The following information relates to the rights issued under the EPR Plan:
GRANT DATE
FAIR VALUE
AT GRANT
DATE (TSR)
FAIR VALUE
AT GRANT
DATE (ROE)
RIGHTS ON
ISSUE AT 1
JULY
RIGHTS
GRANTED
DURING THE
YEAR
RIGHTS
EXERCISED
DURING THE
YEAR
RIGHTS
LAPSED
DURING THE
YEAR
NUMBER OF RIGHTS AT 30
JUNE
On issue Exercisable
2015
29/10/2007
$2.870 $4.310
4,100
-
-
-
4,100
4,100
18/09/2008
$2.530 $3.410
37,015
-
(3,265)
-
33,750 33,750
25/09/2009
$2.480 $3.480 1,248,830
-
(79,330) (1,054,400)
115,100 31,350
24/11/2009
$2.590 $3.650 395,300
-
-
(395,300)
-
-
06/10/2010
$2.420 $3.380 242,300
-
(175,200)
-
67,100 67,100
21/10/2011
$1.860 $2.690 4,675,200
-
(4,557,700)
(8,500)
109,000 109,000
26/10/2012
$3.046 $4.085 4,888,400
-
-
-
4,888,400
-
25/02/2013
$3.977 $5.186
4,000
-
-
-
4,000
-
01/11/2013
$3.036 $5.266 3,221,400
-
-
-
3,221,400
-
11/03/2014
$1.920 $4.663
20,900
-
-
-
20,900
-
03/11/2014
$3.018 $5.578
-
3,592,600
-
-
3,592,600
-
17/03/2015
$2.161 $5.185
-
83,000
-
-
83,000
-
14,737,445 3,675,600 (4,815,495) (1,458,200) 12,139,350 245,300
2014
29/10/2007
$2.870 $4.310
97,940
-
(93,840)
-
4,100
4,100
13/03/2008
$1.630 $2.710
5,002
-
(5,002)
-
-
-
18/09/2008
$2.530 $3.410 1,934,290
-
(315,025) (1,582,250)
37,015 37,015
27/02/2009
$2.570 $3.150 127,500
-
(2,500)
(125,000)
-
-
25/09/2009
$2.480 $3.480 2,386,676
-
(777,346)
(360,500)
1,248,830 110,680
24/11/2009
$2.590 $3.650 569,232
-
(173,932)
-
395,300
-
25/03/2010
$2.460 $3.600 148,608
-
(17,908)
(130,700)
-
-
06/10/2010
$2.420 $3.380 3,980,700
-
(3,738,400)
-
242,300 242,300
03/03/2011
$2.270 $3.300 530,600
-
(530,600)
-
-
-
21/10/2011
$1.860 $2.690 4,757,600
-
-
(82,400)
4,675,200
-
26/10/2012
$3.046 $4.085 4,973,700
-
-
(85,300)
4,888,400
-
25/02/2013
$3.977 $5.186
4,000
-
-
-
4,000
-
01/11/2013
$3.036 $5.266
-
3,221,400
-
-
3,221,400
-
11/03/2014
$1.920 $4.663
-
20,900
-
-
20,900
-
19,515,848 3,242,300 (5,654,553) (2,366,150) 14,737,445 394,095
The weighted average share price for rights exercised for the year ended 30 June 2015 was $6.08 (2014-$5.74).
The fair value of the rights is calculated as at the grant date using Black-Scholes (for ROE performance hurdle) and Monte Carlo
simulation (for TSR performance hurdle) models. The valuations take into account the probability of achieving the market related
performance hurdle.
The volatility assumption has been set considering the Company’s historic share price. Some of the assumptions, including expected
share price volatility, are based on historical data which is not necessarily indicative of future trends. Reasonable changes in these
assumptions would not have a material impact on the amounts recognised in the financial statements.
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