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Whitehaven Coal Limited : Annual Report 2010
36 10. SIGNIFICANT CHANGES IN THE S TAT E OF AFFAIRS In the opinion of the directors, there were no significant changes in the state of affairs of the consolidated entity that have not been noted in the review of operations that occurred during the financial year. 11. EVENTS SUBSEQUENT TO REPORTING DATE In the interval between the end of the financial year and the date of this report there has not arisen any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years other than the following: • The directors have resolved to pay a fully franked dividend of 2.8 cents per ordinary share (refer Note 26). • After the year end the Company granted Share Acquisition Rights (SARs) over 1,305,000 ordinary shares to key senior employees as part of ongoing long term incentive plans. The SARs vest over the period 1 July 2011 to 1 July 2014 and are subject to market based performance hurdles. • On 28 July 2010 the Group received approval from the NSW Minister for Planning, the Hon Tony Kelly MLC, for Narrabri Coal Project Stage 2. The project approval under Part 3A of the Environmental Planning and Assessment Act 1973 will permit the development of a longwall mining operation and associated infrastructure at the Narrabri Mine to an approved level of production of 8 Mtpa. The receipt of approval for Narrabri Project Stage 2 also triggers two tranche payments related to previous sell downs of the Narrabri Joint Venture. Tranche 2 of $83 million from J Power was received on 13 August 2010. Tranche 3 of $62.5 million due from the Korean consortium is receivable on 30 November 2010. • On 9 August 2010 the Group provided funding of $29.0 million to NCIG as part of the funding requirement of the NCIG Stage 2AA expansion. It is the Group's intention to recover this funding as NCIG secures planned investment from other external parties. • On 5 August 2010, in response to media speculation, the Group issued an announcement to the ASX confirming that the Group has had, and will continue to have, discussions with third parties in relation to potential corporate transactions. Those discussions that are continuing are preliminary and remain incomplete, and it is highly uncertain whether they will lead to a proposal for consideration by the Company's directors and shareholders. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2010 but will be recognised in future financial periods. 12. LIKELY DEVELOPMENTS The consolidated entity will continue with the operation and development of its coal projects. Further information about likely developments in the operations of the consolidated entity and the expected results of those operations in future financial years has not been included in this report because disclosure of this information would be likely to result in unreasonable prejudice to the consolidated entity. DIRECTORS' REPORT
Annual Report 2009
Annual Report 2011