view - Western Desert Resources

WESTERN DESERT RESOURCES LIMITED ABN 48 122 301 848
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2008
Consolidated
Company
2008 2007 2008 2007
$ $ $ $
15 ACCUMULATED LOSSES
Balance at beginning of financial year (68,859) - (68,859) -
Net Loss for the year (3,229,820) (68,859) (3,229,820) (68,859)
Balance at end of financial year (3,298,679) (68,859) (3,298,679) (68,859)
16 KEY MANAGEMENT PERSONNEL COMPENSATION
The key management personnel of
Western Desert Resources Limited
during the year were:
M R Billing (Non-Executive chairman), appointed 23 February 2007
N W Gardner (Managing director), appointed 21 October 2006
A W Mackie (Non-executive director), appointed 21 October 2006
G J Bubner (Non-executive director), appointed 21 October 2006
D J Cloke (Non-executive director), appointed 21 October 2006
M K Ashton (Alternate director), appointed 1 May 2007
M J Kitchin (Company secretary), appointed 2 April 2007
The aggregate compensation of key management personnel of
the consolidated entity and the company is set out below:
Short-term employee benefits 605,940 48,619 605,940 48,619
Post employment benefits 45,130 - 45,130 -
Share-based payments (i) - - - -
651,070 48,619 651,070 48,619
(i)
Share based payments relate to share options granted during the year to key management
personnel. Share options do not represent cash payments to key management personnel
and share options granted may or may not be exercised by the key management personnel.
The consolidated entity has applied the exemption under
Corporations Amendments Regulations 2005 which exempts
listed companies from providing compensation disclosures
in relation to their key management personnel in their annual
financial reports by Accounting Standard AASB 124 “Related
Party Disclosures”. These Compensation disclosures are
provided in the “Remuneration Report” of the Directors’
Report and designated as “Audited”.
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