by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Whitehaven Coal Limited : Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 36. SHARE-BASED PAYMENTS (CONTINUED) Share issuances Shares issued to director related entities In the year ended 30 June 2007, the Company issued 30,000,000 shares to entities related to directors Andy Plummer and Tony Haggarty for $0.50 per share under the terms of the Equity Participation and Option Deed (the Deed). The fair value of shares issued was measured using a Black Scholes model. This amounted to 30,000,000 shares issued at the $1 per share listing price. The 30,000,000 shares issued to the investment entities comprised Tranche 1 (15 million shares) and Tranche 2 (15 million shares). Tranche 1 shares were issued on receipt of the initial subscription amount. Tranche 2 were escrowed and were to be released from escrow over a five year period but released earlier if the share price reaches $2.50 or the director related entities’ options referred to above lapse. Dividends (net of an allowance for tax) attaching to the escrowed shares will be held in escrow accounts and released at the time the shares are released. The Company’s share price reached $2.50 during the year ended 30 June 2008 and accordingly, the Tranche 2 shares have been released from escrow. Shares issued to employees The Company issued 1,000 shares to each employee in the consolidated entity in the prior year for no consideration upon listing on the ASX in the 2007 financial year. The fair value of services received in return for shares issued was based on the fair value of the shares issued measured using a Black Scholes model. This amounted to 107,000 shares issued at the $1 per share listing price. The following inputs were used to value these shares: Fair value of share options and assumptions Fair value at grant date Share price Exercise price Expected volatility (weighted average volatility) Director related entities 2008 – – – – Employees 2007 $1 $1 $1 ??? 2008 – – – – 2007 $1 $1 $1 ??? Option life (expected weighted average life) –––– Expected dividends Risk-free interest rate (based on government bonds) Employee Expenses In thousands of AUD Share options – director related entities Share options – senior employees Shares – director related entities Shares – employees –––– – ????? Consolidated 2008 2,619 68 – 2,687 2007 55 1 15,000 – Company 2008 2,619 68 – 2,687 2007 55 1 15,000 –107 –107 15,163 15,163 ????? 82
Annual Report 2009