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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 Option No. 1 2 3 4 5 6 Grant percentage 0.835% 1.5% 1.2% 1.195% 1.1% 1.1% Maximum number of potential shares each 2,505,000 4,575,150 3,769,924 3,844,317 3,623,277 3,702,989 22,020,657 Share price $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Percentage of the Tranche 2 shares released from escrow to be held 100% 90% 80% 70% 60% 50% The options were granted for nil consideration. The fair value of the options at grant date was 7.2 cents per option share. For accounting purposes the fair value of these options attributable to the period ended 30 June 2008 of $2,619,228 (2007: $55,000) has been recognised in the profit and loss. 7.3 Equity instruments – audited All options refer to options over ordinary shares of Whitehaven Coal Limited. 7.3.1 Options over equity instruments granted as compensation – audited Details on options over ordinary shares in the Company that were granted to each key management person during the reporting period and details on options that were vested during the reporting period are as follows: Number of options granted during 2008 Managing Director Rob Stewart Grant date 1,000,000 5 Sep 2007 1,000,000 5 Sep 2007 1,000,000 5 Sep 2007 Fair value per option at grant date 2.0 cents 4.8 cents 6.9 cents Exercise price per option $2.50 $2.50 $2.50 Expiry date Vesting date 22 Oct 2012 22/10/08 22 Oct 2012 22/10/09 22 Oct 2012 22/10/10 The fair value of these options attributable to the period ended 30 June 2008 of $54,979 has been recognised in the profit and loss of the Company. No options have been granted since the end of the financial year. The options were provided at no cost to the recipients. All executive options expire on the earlier of their expiry date or termination of the individual’s employment. The options are exercisable over a period of three years from grant date. 7.3.2 Modification of terms of equity-settled share-based payment transactions – audited No terms of equity-settled share-based payment transactions have been altered or modified by the issuing entity during the reporting period. 25
Annual Report 2009