fair value
Vested Forfeited Year in Perform-Perform-
during during which the ance share ance share
the year the year(a) grant vests Minimum(b) Maximum(c) — EPS — TSR
Number Grant date % % $ $ $ $
Managing Director
DC Seargeant 100,000 19 Feb 2007 — — 30 Jun 2010 Nil 551,000 6.39
4.63
Executives
NC Arundel 5,972 19 Feb 2007 — — 30 Jun 2010 Nil 32,906 6.39 4.63
GC Dean 7,337 19 Feb 2007 — — 30 Jun 2010 Nil 40,428 6.39 4.63
MR Duff 12,183 19 Feb 2007 — — 30 Jun 2010 Nil 67,129 6.39 4.63
HR Eberstaller 4,982 19 Feb 2007 — — 30 Jun 2010 Nil 27,451 6.39
4.63
RD Entwistle 15,938 19 Feb 2007 — — 30 Jun 2010 Nil 87,818 6.39
4.63
PW Horton 12,183 19 Feb 2007 — — 30 Jun 2010 Nil 67,129 6.39 4.63
Former executives
PG Lonergan(d) — — — — — — — — —
GC Lopez(e) — — — — — — — — —
DA Tynan(f) — — — — — — — — —
(a) The % forfeited in the year represents the reduction from the maximum
number of performance shares available to vest due to the performance criteria
not being achieved.
(b) The minimum value of performance shares yet to vest is $nil as the performance
criteria may not be met and consequently, the option may not vest.
(c) The maximum values presented above represents an estimate of the maximum
possible value of the performance shares to be recognised in future financial
years.
(d) PG Lonergan ceased employment on 31 March 2007.
(e) GC Lopez ceased employment on 29 September 2006.
(f) DA Tynan ceased employment on 30 November 2006.
Analysis of movements in performance shares
The movement during the year by value, of performance shares in the Company
held by the Managing Director and each of the named
executives is detailed below:
Granted Exercised Forfeited Performance Amount
during during during Total value shares paid per
the year (a) the year (b) (d) the year for the year exercised share
$ $ $ $ Number $
Managing Director
DC Seargeant 551,000 — — 551,000 — —
Executives
NC Arundel 32,906 — — 32,906 — —
GC Dean 40,428 — — 40,428 — —
MR Duff 67,129 — — 67,129 — —
HR Eberstaller 27,451 — — 27,451 — —
RD Entwistle 87,818 — — 87,818 — —
PW Horton 67,127 — — 67,129 — —
Former executives
PG Lonergan(c) — — — — — —
GC Lopez(d) — — — — — —
DA Tynan(e) — — — — — —
(a) The value of performance shares granted in the year is the fair value
of the performance shares calculated at grant date using a Monte Carlo simulation
model. The total value of the
performance shares granted is included in the table above. This amount is allocated
to remuneration over the vesting period.
(b) The value of performance shares exercised during the year is calculated
as the market price of shares of the Company on the ASX as at close of trading
on the date that the performance
shares were exercised.
(c) PG Lonergan ceased employment on 31 March 2007.
(d) GC Lopez ceased employment on 29 September 2006.
(e) DA Tynan ceased employment on 30 November 2006.
There were no performance shares granted during the 2006 financial year. There
were no performance shares granted since the
end of the year.
Analysis of LTI options granted as remuneration
Details of vesting profile of the options granted as remuneration to the Managing Director and named executives are below:
Value yet to vest
Number Grant date
Vested
during
the year
Forfeited
during
the year(a)
Year in
which the
grant vests Minimum(b) Maximum(c)
% % $ $
Managing Director
DC Seargeant 250,000 20 Nov 2003 100 — 30 Jun 2007 — —
250,000 11 Dec 2003 100 — 30 Jun 2007 —
250,000 16 Sep 2004 100 — 30 Jun 2007 — —
Executives
NC Arundel — — — — — — —
GC Dean 50,000
50,000
11 Dec 2003
17 Jun 2004
100
100
—
—
30 Jun 2007
30 Jun 2007
—
—
—
—
MR Duff — — — — — — —
HR Eberstaller 100,000 11 Dec 2003 100 — 30 Jun 2007 — —
RD Entwistle — — — — — — —
PW Horton 100,000 11 Dec 2003 100 — 30 Jun 2007 — —
Former executives
JA Collier(d) 200,000 20 Nov 2003 100 — 30 Jun 2007 — —
100,000 11 Dec 2003 100 — 30 Jun 2007 — —
PG Lonergan(e) 100,000 11 Dec 2003 100 — 30 Jun 2007 — —
GC Lopez(f) 100,000 11 Dec 2003 100 — 30 Jun 2007 — —
DA Tynan(g) 100,000 11 Dec 2003 100 — 30 Jun 2007 — —
(a) The % forfeited in the year represents the reduction from the maximum
number of
(d) JA Collier ceased employment on 17 May 2006. As part of the termination
benefit,
options available to vest due to the performance criteria not being achieved.
the Board agreed to an option retention entitlement for options previously
granted.
(b) The minimum value of options yet to vest is $nil as the performance criteria
may not be
(e) PG Lonergan ceased employment on 31 March 2007.
met and consequently the option may not vest.
(f)
GC Lopez ceased employment on 29 September 2006. As part of the termination
benefit,
(c) The maximum values presented above are based on the value of the options
issued
the Board agreed to an option retention entitlement for options previously
granted.
using a binomial option pricing model. The maximum value of options yet to
vest is not
(g) DA Tynan ceased employment on 30 November 2006.
determinable as it depends on the market price of shares of the Company on
the ASX
at the date the option is exercised.
Analysis of movements in options
The movement during the year by value, of options over ordinary shares in
the Company held by the Managing Director and each
of the named executives is detailed below:
Granted Exercised Forfeited Total option Amount
during during the during value for Options paid per
the year (a) year (b) (d) the year the year exercised share
$ $ $ $ Number $
Managing Director
DC Seargeant — — — — — —
Executives
NC Arundel — — — — — —
GC Dean — 121,200 — 121,200 40,000 3.35
MR Duff — 145,000 — 145,000 50,000 3.35
HR Eberstaller — 233,950 — 233,950 100,000 3.35
RD Entwistle — — — — — —
PW Horton — 128,200 — 128,200 50,000 2.26
Former executives
PG Lonergan(c) — 414,000 — 414,000 200,000 2.805
GC Lopez(d) — 141,000 — 141,000 100,000 3.35
DA Tynan(e) — 293,000 — 293,000 100,000 3.35
(a) The value of options granted in the year is the fair value (b) The value
of options exercised during the year is (c) PG Lonergan ceased employment on
31 March 2007.
of the options calculated at grant date using a binomial calculated as the
market price of shares of the Company (d) GC Lopez ceased employment on 29
September 2006.
option pricing model. The total value of the options on the ASX as at close
of trading on the date that the The options held at the date of cessation of
employment
granted is included in the table above. This amount is options were exercised
after deducting the price paid to have been disclosed as exercisable on that
date.
allocated to remuneration over the vesting period. exercise the option. (e)
DA Tynan ceased employment on 30 November 2006.
There were no amounts unpaid on the shares issued as a result of the exercise
of options. There were no options granted during
the 2006 or 2007 financial years. There were no options granted since the end
of the year.
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