2010 Annual Report - Grange Resources

36 GRANGE RESOURCES LIMITED
DIRECTORS’ REPORT (cont.)
There were no rights on issue during the year ended 30 June 2010.
As at the date of this report, the Remuneration and Nomination Committee is still reviewing variable remuneration entitlements for
the six month period ended 31 December 2010. Rights awarded to key management personnel for the six month period ended
31 December 2010 will be disclosed during the period in which the Remuneration and Nomination Committee approves the
variable remuneration entitlement.
Options to Grange shares
The key terms and conditions of each grant of options affecting Directors and key management personnel as at 31 December 2010
are as follows:
Fair Value per
Exercise Option at Vesting Expiry
Name Grant Date Options Price (1) Grant Date Date Date
Director options
R Clark 28-Nov-08 1,500,000 $1.92 $0.48 2-Jan-09 6-Mar-12
1,500,000 $2.87 $0.34 2-Jan-09 6-Mar-12
1,500,000 $3.37 $0.27 2-Jan-09 6-Mar-12
Other Key Management Personnel options
W Bould 14-Jul-08 150,000 $1.92 $0.54 2-Jan-09 1-May-12
150,000 $2.87 $0.39 2-Jan-09 1-May-12
150,000 $3.37 $0.30 2-Jan-09 1-May-12
(1) The exercise price of each option has been adjusted as a result of the September 2009 rights issue in accordance with ASX Listing Rule 6.22
Options granted under the Plan carry no dividend or voting rights.
There were no options issued to Directors or key management personnel of the Group during the six month period ended
31 December 2010. Furthermore, there were no shares issued to Directors or key management personnel of the Group during
the six month period ended 31 December 2010.
Shares Under Option
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Issue price
Number
Date options granted Expiry date of shares under option
14 July 2008 1 May 2012 $1.92 150,000
14 July 2008 1 May 2012 $2.87 150,000
14 July 2008 1 May 2012 $3.37 150,000
14 July 2008 30 June 2012 $1.92 75,000
15 July 2008 30 June 2012 $1.92 100,000
28 November 2008 6 March 2012 $1.92 2,100,000
28 November 2008 6 March 2012 $2.87 2,100,000
28 November 2008 6 March 2012 $3.37 2,100,000
16 June 2009 1 October 2012 $2.37 65,000
The Company also had 9.0 million ordinary shares under option as at 30 June 2010. These options were held by Hamersley Holdings
Limited, exercisable at $1.50 and expired on 28 September 2010.
No option holder has any right under the options to participate in any other share issue of the company or any other entity.
Insurance of Officers
During the financial period, the Company has paid premiums in respect of Directors’ and Officers’ Liability Insurance and Company
Reimbursement policies, which cover all Directors and officers of the Group to the extent permitted under the Corporations Act 2001.
The policy conditions preclude the Group from any detailed disclosures.
Overview
Review Of Operations
Corporate Governance