ANNUAL REPORT 2006

More documents

Recommendations

Info

P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6 DIRECTORS’ REPORT The Company paid legal fees on normal commercial terms to Blakiston & Crabb, a legal firm of which Mr Blakiston, a director of the Company, is a partner. The amount paid by the Company for the year ended 30 June 2006 to Blakiston and Crabb was $49,370 (2005: $72,822). During the year, an amount of $30,353 (2005: $22,154) was paid to a director related entity, Allchurch Communications, which is a business operated by the daughter of Mr Allchurch. This amount included, in addition to consultancy fees, reimbursement of associated costs such as graphic design and printing costs. C Service Agreements Remuneration and other terms of employment for the Managing Director are formalised in an employment contract with the Company pursuant to which he received a salary of $283,500 and statutory superannuation of $12,139. Options issued to Mr Lewins contain performance hurdles which must be achieved before they can be exercised, therefore enhanced corporate performance will return a financial benefit to Mr Lewins via those options. Performance hurdles are determined by the Board. Messrs Allchurch, Blakiston, Hughes, and Hansen receive fees in cash, the fees are fixed and approved by shareholders and are not related to the performance of the Company. The Company’s Constitution provides that directors may collectively be paid a fixed sum not exceeding the aggregate maximum per annum from time to time as determined by the Company. A director may be paid fees or other amounts as the directors determine where a director performs special duties or otherwise performs services outside the scope of the ordinary duties of a director. D Share-based Compensation Options are granted under the Company Employee Share Option Plan for no consideration. Options are granted for a five year period and entitlements to the options are vested as soon as performance conditions have been met. Options are exercisable in defined tranches with conditions attaching to each tranche to reflect the Company’s development strategy and align the interests of Directors and executives to those of shareholders. The amounts disclosed for emoluments relating to options are the assessed fair values at grant date of options granted to Directors and other executives, allocated equally over the period from grant date to expiry. Fair values at grant date are independently determined using the Binomial Tree Model method of valuation that takes into account the exercise price, the term of the option, the vesting and market related criteria, the impact of dilution, the non-tradeable nature of the option, the share price at grant date and the risk of the underlying share and the risk-free interest rate for the term of the option. Issue of Incentive Options There were no additional options issued to Directors for the year ended 30 June 2006. Options granted to Mr Lewins prior to the year ended 30 June 2006 as stated in last year’s Annual Report, included performance conditions which have now vested with the exception of milestone 3 below. • 1,000,000 Options at the time the Company achieves Milestone 1; • an additional 750,000 Options at the time the Company achieves Milestone 2; and • an additional 750,000 Options at the time the Company achieves Milestone 3. page 24
Milestone 1 was achieved in July 2005, and resulted from the Company finding either: (a) 350,000 ounces of platinum or equivalent which is fully owned by the Company; or (b) a deposit in which the Company has an interest and at least 350,000 ounces of platinum or platinum equivalent are attributed to the Company's interest in that deposit. Milestone 2 was achieved in August 2006 and vested when the Company completed a bankable feasibility study which contained a positive outcome. Milestone 3 occurs when the Company commences production or sells a commercial deposit of minerals of no less than: (a) 500,000 ounces of platinum or the platinum equivalent which is fully owned by the Company; or (b) a deposit in which the Company has an interest and at least 500,000 ounces of platinum or platinum equivalent are attributed to the Company's interest in that deposit. A N N U A L R E P O R T 2 0 0 6 10. DIRECTORS’ INTERESTS IN SHARES AND OPTIONS OF THE COMPANY Fully Paid Shares Options* Options** Options*** Mr PA Allchurch 7,222,335 1,850,000 - 185,418 Mr JD Lewins 1,232,000 1,350,000 2,500,000 - Mr MG Blakiston 500,000 1,000,000 - 8,334 Mr WA Hansen 50,000 400,000 - - Mr EE Hughes 25,000 400,000 - - The particulars of Directors' interests in shares and options are as at the date of this report. * Unlisted and exercisable at $0.35 on or before 10 December 2009; all vested at 30 June 2006 ** Unlisted and exercisable at $0.20 on or before 11 December 2009; 1,750,000 vested at 30 June 2006 *** Listed and exercisable at $0.20 on or before 30 November 2006. page 25
Page 1 and 2: ANNUAL REPORT 2006
Page 3 and 4: ITEM PAGE Chairman’s Report 2 Rev
Page 5 and 6: Interpretation of detailed aeromagn
Page 7 and 8: PLATINUM GROUP METALS Platinum Aust
Page 9 and 10: Project Development PLA has complet
Page 11 and 12: • Cash Operating Cost of US$226/o
Page 13 and 14: Project Development Platinum Austra
Page 15 and 16: A N N U A L R E P O R T 2 0 0 6 Pan
Page 17 and 18: The Board is responsible for settin
Page 19 and 20: The Chairman of the Board will chai
Page 21 and 22: DIRECTORS’ REPORT The directors o
Page 23 and 24: 3. PRINCIPAL ACTIVITIES The princip
Page 25: B Details of Remuneration (this inf
Page 29 and 30: 13. ENVIRONMENTAL COMPLIANCE The Co
Page 31 and 32: CONSOLIDATED INCOME STATEMENT FOR T
Page 33 and 34: CONSOLIDATED CASH FLOW STATEMENT FO
Page 35 and 36: CONSOLIDATED STATEMENT OF CHANGES I
Page 37 and 38: NOTE 1: STATEMENT OF SIGNIFICANT AC
Page 49 and 50: NOTE 3: INCOME TAX Consolidated 200
Page 51 and 52: NOTE 4: SEGMENT REPORTING (continue
Page 53 and 54: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 55 and 56: NOTE 7: RECEIVABLES Current 2006 $
Page 57 and 58: NOTE 9: PROPERTY, PLANT AND EQUIPME
Page 59 and 60: NOTE 10: SHARE BASED PAYMENT PLANS
Page 61 and 62: NOTE 13: CONTRIBUTED EQUITY AND RES
Page 63 and 64: NOTE 14: FINANCIAL INSTRUMENT DISCL
Page 65 and 66: NOTE 17: INTEREST IN ASSOCIATE Name
Page 67 and 68: NOTE 22: KEY MANAGEMENT PERSONNEL D
Page 69 and 70: NOTE 23: TRANSITION TO AIFRS (conti
Page 71 and 72: NOTE 24: CHANGES TO ACCOUNTING STAN
Page 73 and 74: DIRECTORS’ DECLARATION 1. In the
Page 75 and 76: Independence In conducting our audi
Page 77 and 78:
SHAREHOLDERS INFORMATION AT 28 SEPT
Page 80:
3rd Floor, 18 Richardson Street Wes
show all

ANNUAL REPORT 2006

Create successful ePaper yourself

Delete template?

Save as template?