Notes to the Financial Statements
97
Notes to the Financial Statements
continued
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Performance rights
Kingsgate issued the following performance rights during the year:
Type Grant date Vesting date Number
Performance rights 24 September 2012 30 June 2015 120,455
Performance rights 21 November 2012 30 June 2015 222,955
Total 343,410
The fair value of the performance rights was estimated using Monte Carlo simulation, taking into account the terms and conditions upon which the awards 
were granted. 
The following table lists the inputs to the model used for the performance rights granted for the year:
Number of rights issued 120,455 222,955
Grant date 24 September 2012 21 November 2012
Spot price ($) 6.02 4.84
Risk-free rate (%) 2.6 2.7
Term (years) 2.8 2.6
Volatility (%) 40–50 40–50
Exercise price ($) – –
Fair value ($) 3.15–3.27 1.82–2.02
The volatility above was determined with reference to the historical volatility of the Company’s share price from June 2008 to November 2012. 
Deferred rights
Kingsgate issued the following deferred rights during the year:
Type Grant date Vesting date Number
Deferred rights 24 September 2012 30 June 2013 40,691
Deferred rights 24 September 2012 30 June 2014 58,618
Deferred rights 24 September 2012 30 June 2015 82,320
Subtotal 181,629
Deferred rights 21 November 2012 30 June 2013 52,181
Deferred rights 21 November 2012 30 June 2014 53,901
Subtotal 106,082
Total 287,711
The fair value of the deferred rights was estimated based on the share price less the present value of projected dividends over the expected term of each 
deferred right.
The following table lists the inputs to the model used for the deferred rights granted for the year:
Number of rights issued 181,629 106,082
Grant date 24 September 2012 21 November 2012
Spot price ($) 6.02 4.84
Risk-free rate (%) 2.6 2.7
Term (years) 0.8–2.8 0.6–2.6
Dividends ($) 0.11–0.24 0.11–0.24
Exercise price ($) – –
Fair value ($) 5.17–5.91 3.98–4.73