Full Year Results -7-
March 01 2011 - 11:40AM
UK Regulatory
ordinary share, the number of ordinary shares issued being the nearest
whole number to the Deferred Consideration Payment divided by such
issue price per ordinary share calculated at an exchange rate of A$1.65432
to GBP1.00.
The fair value of the equity instruments granted and the corresponding
asset recognised in Mining properties were measured at the share price
on listing of 35 pence per share.
b. Share options
The following share options or rights over shares in the Company are
in issue under the Company's "sign on option" scheme, all of which
were approved by the board on 5 March 2010 and took effect from the
Company's admission to AIM on 1 April 2010.
Under the scheme participants are granted options which can be exercised
one calendar year after the date of admission ("holding period"). The
options can be exercised by the holder in whole or in part at any time
on completion of the holding period for a period ending six calendar
years after the date of admission, subject to approval by the Board
of Directors.
No further options shall be granted by the Directors on any date under
the Company's "sign on options" scheme or any other employee share
scheme if it would result in the number of ordinary shares issued or
remaining issuable pursuant to options exceeding 9,750,000 Ordinary
shares plus 10% of the Ordinary shares in issue at that time.
The following options were granted on admission: Tranche 1 -- 4,000,000
options to Terrence Larkan at an exercise price equal to the placing price --
1,000,000 options to Bernhard Neehoff at an exercise price equal to the
placing price -- 250,000 options to Lyndon Calvert at an exercise price equal
to the placing price Tranche 2 -- 3,000,000 options to Graham Fyfe at an
exercise price of A$1.00 (this was subsequently amended to conditions the same
as Tranche 1) -- 1,000,000 options to Graham Fyfe at an exercise price equal
to the higher of the placing price or A$1.00 (this was subsequently amended to
conditions the same as Tranche 1)
Unaudited
2010 2009
$'000 $'000
c. Warrants 1,057 -
Pursuant to a Warrant Instrument executed by the Company on 31 March
2010, the Company granted Canaccord Adams (now Canaccord Genuity) and
Renaissance Capital warrants to subscribe to 4,800,000 Ordinary Shares
(being 5% of the Placing Shares on admission). Each warrant entitles
the holder to subscribe to one Ordinary Share at the Placing price
per ordinary share exercisable at any time from Admission to the 18
month anniversary of the date of admission.
Set out below is a summary of options and warrants granted during the
period:
Granted
Expiry Exercise during the Estimated
Description Grant date date price year fair value
Share options - consolidated
Tranche 1 April
1 1 April 2010 2016 GBP0.35 5,250,000 GBP0.175
1 April 2010
Tranche (modification date 9 1 April
2 July 2010) 2016 GBP0.35 4,000,000 GBP0.195
--------------
9,250,000
1 October
Warrants 1 April 2010 2011 GBP0.35 4,800,000 GBP0.145
14,050,000
--------------
No options were exercised or expired during the period.
f. Expenses arising from share-based payment transactions
Unaudited
2010 2009
$'000 $'000
Total expenses arising from share-based
payment transactions recognised during the
period as part of employee benefit expense
were as follows:
Shares issued under "sign on options"
scheme 2,901 -
-------------------- -----------------
8. Commitments
a. Capital commitments
Capital expenditure contracted for at the reporting date but not recognised
as liabilities is as follows:
Unaudited
2010 2009
$'000 $'000
Payable:
Within one year 9,335 -
Later than one year but not later than five years
- -
Later than five years - -
-------------------- -----------------
Commitments not recognised in the financial
statements 9,335 -
-------------------- -----------------
b. Non--cancellable operating leases
Unaudited
2010 2009
$'000 $'000
Commitments for minimum lease payments in
relation to non--cancellable operating
leases payable:
Within one year 633 486
Later than one year but not later than five years
2,441 88
Later than five years 84 -
-------------------- -----------------
Commitments not recognised in the financial
statements 3,158 574
-------------------- -----------------
The Group leases office buildings and apartments under operating leases. The lease terms
range from three to five years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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