20974 29Metals AR23 WEB V1 - Flipbook - Page 196
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29Metals 2023 Annual Report
Consolidated Financial Statements continued
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29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Note 34: Share-based payments (continued)
(c) Performance rights under the short term incentive plan
(i) 2022 Short term incentive (‘STI’) – awarded during the year ended 31 December 2023
For the purposes of the Group’s 2022 short term incentive plan (the ‘
’), the oard determined that 2022
employees as a combination of cash and e uity (in the form of performance rights).
will be delivered to certain eligible
Award date (1)
2 ,0 0 performance rights granted to eligible management personnel and employees of the Group (other than the Managing Director
C )
14 ,304 performance rights were awarded under the 2022
award to the Managing Director
C
31 December 2023
eriod commencing 1 anuary 2022 and ending 31 December 2023
1.
he award date noted above is the date of approval of the awards by the oard, and for Mr Albert, the date on which shareholder approval of the award was obtained. As
disclosed in the remuneration report, the allocation of the awards occurred on 2 March 2023 and for Mr Albert, on une 2023.
An e pense relating to the 2022 performance year has been estimated using fair value estimates based on inputs in December 2022.
n the 2022 financial year, the number of performance rights to be awarded under the 2022
was determined by dividing the value of the e uity
component of the 2022 outcome by the Volume weighted average price (‘
’) for 2 Metals shares traded on the A for the month of December
2022, being 2.1 1 per share (rounded down to the nearest performance right). he fair value per performance right was estimated based on the share
price of 1. per share at February 2023. he amount of the share based payment e pensed in respect of the 2022
recognised in the year ended
31 December 2022 amounted to 3 ,000 based on an estimated 400,3 4 performance rights.
he e pense estimated for the year ended 31 December 2022 was updated to the fair value on grant date in the 2023 financial year which was 1. and
0. per performance right for the 14 March 2023 and 1 une 2023 award dates, respectively. he amount recognised in the year ended 31 December
2023 was 102,000.
n 31 December 2023, the performance conditions applicable to the 2022
performance rights award were satisfied and new shares upon vesting of
the performance rights of 3 3, 0 are e pected to be issued and allocated to eligible employees on or about the date of this eport. pon the issue of
the new shares, 4 ,000 will be transferred from the hare based payment eserve to Contributed uity.
efer to ote 34(e) for the movement in erformance ights during the year and balance at end of the year.
(ii) 2023 Short term incentive (‘STI’) – to be awarded during the year ending 31 December 2024
For the purposes of the Group’s 2023 short term incentive plan (the ‘
’), the oard has determined that 2023
will be delivered to eligible
employees as a combination of cash and e uity (in the form of performance rights). he award of performance rights under the 2023
to all eligible
employees (other than the Managing Director C ) was approved by the oard on or about the date of this eport.
he proposed award of 03,010 performance rights to the Managing Director
at the Company’s 2024 AGM).
C
under the 2023
is sub ect to shareholder approval (to be sought
he only condition of the award of performance rights under the 2023
is continued service to the e piry of the vesting period which is 31 December
2024, e cept for the Managing Director C where the award of the performance rights is sub ect to approval by shareholders at the 2024 AGM. n
relation to 2023
outcomes, performance rights proposed to be awarded to Mr Albert under the 2023
are sub ect to shareholder approval at the
Company’s 2024 AGM and, if awarded, will vest following 31 December 2024 in accordance with the 2023
Award. f shareholder approval is not
obtained, the e uity component will be delivered as cash (consistent with the outcome that would have been applied to previous awards to Mr Albert
had shareholder approval been not successfully obtained), which payment is also sub ect to the 2023
vesting period.
An e pense relating to the 2023 performance year has been estimated using fair value estimates based on inputs in December 2023.
he number of performance rights to be awarded under the 2023
has been estimated by dividing the value of the e uity component of the 2023
outcome by the price of 0. per performance right, being the price paid by shareholders to ac uire rights in the ntitlement ffer completed in 2023.
he fair value per performance right has been estimated based on the share price of 0.2 per share at close of trading on 1 February 2024. he
e pense estimated for the year ended 31 December 2023 will be updated to the fair value on grant date in the 2024 financial year.
he amount of the share based payment e pensed in respect of the 2023
estimated aggregate award of up to 2,13 ,2 performance rights).
recognised in the year ended 31 December 2023 is 33 ,000 (based on an
efer to ote 3 (e) for the movement in erformance ights during the year and balance at end of the year.
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