Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 12. Current liabilities - employee benefits Consolidated 2011 2010 $ $ Employee entitlements 33,008 17,446 Note 13. Non-current liabilities - employee benefits Consolidated 2011 2010 $ $ Employee entitlements - 7,080 Note 14. Equity - contributed Consolidated Consolidated 2011 2010 2011 2010 Shares Shares $ $ Ordinary shares - fully paid 39,675,005 34,500,005 7,035,994 6,514,354 Movements in ordinary share capital Details Balance Issue of shares Less capital costs of raising Balance Issue of shares Less costs of capital raising Balance Date 1 July 2009 30 June 2010 5 April 2011 30 June 2011 No of shares Issue price $ 30,000,005 5,736,754 4,500,000 810,000 - (32,400) 34,500,005 6,514,354 5,175,000 $0.11 543,375 - (21,735) 39,675,005 7,035,994 Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back. 34
Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 14. Equity - contributed (continued) Capital risk management The consolidated entity's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current parent entity's share price at the time of the investment. Note 15. Equity - reserves Consolidated 2011 2010 $ $ Foreign currency reserve Share-based payments reserve (16,578) - 208,403 178,755 - - 191,825 178,755 Consolidated Balance at 1 July 2009 Share based payments Balance at 30 June 2010 Foreign currency translation Share based payments Balance at 30 June 2011 Foreign Share based currency payments Total $ $ $ $ $ $ - 152,925 152,925 - 25,830 25,830 - - - - 178,755 178,755 (16,578) - (16,578) - 29,648 29,648 - - - (16,578) 208,403 191,825 Note 16. Equity - dividends There were no dividends paid or declared during the current or previous financial year. 35
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Page 3 and 4: Letter from the Chairman Dear Share
Page 5 and 6: Saudi Arabia Syrah holds 26 Explora
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Annual Report 2011 - Syrah Resources Ltd

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