Page 51 - Sundance Resources 2014 Annual Report

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014 49
Long Term Incentive Plan Performance Conditions
The objectives and application of the Long Term Incentive plan is detailed in Section 12.4. The specified Performance
Conditions are detailed in the table below:
LTI Plan Grant
Year
Tranche
No.
% of total
grant Performance Condition Measure Date Achieved Forfeited
2011
1 50% Securing funding commitment for Stage 1
of the Mbalam Iron Ore Project with a high
degree of certainty before 31 December
2011
31 Dec 2011 0% 100%
2 15% Increasing JORC high grade hematite
resources by 15% by 31 December 2011
31 Dec 2011 100% 0%
3 25% Achievement of Total Shareholder Returns
(TSR) of 15% per annum (cumulative) over
a three year period - to 31 December
2013 or alternatively over a four year
period to 31 December 2014
31 Dec 2014 - -
4 5% Achievement of production targets prior to
31 December 2014
31 Dec 2014 - -
5 5% Achievement of budgeted operating costs
prior to 31 December 2014
31 Dec 2014 - -
2012
1 40% Achievement of funding (equity and debt)
commitment for Stage 1 of the Mbalam Iron
Ore Project before 31 December 2012
31 Dec 2012 50% 50%
2 35% Achieving Total Shareholder Return (‘TSR’)
of 15% per annum cumulative over the
three year period from 1 January 2012 to
31 December 2014 or alternatively over the
four year period to 31 December 2015
31 Dec 2014 - -
3 25% Achieving an increase in Net Present Value
(‘NPV’) of the Mbalam Iron Ore Project of
10%.
31 Dec 2015 - -
2013
1 25% Achieving funding (equity & debt)
commitment for Stage 1 of the Mbalam
Iron Ore Project
31 Dec 2013 0% 100%
2 50% Achieving TSR of 15% per annum
cumulative over three year period from 1
January 2013 to 31 December 2015 or
alternatively over the four year period to 31
December 2016
31 Dec 2015 - -
3 25% Increasing NPV of the project by 10% 31 Dec 2016 -
2014
1 40% Final Investment Decision (FID) approved
by Board or Board approved take over
completed before 31 December 2014
31 Dec 2014 - -
2 50% Achieving TSR of 15% per annum
cumulative over three year period from 1
January 2014 to 31 December 2016 or
alternatively over the four year period to 31
December 2017.
31 Dec 2016 - -
10% Increasing NPV of the Project by 15%
(prorate award from 10 – 14.9%)
31 Dec 2017 - -
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014