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102
AXIOM MINING LIMITED
ANNUAL REPORT 2015
Notes to the
financial statements
for the year ended 30 September 2015
COMPANY FINANCIAL REPORT
26. Directors remuneration (continued)
Details of the unexpired rights as at 30 September 2015 are as follows:
Number
of rights
granted Grant date Expiry date
Fair value
per share
at grant
approval
date
(3)
cents
VWAP
hurdle
(4)
cents
Number
Vested
Directors
Stephen Williams
166,666
(1)
30/07/11
–
–
1.05
–
133,333
(2)
22/04/13 21/04/16
1.33
0.75
–
133,333
(2)
22/04/13 21/04/16
1.20
1.13
–
400,000
(2)
22/04/13 21/04/16
1.06
1.50
–
833,332
(1)
lapsed and cancelled post year-end.
(2)
The VWAP hurdles relating to the rights were not met by 21 October 2015 and have lapsed.
(3)
Pre-consolidation value using a Black-Scholes option pricing model.
(4)
Post consolidation.
The performance rights are charged to expense over the life of the rights. The expense in relation to the performance rights
is calculated as fair value using the Black-Scholes and Monte Carlo models.
The issue of shares on exercise of the performance rights must be within three years from the approval by the shareholders
and:
–
were subject to Volume Weighted Average Price (‘VWAP’) hurdles with rights vesting only after the 30 day VWAP has
exceeded the relevant hurdles; and
–
a further six months must elapse after satisfaction of the VWAP performance condition before the performance rights can
be exercised.
A service-based vesting condition also applies. That is, Mr Mount and Mr Williams must remain in the service of
the Company at the time the performance rights are exercised. Performance rights that do not vest will lapse. The
performance rights are issued for nil consideration and have a nil exercise price.
The shareholders at the 31 March 2015 AGM approved for 2,400,000 Short term performance rights and 9,600,000
Long term performance rights granted under Axiom director and executive performance right plan. As at the date of this
report, the rights have not been issued.
Number of
rights
Expiry date
Fair value
per share
at approval
date
VWAP
hurdle
Number
Vested
Ryan Mount
Short term
(2)
2,400,000
–
(1)
0.165
n/a 2,400,000
Long term
(3)
2,400,000 28 February 2017
0.057
34.5
–
2,400,000 28 February 2018
0.054
43.5
–
2,400,000 28 February 2019
0.052
55.5
–
2,400,000 28 February 2020
0.050
69.0
–
(1)
Expires 12 months after the date of issue. The rights have not been issued.
(2)
Short term rights vest immediately upon approval by the shareholders.
(3)
Long term rights vest where the Company’s share price exceeds speci ed thresholds during the speci ed periods, and subject to employment
continuation.