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Whitehaven Coal Limited : Annual Report 2013
158 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 31. SUBSEQUENT EVENTS 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. 32. SHARE BASED PAYMENTS a) Recognised share-based payment expenses Consolidated In thousands of AUD 2013 2012 Employee expenses Share options -- Director-related entities -- 437 Share options and performance rights -- senior employees 1,234 7,911 Shares -- senior employees (ex-Boardwalk) 2,441 2,072 3,675 10,420 b) Types of share-based payment plans Option grant to senior employees on 1 May 2012 The Company issued options to Mr Kane (Chief Operating O cer -- Aston and Boardwalk Operations) in recognition of shares in Boardwalk Resources that Mr Kane was entitled to under his previous employment arrangements. The options had an exercise price of $0.0001 per option, resulting in a total payment on exercise of $97.43. Mr Kane's options vested on 1 August 2012 and were exercised on 2 November 2012. Whilst the options did not have any performance conditions attached to them (as they were granted in consideration for shares that Mr Kane was already entitled to under his previous employment arrangements), the Ordinary Shares issued upon exercise are subject to restrictions on transfer, voting, dividend and distribution rights until 1 March 2014. Option grant to ex-Aston option holders on 2 May 2012 The Company issued fully vested options over Whitehaven shares to Aston option holders as part of the Scheme of Arrangement. The terms and conditions of the grant are as follows. Option Exercise price Number of instruments Vesting conditions Expiration date Tranche 1 $3.15 8,619,278 Vested on issue 17 August 2015 Tranche 2 $3.33 12,354 Vested on issue 10 November 2015 Tranche 3 $4.73 8,241,278 Vested on issue 17 August 2016
Annual Report 2012