Annual Report 2011 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 28. Earnings per share Consolidated 2011 2010 $ $ Loss after income tax attributable to the owners of Syrah Resources Limited (985,744) (1,352,909) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share 35,722,670 32,361,269 35,722,670 32,361,269 Cents Cents Basic earnings per share Diluted earnings per share (2.76) (4.18) (2.76) (4.18) The rights to options held by option holders have not been included in the weighted average number of ordinary shares for the purposes of calculating diluted EPS as they do not meet the requirements for inclusion in AASB 133 “Earnings per Share”. The rights to options are non-dilutive as the consolidated entity is loss generating. Note 29. Share-based payments A share option plan has been established by the consolidated entity and approved by shareholders at a general meeting, whereby the consolidated entity may, at the discretion of the Board, grant options over ordinary shares in the parent entity to certain key management personnel of the consolidated entity. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Boad. Set out below are summaries of options granted under the plan: 2011 Grant date Expiry date Balance at Expired/ Balance at Exercise the start of forfeited/ the end of price the year Granted Exercised other the year 10/09/07 31/07/12 31/10/09 31/07/14 17/01/11 17/01/15 $0.25 3,500,000 - - - 3,500,000 $0.20 100,000 - - - 100,000 $0.17 - 400,000 - - 400,000 3,600,000 400,000 - - 4,000,000 2010 Grant date Expiry date Balance at Expired/ Balance at Exercise the start of forfeited/ the end of price the year Granted Exercised other the year 10/09/07 31/07/12 31/10/09 31/07/14 $0.25 3,500,000 - - - 3,500,000 $0.20 - 100,000 - - 100,000 3,500,000 100,000 - - 3,600,000 44
Syrah Resources Limited Notes to the financial statements 30 June 2011 Note 29. Share-based payments (continued) For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Grant date Expiry date Share price Exercise Expected Dividend Risk-free Fair value at grant date price volatility yield interest rate at grant date 17/01/11 17/01/15 $0.11 $0.17 105.00% 0.00% 5.50% $0.074 These options have been valued using the Black Scholes methodology. The following share-based payment arrangements were in existence during the current and previous financial year: Options series Exercise Fair value at Grant Expiry price grant date Number date date $ $ 1 Series 1 2,500,000 10/09/2007 31/07/2012 0.25 0.068 2 Series 2 100,000 31/10/2009 31/07/2014 0.20 0.106 3 Series 3 400,000 17/01/2011 17/01/2015 0.17 0.074 45
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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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