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Whitehaven Coal Limited : Annual Report 2012
64 10. SIGNIFICANT CHANGES IN THE STATE 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 3.0 cents per ordinary share (refer Note 26). • After the year end the Company approved grants of Performance Rights over up to 2,000,000 ordinary shares to key senior employees as part of its long term incentive plans. The Performance Rights will vest over the period to 23 September 2016 and are subject to market based performance hurdles. • After the year end the Company continued its acquisition of Coalworks Limited and on 21 August completed the compulsory acquisition of all remaining shares not previously acquired. • Narrabri longwall production has reached operational levels and from 1 August 2012 operational costs will no longer be capitalised. The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2012 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. 13. SHARE OPTIONS 13.1 Shares issued on exercise of options During the reporting period employees and executives have exercised options to acquire 10,167,244 fully paid ordinary shares in Whitehaven Coal Limited at a weighted average exercise price of $1.59 per share. For details of shares issued to key management personnel on exercise of options refer to section 7 of the Directors' report. 13.2 Unissued shares under options At the date of this report there were 17,846,945 unissued ordinary shares of the Company under options (17,846,945 at the reporting date). Refer to note 33 of the financial statements for further details of the options outstanding. For details of options issued to key management personnel refer to section 7 of the Directors' report. DIRECTORS' REPORT
Annual Report 2011
Annual Report 2013