NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 31 – SHARE BASED PAYMENTS  
 
Options 
During the years ended 31 December 2014 and 2013, a total of nil and 2,000,000 options were granted to employees 
pursuant to employment agreements and a total of 431,666 and 2,725,000 previously issued options were 
exercised, respectively.   There were 700,000 awarded options that the Company issued in early 2013 for which 
Company employees rendered services during the six month period ended 31 December 2012.   
 
Year ended 31 December 2014 2013 
  
Number 
    of Options 
Weighted 
Average 
 Exercise Price A$ 
 
Number 
of Options 
Weighted 
Average  
Exercise Price A$ 
Outstanding at start of 
period 
5,051,666 1.02 5,776,666 0.59 
Formally issued - - 2,000,000 1.29 
Forfeited (1,890,000) 1.29 - - 
Exercised  (431,666) 0.62 (2,725,000) 0.31 
Expired                     -               -                      -                   - 
Outstanding at end of period    2,730,000         0.90     5,051,666             1.02 
Exercisable at end of period    1,930,000         0.87     2,241,666             0.87 
 
The following tables summarise the options issued and awarded and their related grant date, fair value and vesting 
conditions for the year ended 31 December 2013.  No options were issued during the year ended 31 December 2014. 
 
For options outstanding as at 31 December 2014, the exercise price ranged from A$0.65 to A$0.95 and the weighted 
average remaining contractual life was 3.5 years. 
 
Options issued during the year ended 31 December 2013: 
 
Grant Date Number of Options Estimated Fair Value (US$’000) Vesting Conditions 
1 April 2013 350,000 $ 217 20% issuance date, 20% first four anniversaries 
24 September 2013 950,000 $ 475 20% issuance date, 20% first four anniversaries 
Total 1,300,000 $ 692  
 
Share based payments expense related to options is determined pursuant to AASB 2 - Share Based Payments (“AASB 
2”) / IFRS 2 – Share Based Payments (“IFRS 2”), and is recognised pursuant to the attached vesting conditions.  The 
fair value of the options awarded ranged from A$0.53 to A$0.59 for the year ended 31 December 2013, which were 
calculated using a Black -Sholes options pricing model.  Expected volatilities are based upon the historical volatility 
of the ordinary shares.  Historical data is also used to estimate the probability of option exercis e and potential 
forfeitures.   
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