MIRVAC gRoup AnnuAl RepoRt 2012 - Mirvac - Mirvac Group

DIReCtoRs’ RepoRt
8 ADDitionAl infoRMAtion / continueD
on vesting, 53.5 per cent of the original loan to fund the purchase of the vested securities was waived. The remaining balance
of the loan will continue to be reduced by post-tax distributions until either the loan has been fully repaid or the eight year
term expires, whichever occurs first. If a participant terminates their employment, any outstanding loans must be repaid in full
immediately or the underlying securities will be forfeited.
The LTIP is closed to new participants and will be run down until all loans under it are extinguished. At 30 June 2012, 408,192
(2011: 498,074) securities remain on issue under the 2006 plan.
iv) eIp
The final loans amounts under the eIP were drawn down during the year ended 30 June 2008. The amounts of the loans range
from $50,000 to $800,000 with Mirvac holding security over the assets purchased with the loan proceeds. A progressively
increasing forgiveness schedule applied which allowed the total loan balance to be forgiven if the employee remained employed
on the final forgiveness date.
The Chief executive officer — Development is the sole remaining participant in the scheme with amounts yet to be forgiven.
The Chief executive officer — Development had $150,000 forgiven during the year, leaving an outstanding balance of $200,000
at 30 June 2012. Subject to continued employment, the remaining $200,000 is due to be forgiven during the year ending
30 June 2013.
b) Movements in performance rights and options holdings of the elt
Details of the movement in the number and value of performance rights held by eLT members during the year are set out below:
value at value of value of
Number of grant Number rights Number rights
rights date vesting of rights vested of rights lapsed
executive Grant date granted ($) date vested ($) lapsed 1 ($) 2
Nicholas Collishaw 29 Jun 10 2,213,600 1,472,044 1 Jul 12 830,100 639,177 1,383,500 832,867
17 Dec 10 2,189,600 1,401,344 1 Jul 13 — — — —
12 Dec 11 1,403,900 891,477 1 Jul 14 — — — —
total 5,807,100 3,764,865 830,100 639,177 1,383,500 832,867
Andrew Butler 17 Dec 10 88,500 56,640 1 Jul 13 — — — —
12 Dec 11 10,334 6,562 1 Jul 14 — — — —
total 98,834 63,202 — — — —
Brett Draffen 29 Jun 10 499,000 331,835 1 Jul 12 187,125 144,086 311,875 187,749
17 Dec 10 452,200 289,408 1 Jul 13 — — — —
12 Dec 11 596,347 378,680 1 Jul 14 — — — —
total 1,547,547 999,923 187,125 144,086 311,875 187,749
Gary Flowers 29 Jun 10 264,800 176,092 1 Jul 12 99,300 76,461 165,500 99,631
17 Dec 10 380,400 243,456 1 Jul 13 — — — —
12 Dec 11 362,990 230,498 1 Jul 14 — — — —
total 1,008,190 650,046 99,300 76,461 165,500 99,631
Justin Mitchell 29 Jun 10 184,100 122,427 1 Jul 12 69,037 53,158 115,063 69,269
17 Dec 10 179,500 114,880 1 Jul 13 — — — —
12 Dec 11 88,429 56,152 1 Jul 14 — — — —
total 452,029 293,459 69,037 53,158 115,063 69,269
1) Includes performance rights granted on 29 April 2010 that lapsed in August 2012 due to a failure to fully satisfy performance conditions.
2) The calculation of the value of performance rights lapsed used the fair value as determined at the time of grant.
No options were granted or exercised during the year ended 30 June 2012.
The relevant interests held in stapled securities of Mirvac by the eLT members are detailed in note 34 to the financial statements.
24 mirvac group annual report 2012