NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 31 – SHARE BASED PAYMENTS continued 
 
The following table summarises the key assumptions used to calculate the estimated fair value awar ded or granted 
during the year ended 31 December 2013: 
     2013 
 Share price:   A$ 1.06 – A$1.10 
 Exercise price:   A$1.25 – 1.40 
 Expected volatility:  60% 
 Option term:   5.75 years 
 Risk free interest rate:  2.82 to 3.10% 
 
Restricted Share Units 
During the years ended 31 December 2014 and 2013, the Board of Directors awarded 2,839,626 and 1,237,994 RSUs 
to certain employees.  These awards were made in accordance with the long -term equity component of the 
Company’s incentive compensation plan, the details of which are described in more detail in the remuneration 
section of the Directors’ Report. Shar e based payment expense for RSUs awarded was calculated pursuant to AASB 
2 / IFRS 2.  The fair values of RSUs were estimated at the date they were appr oved by the Board of Directors (the 
measurement dates) based on the Company’s stock price at the date of grant .  The value of the vested portion of 
these awards has been recognised within the financial statements.  This information is summarised for the Group 
for the years ended 31 December 2014 and 2013, respectively, below: 
 
  
Number 
      of RSUs 
Weighted Average 
Fair Value at 
Measurement Date A$ 
   
Outstanding at 31 December 2012 2,090,893 0.59 
Issued  1,237,994 0.91 
Converted to ordinary shares (1,511,511) 0.76 
Forfeited     (113,069)    0.76 
Outstanding at 31 December 2013 1,704,307 0.83 
Issued  2,839,626 0.97 
Converted to ordinary shares (1,479,978) 0.89 
Forfeited       (99,778)    0.92 
Outstanding at 31 December 2014    2,964,177    0.93 
 
The following tables summarise the RSUs issued and their related grant date, fair value and vesting conditions: 
 
RSUs awarded during the year ended 31 December 2014: 
 
Grant Date 
 
Number of RSUs 
Estimated Fair Value 
(US$’000) 
 
Vesting Conditions 
15 April 2014 1,842,638 $1,611 25% issuance date, 25% first three anniversaries 
5 May 2014 135,000 123 33% issuance date, 33% on 1 January 2015 and 2016 
12 May 2014 190,000 172 33% issuance date, 33% first two anniversaries 
30 May 2014 671,988          680 25% issuance date, 25% first three anniversaries 
 2,839,626 $    2,586  
  
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