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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 97 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 33. SHARE-BASED PAYMENTS (CONTINUED) Option grant to director-related entity on 17 November 2009 The Company issued shares to Dalara Investments Pty Ltd, a company controlled by Mr Allan Davies, as trustee for the AJ and LM Davies Family Trust, at the AGM on 17 November 2009. These options had previously been approved by the board on 19 February 2009. The terms and conditions of the grant are as follows. Option Exercise price Number of instruments Vesting conditions Expiration date Tranche 1 $1.70 1,666,666 31 October 2009 31 October 2013 Tranche 2 $1.70 1,666,667 31 October 2010 31 October 2013 Tranche 3 $1.70 1,666,667 31 October 2011 31 October 2013 5,000,000 c)M ovement in options The following table illustrates the number and weighted average exercise prices of, and movements in, share options issued during the year: Weighted average exercise price 2010 Number of options 2010 Weighted average exercise price 2009 Number of options 2009 Outstanding at beginning of period $1.25 18,119,200 $1.14 33,014,348 Exercised during the period $1.00 (14,752,533) $1.00 (15,295,148) Granted during the period $1.70 5,000,000 $1.00 400,000 Outstanding at 30 June $1.96 8,366,667 $1.25 18,119,200 Exercisable at 30 June $2.18 4,799,998 $1.00 -- The outstanding balance as at 30 June 2010 is represented by: (i) 366,667 senior employee options over ordinary shares having an exercise price of $1.00, exercisable on meeting the above conditions and until the dates shown above. (ii) 3,000,000 senior employee options over ordinary shares having an exercise price of $2.50, exercisable on meeting the above conditions and until 22 October 2012. (iii) 5,000,000 director-related entity options over ordinary shares having an exercise price of $1.70, exercisable on meeting the above conditions and until 31 October 2013. The weighted average share price at the date of exercise for share options exercised during the year ended 30 June 2010 was $4.89 (2009: $3.10). The weighted average remaining contractual life of share options outstanding at 30 June 2010 is 2.92 years (2009: 6.9 years).
Annual Report 2009
Annual Report 2011