FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)
12. ISSUED CAPITAL (CONT.) The Managing Director & Chief Executive Officer and certain Key Management Personnel participate in the Saunders International Rights Plan. This plan is part of the long-term incentive component of the respective remuneration packages. The total number of unvested Performance Rights issued under the plan at the beginning of the financial year was 2,937,094. During the financial year, 1,445,496 rights vested, 318,842 rights were forfeited, 51,652 rights lapsed and 625,770 new rights were granted. Details of the fair value assumptions used are as follows:
Tranche 15 Tranche 16 Tranche 17 Tranche 18 Tranche 19 Tranche 20 Tranche 21 Tranche 22 Tranche 23 Tranche 24
Grant Date Grant Price
1 Sept 2019 1 Sept 2019
1 Sept 2020 1 Sept 2020 1 Sept 2021 1 Sept 2021 1 Sept 2022 1 Sept 2022
9 Jan 2023
13 Mar 2023
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Opening Volume
748,574
748,574
374,373
374,373
345,600 12,434
345,600 12,434
-
-
-
-
New grants
-
- - -
5,605
5,605
250,093
250,093
44,506
45,000
Lapsed
(51,652)
-
-
-
-
- - -
- - -
- - -
- - -
Forfeited
-
(88,744)
(88,744)
(70,677)
(70,677)
Vested
(696,922)
(748,574)
-
-
-
-
Closing Volume Exercise Price
-
-
291,234
291,234
287,357
287,357
250,093
250,093
44,506
45,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Expected Volatility Option Life
26.87% 26.87% 26.87% 26.87% 26.87% 26.87% 26.87% 26.87% 26.87% 26.87%
0 years
0 years
0.17 years
0.17 years
1.18 years
1.18 years
2.18 years
2.18 years
0.19 years
0.21 years
Dividend value
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
$0.06
Risk Free Interest Rate
1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93%
Grant date fair value
$0.29
$0.29
$0.52
$0.52
$0.70
$0.70
$0.92
$0.92
$1.09
$1.15
There has been no alteration of the terms and conditions of the above share-based payment arrangements since the grant date and number of options granted were outstanding at the end of the year. The weighted average exercise price of the Performance Rights is $0.00 per right and the share price on grant date was $0.29 per share for tranches 15 and 16, $0.52 per share for tranches 17 and 18, $0.70 per share for tranches 19 and 20, $0.92 per share for tranches 21 and 22, $1.09 per share for tranche 23 and $1.15 per share for tranche 24. Remaining period refers to the remaining contractual life of the Performance Rights prior to their expiry. Tranche 15 and 16 expired during the current year and therefore, these tranches have nil remaining period at the end of the year. As at year end, tranches 17 and 18 have 0.17 year, tranches 19 and 20 have 1.17 years, tranches 21 and 22 have 2.18 years, tranche 23 has 0.19 years and tranche 24 has 0.21 years contractual life remaining prior to their expiry. The Performance Rights outstanding at the end of the year has a weighted average remaining contractual life of 1.08 years.
Annual Report 2023 79
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