Page 58 - Bradken Annual Report 2013_Page flip

Basic HTML Version

22 BRADKEN LIMITED ANNUAL REPORT 2013
Directors’ Report
30 June 2013
Bradken Limited
Directors' report (continued)
30 June 2013
D. Remuneration report (continued)
(e)
Share-based compensation (continued)
Exercise
price
Fair value
per Right
$0.00
$4.41
$0.00
$5.13
$0.00
$6.12
$0.00
$4.76
$0.00
$4.76
$0.00
$4.76
$0.00
$2.84
$0.00
$3.39
$0.00
$2.84
$0.00
$3.39
Number of Rights granted and vested and Shares provided during the year on exercise of Performance Rights
Directors of Bradken Limited
Brian Hodges
225,335
$
Other key management personnel of the Group
Andrew Allen
-
$
Tom Armstrong
-
$
Stephen Cantwell
-
$
Steven Perry
-
$
Enda Sheridan
-
$
Brad Ward
-
$
0
0
0
0
0
0
63,052
0
39,915
No amounts were payable on the exercise of Rights during the period.
* The value at exercise date is deemed to be the closing price of the security on the date exercised.
The TSR performance conditions in relation to the grants issued are:
Final Test Date
Details of Rights granted and vested and ordinary shares in the Company provided as a result of the exercise of Performance
Rights to the Managing Director of Bradken Limited and each of the key management personnel and other executives of the
Group required to be disclosed under the
Corporations Act 2001
are set out below.
141,021
1 Jul 10 to 30 Jun 13
1 Jul 11 to 30 Jun 14
1 Jul 11 to 30 Jun 14
7 October 2011
5 November 2010
Result announcement y/e 13
23 October 2012
1 Jul 12 to 30 Jun 13
Details of Rights over ordinary shares in the Company provided as remuneration to each director of Bradken Limited and each of
the key management personnel are set out below. When exercisable, each Right is convertible into one ordinary share of
Bradken Limited. Further information on the Rights is set out in note 35 to the financial statements.
23 October 2012
1 Jul 12 to 30 Jun 14
Result announcement y/e 14
Name
0
The Company’s TSR does not meet performance of the median Company in ASX Small Cap
Value at
exercise
date *
Final Test Date
Number of Rights
vested during
the year
Final Test Date
Result announcement y/e 12
Percentage of Rights available
in given year to vest
Result announcement y/e 12
1 Jul 10 to 30 Jun 12
Final Test Date
Result announcement y/e 15
0
50
Pro rata between 50 and 100
Expiry Date
Performance Period
Final Test Date
Result announcement y/e 13
Final Test Date
1 Jul 12 to 30 Jun 13
Result announcement y/e 13
Final Test Date
0
23 October 2012
1 Jul 12 to 30 Jun 15
The Company’s TSR ranked in third quartile of companies in ASX Small Cap
0
New entrants to the scheme are provided with a transition to the 3 year plan. Rights granted under the PRP carry no dividend or
voting rights.
7 October 2011
Final Test Date
Result announcement y/e 13
0
0
39,334
36,521
49,377
34,175
34,205
0
Result announcement y/e 14
Final Test Date
Test Date
(date vested and exercisable)
5 November 2010
The Company’s TSR equals or exceeds performance of the median Company in ASX Small Cap
In assessing whether the performance hurdles have been met, the Human Resources Committee receives independent data
from an investment bank which provides both the Company's TSR from previous financial years and that of the ASX Small
Industrials Index. The Company's performance against the hurdle is then determined with each Company in the ASX Small
Industrials Index and Bradken being ranked in order of TSR in results from previous financial years. The Company's percentile
ranking is determined by aggregating the weighting within the ASX Small Industrials Index (based on market capitalisation) of
each company ranked below Bradken. The method of assessment was chosen as it provides the Committee with an objective
means of measuring the Company's performance against its peer group. Once vested the performance rights remain
exercisable for a period of ten years or the final test date depending on the conditions of the grant.
100
The Company’s TSR ranked in fourth quartile of companies in ASX Small Cap
1 Jul 09 to 30 Jun 12
29 October 2009
23 October 2012
7 October 2011
Result announcement y/e 14
Target
Number of Rights
granted during
the year
1 Jul 11 to 30 Jun 14
Final Test Date
Number of ordinary
shares issued on
exercise of Rights
during the year
Grant Date
Dividends, changes in share price, and return of capital are included in the TSR calculation which is the only performance criteria
assessed for the PRP scheme. The terms and conditions of each grant of Rights affecting remuneration in the previous, this or
future reporting periods are as follows:
Page 22
Bradken Limited