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Whitehaven Coal Limited : Annual Report 2013
103 Whitehaven Coal Limited Annual Report 2013 9. PRINCIPAL ACTIVITIES The principal activity of the Group during the period was the development and operation of coal mines in New South Wales. During the year ended 30 June 2013, Whitehaven Coal Limited and its controlled entities ('the Group') nalised development at the Narrabri underground mine and commenced operational mining. 10. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS In the opinion of the Directors, there were no signi cant changes in the state of a airs of the consolidated entity that have not been noted in the review of operations that occurred during the nancial year. 11. EVENTS SUBSEQUENT TO REPORTING DATE In the interval between the end of the nancial 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 a ect signi cantly the operations of the consolidated entity, the results of those operations, or the state of a airs of the consolidated entity, in future nancial years other than the following: The Maules Creek project received approval from the Federal Government under the Environment Protection and Biodiversity Conservation Act 1999 (Cth) on 11 February 2013. Under the terms of that approval, commencement of construction was conditional on the further approval of subsidiary management plans. Approval of those subsidiary management plans occurred on 4 July 2013, at which time the Maules Creek project had in place all requisite approvals to commence construction. Subsequent to balance date, a group represented by the taxpayer funded Environmental Defenders O ce commenced proceedings in the Federal Court against the Federal Minister for the Environment and the Company challenging the validity of the approval granted by the Federal Minister for the Company's Maules Creek project. The Application led with the Federal Court contends that the Minister committed errors of law in granting the approval on 11 February 2013. In this litigation, the Federal Court has jurisdiction to determine whether the Federal Minister committed an error of law in granting the approval. A hearing date has been scheduled for mid-September 2013 and is expected to take three days. The judgement is likely to be handed down about a month after the hearing. 12. SHARE OPTIONS 12.1 Shares issued on exercise of options During the reporting period employees and executives have exercised options to acquire 974,035 fully paid ordinary shares in Whitehaven Coal Limited at a weighted average exercise price of $0.0001 per share. For details of shares issued to key management personnel on exercise of options refer to section 8 of the Directors' report. 12.2 Unissued shares under options At the date of this report there were 16,872,910 unissued ordinary shares of the Company under options (16,872,910 at the reporting date). Refer to note 32 of the nancial statements for further details of the options outstanding. For details of options issued to key management personnel refer to section 8 of the Directors' report. 13. INDEMNIFICATION AND INSURANCE OF OFFICERS 13.1 Indemni cation The Company has agreed to indemnify all current and former Directors of the Company against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as Directors of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. 13.2 Insurance premiums During the nancial year the Company has paid premiums in respect of Directors' and o cers' liability and legal expenses insurance contracts. Such insurance contracts insure against certain liability (subject to certain exclusions) persons who are or have been Directors or o cers of the Company or its controlled entities. The Directors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the Directors' and o cers' liability and legal expenses insurance contracts, as such disclosure is prohibited under the terms of the contract. Directors' Report
Annual Report 2012