Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 17. Financial instruments (continued) Consolidated - 2010 Non-derivatives Non-interest bearing Trade payables Other payables Total non-derivatives Weighted average interest rate Remaining contractual maturities 1 year or Between 1 Between 2 less and 2 years and 5 years Over 5 years % $ $ $ $ $ - 13,450 - - - 13,450 - 256,437 - - - 256,437 269,887 - - - 269,887 The cash flows in the maturity analysis above are not expected to occur significantly earlier than disclosed. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments. Note 18. Key management personnel disclosures Directors The following persons were directors of Syrah Resources Limited during the financial year: Mr T Eadie Mr A Campbell Mr T Lees Other key management personnel The following persons also had the authority and responsibility for planning, directing and controlling the major activities of the consolidated entity, directly or indirectly, during the financial year: Mr D Ogg * Ms M Leydin ** Mr M Ware *** * Mr D Ogg resigned as Company Secretary on 6 May 2011. ** Ms M Leydin was appointed Company Secretary on 6 May 2011. *** Mr M Ware is the Syrah Resources Saudi Arabia LLC General Manager. 38
Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 18. Key management personnel disclosures (continued) Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: Consolidated 2011 2010 $ $ Short-term employee benefits Post-employment benefits Share-based payments 520,653 297,983 32,320 38,687 29,648 15,200 - - 582,621 351,870 The aggregate compensation includes fees paid to Leydin Freyer Corporate Pty Ltd in respect of Company Secretarial and Accounting Services. Ms M Leydin is director and principal of that company. Shareholding The number of shares in the parent entity held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: 2011 Ordinary shares Mr T Eadie ** Mr A Campbell Mr T Lees Mr D Ogg * Balance at Received Balance at the start of as part of Disposals/ the end of the year remuneration Additions other the year 10,700,005 - - (1,500,000) 9,200,005 225,000 - - - 225,000 260,000 - - - 260,000 500,000 - - (500,000) - 11,685,005 - - (2,000,000) 9,685,005 * ** Mr D Ogg resigned as Company Secretary on 6 May 2011. Mr T Eadie sold 1,500,000 shares during the year. 2010 Ordinary shares Mr T Eadie Mr A Campbell Mr T Lees Mr D Ogg Balance at Received Balance at the start of as part of Disposals/ the end of the year remuneration Additions other the year 10,700,005 - - - 10,700,005 225,000 - - - 225,000 260,000 - - - 260,000 100,000 - 400,000 - 500,000 11,285,005 - 400,000 - 11,685,005 39
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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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