Page 53 - Sundance Resources 2014 Annual Report
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SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
51
The total performance rights held by KMP at the end of the financial year is as follows:
Name
Performance
Rights Series Grant Date
(ii)
No. Held
at Start of
Financial
Year
Granted During Financial Year
Vested During Financial Year
(vi)
Lapsed During Financial Year
No. Held
at End of
Financial
Year
No.
Value of
rights
granted
$
Vesting
Period
(iii,iv,v)
No.
% of
Grant
Vested
Fair Value
of Rights
Issued
$
No.
% of
Grant
Lapsed
Fair Value
of Rights
Lapsed
$
Executive Director
Mr G Casello 22 December
2010(i)
24/11/2010 2,650,000
-
-
-
2,650,000 33.3% $241,150
-
-
-
-
Other KMP
Mr R Longley 2014 LTI Plan
(vi)
24/02/2014
- 1,800,000 $146,700 31/12/2017
-
-
-
-
-
- 1,800,000
2013
Retention Plan
08/11/2013
- 1,461,040 $160,714 01/11/2016
-
-
-
-
-
- 1,461,040
2013 LTI Plan 11/02/2013 511,654
-
-
-
-
-
-
127,914 25% $11,512 383,740
2012 LTI Plan 20/03/2012 298,177
-
-
-
-
-
-
-
-
-
298,177
2011 LTI Plan 13/10/2011 137,019
-
-
-
-
-
-
-
-
-
137,019
-
-
-
-
-
-
-
Mr D Meehan 2014 LTI Plan
(vi)
24/02/2014
- 2,584,000 $209,304 31/12/2017
-
-
-
-
-
- 2,584,000
2013
Retention Plan
08/11/2013 734,508 2,097,402 $230,714 01/11/2016
-
-
-
183,627 25% $16,526 2,097,402
2013 LTI Plan 11/02/2013 405,521
-
-
-
-
-
-
-
-
-
550,881
2012 LTI Plan 20/03/2012 205,529
-
-
-
-
-
-
-
-
-
405,521
2011 LTI Plan 08/11/2011
205,529
(i)
The issue of performance rights to Mr Casello was approved by shareholders at the Company’s Annual General Meeting held on 24 November 2010.
a.
The Performance Rights vested in three equal tranches of 2,650,000 on each of 3 November 2011, 2012 and 2013.
b.
The value of these performance rights at grant date equated to $0.37 each, for a total value of $2,941,500.
(ii)
The Grant Date is the date at which the Performance Rights were issued following approval by the Board of Sundance. The 2011, 2012, 2013 and 2014 LTI Plan are effective from 1 January 2011, 2012, 2013 and 2014 respectively.
(iii)
Upon vesting of the performance rights, shares will automatically be issued to the participant, unless the Company is in a “Blackout Period†(as defined in the Company’s Share Trading Policy) or the
Company determines in good faith that the issue of shares at that time may breach the insider trading provisions of the Corporations Act, in which case the Company will issue the shares as soon as reasonably practical thereafter.
(iv)
Remaining performance rights issued under the 2011 to 2014 LTI Plans vest on the achievement of performance conditions at specified measurement points from to 31 December 2014 to 2017.
Details of the LTI Plans and performance conditions are provided in this report.
(v)
In the event a takeover bid is declared to be unconditional, a change in control event has occurred or if a merger by way of a scheme of arrangement under the Corporations Act has been approved by the Court the Board will at its discretion determine the extent to
which unvested performance rights vest.
(vi)
There was no award of the assessed LTI tranches over the reporting period to any participants. Forfeited amounts are shown in the lapsed column of the table
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
