Annual Report 2004 63
18. Contributed Equity (continued)
(b) Santos Employee Share Acquisition Plan (continued)
Summary of share movements in the Plan during 2004 (and comparative 2003 information):
Opening Granted during Distributions
balance the year during the year Closing balance
Number Fair value Fair value Fair value 
Grant dates Number of shares per share Number aggregate Number aggregate
$$$
2004
24 August 2001 177,908 – – 177,908 1,180,728 – –
2 September 2002 195,624 – – 32,760 227,623 162,864 1,381,087
2 September 2003 242,991 – – 42,237 294,081 200,754 1,702,394
22 November 2004 – 157,014 8.14 244 2,089 156,770 1,329,410
616,523 157,014 253,149 1,704,521 520,388 4,412,891
2003
25 August 2000 192,950 – – 192,950 1,163,949 – –
24 August 2001 196,552 – – 18,644 111,036 177,908 1,222,228
2 September 2002 216,840 – – 21,216 126,185 195,624 1,343,937
2 September 2003 – 254,106 5.84 11,115 67,943 242,991 1,669,348
606,342 254,106 243,925 1,469,113 616,523 4,235,513
Shares are allocated at a price equal to the weighted average sale price of the Company’s ordinary shares on the Australian Stock Exchange during
the one week period up to and including the Grant Date. This is shown as fair value per share for shares granted during the year. The fair value of
shares distributed from the trust during the year and remaining in the trust at the end of the financial year is the market price of shares of the
Company on the Australian Stock Exchange as at close of trading on the respective dates.
Distributions during the year occurred at various dates throughout the year and therefore have not been separately listed.
The amounts recognised in the financial statements of the Santos Group and the Company in relation to the Santos Employee Share Acquisition
Plan during the year were:
Consolidated Santos Ltd
2004 2003 2004 2003
$million $million $million $million
Employee expenses 1.2 1.4 1.2 1.4
Issued ordinary share capital 1.3 1.5 1.3 1.5
At 31 December 2004, the total number of shares acquired under the Plan since its commencement was 1,874,287.
(c) Santos Employee Share Purchase Plan
The Santos Employee Share Purchase Plan was approved by shareholders at the Annual General Meeting on 15 May 1997 and its continuation,
with amendment, approved at the Annual General Meeting on 5 May 2000.
General Employee Participation
The Plan is open to all employees (other than a casual employee or Director of the Company) determined by the Board who are continuing
employees at the date of the offer. However, employees who are not resident in Australia at the time of an offer under the Plan and those who
have participated in the Executive Long Term Incentive Plan during the year will not be eligible to participate in that offer unless the Board
otherwise decides.
Under the Plan, eligible employees may be offered the opportunity to subscribe for or acquire fully paid ordinary shares in the capital of the
Company at a discount to market price, subject to restrictions, including on disposal, determined by the Board (which has been a period of one
year for issues so far). The subscription or acquisition price is Market Value (being the weighted average sale price of the Company’s ordinary
shares on the Australian Stock Exchange during the one week period up to and including the offer date) less any discount determined by the
Board (5% for issues so far). Under the Plan, at the discretion of the Board, financial assistance may be provided to employees to subscribe for
and acquire shares under the Plan. The 5% discount constitutes financial assistance for these purposes. Participants are entitled to vote, receive
dividends and participate in bonus and rights issues while the shares are restricted.
On 26 November 2004, the Company issued 32,400 ordinary shares to 49 eligible employees at a subscription price of $8.14 per share under