view - Western Desert Resources

WESTERN DESERT RESOURCES LIMITED ABN 48 122 301 848
Service Agreements
The consolidated entity entered into service agreements
with Messrs Billing, Gardner, Mackie, Bubner and
Cloke on 2 May 2007. These agreements have no fixed
term and may be terminated by either party giving
three months notice in writing. There are no minimum
payments specified in the agreements.
Details of the current service agreements are set
out below:
Director
M R Billing
N W Gardner
A W Mackie
G J Bubner
D J Cloke
Terms
Options Issued as Remuneration for the Year Ended
30 June 2008
The company has not issued options to directors or
other key management personnel during the year as
part of their remuneration.
In addition to the above, no ordinary shares were issued
during the year to directors or other key management
personnel as a consequence of exercising options.
Meetings of Directors
Daily rate of $1000 per day for each day in excess of
3 days within a month
Daily rate of $1200 per day
Daily rate of $1000 per day for each day in excess of
2 days within a month
Daily rate of $1000 per day for each day in excess of
2 days within a month
Daily rate of $1000 per day for each day in excess of
2 days within a month
The number of meetings of the company’s Board of
Directors attended by each director during the year
ended 30 June 2008 was:
2007 Meetings held while in office Meetings attended
M R Billing 11 11
N W Gardner 11 11
A W Mackie 11 11
G J Bubner 11 11
D J Cloke 11 10
M K Ashton 11 7
Due to its size and activities the company does not have
any separate board committees.
Non-Audit Services
The Board of Directors is satisfied that the provision of
the non-audit services during the year is compatible
with the general standard of independence for auditors
imposed by the Corporations Act 2001. The directors
are satisfied that the services disclosed below did not
compromise the external auditor’s independence for the
following reasons:
• All non-audit services are reviewed and approved
by the board prior to commencement to ensure they
do not adversely affect the integrity and objectivity
of the auditor: and
• The nature of the services provided do not
compromise the general principles relating to
auditor independence in accordance with
APES 110: Code of Ethics for Professional
Accountants set by the Accounting Professional
and Ethical Standards Board.
The following fees for non-audit services were paid
to the external auditors during the period ended
30 June 2008:
• Taxation services $1,800
Options on issue at date of this report
2008
Grant Date Date of Expiry Exercise Price Number under Option
30 Apr 2007 30 Jun 2010 $0.25 3,750,000
28 May 2007 30 Jun 2010 $0.25 2,000,000
23 Jul 2007 30 Jun 2010 $0.20 1,500,000
25 Feb 2008 30-Jun 2011 $0.20 220,000
06 May 2008 30 Jun 2011 $0.20 20,000
25 Sep 2008 30 Nov 2013 $0.20 5,000,000
25 Sep 2008 30 Sep 2011 $0.20 1,650,000
No options were exercised during the period.
14,140,000
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