REG - Thor Mining PLC - Annual Results <Origin Href="QuoteRef">THRL.L</Origin> - Part 2
29/10/2014 09:17
- Part 2: For the preceding part double click ID:nRSE9108Qa
within the Directors' report, the directors
are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view. Our responsibility is to audit the financial statements in accordance with applicable law and International
Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical
Standards for Auditors.
Scope of the audit
A description of the scope of an audit of financial statements is provided on the APB's website at
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
· the financial statements give a true and fair view of the state of the Group's and of the Parent Company's affairs
as at 30 June 2014 and of the Group's and the Parent Company's losses for the year then ended;
· the financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; and
· the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as
regards the Group financial statements, Article 4 of the IAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
· the information given in the Directors' Report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
· adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not
been received from branches not visited by us; or
· the Parent Company financial statements are not in agreement with the accounting records and returns; or
· certain disclosures of directors' remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
Keith Fulton (Senior Statutory Auditor)
for and on behalf of Chapman Davis LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
3 September 2014
Consolidated Statement of Comprehensive Income for the year ended 30 June 2014
Consolidated Company
Note £'000 £'000 £'000 £'000
2014 2013 2014 2013
Administrative expenses (136) (131) - -
Corporate expenses (498) (686) (404) (499)
Unrealised loss on financial assets (164) - (164) -
Unrealised Gain on financial liablities 54 12 54
Share based payment expense - (48) - (48)
Gain (Loss) on disposal of assets - - -
Impairment subsidiary loans - - (706) (776)
Impairment subsidiary investments - - (560) (140)
Impairment of exploration assets - (278) - -
Operating Loss (744) (1,131) (1,780) (1,463)
Interest received 3 7 - -
Interest paid (39)
Other income - - - -
Currency losses - - - -
Loss before Taxation (780) (1,124) (1,780) (1,463)
Taxation 5 - - - -
Loss for the period (780) (1,124) (1,780) (1,463)
Other comprehensive income:
Exchange differences on translating foreign operations (1,000) (776) - -
Other comprehensive income for the period, net of income tax (1,000) (776) 0 0
Total comprehensive income for the period (1,780) (1,900) (1,780) (1,463)
Loss per share
Basic and diluted - pence per share 6 (0.06) (0.13)
The accompanying notes form part of these financial statements.
Consolidated Balance Sheet at 30 June 2014 Co No: 05276414
Consolidated Company
Note £'000 £'000 £'000 £'000
2014 2013 2014 2013
ASSETS
Non-current assets
Intangible assets - deferred exploration costs 7 10,246 10,557 - -
Investments in subsidiaries 8 - - - 560
Loans to subsidiaries 8 - - 10,065 10,137
Trade receivables & other assets 11 225 - 225 -
Deposits to support performance bonds 9 50 55 - -
Plant and equipment 10 35 66 - -
Total non-current assets 10,556 10,678 10,290 10,697
Current assets
Cash and cash equivalents 10 188 4 2
Trade receivables & other assets 11 84 17 38 13
Total current assets 94 205 42 15
Total assets 10,650 10,883 10,332 10,712
LIABILITIES
Current liabilities
Trade and other payables 12 (351) (183) (45) (27)
Provisions (12) (15) - -
Total current liabilities (363) (198) (45) (27)
Non-current liabilities
Interest bearing liabilities 13 (553) (607) (553) (607)
Total non-current liabilities (553) (607) (553) (607)
Total liabilities (916) (805) (598) (634)
Net assets 9,734 10,078 9,734 10,078
Equity
Issued share capital 14 3,020 2,948 3,020 2,948
Share premium 13,884 12,520 13,884 12,520
Foreign exchange reserve 2,075 3,075 - -
Merger reserve 405 405 405 405
Option revaluation reserve 15 44 180 44 180
Retained losses (9,694) (9,050) (7,619) (5,975)
Total equity 9,734 10,078 9,734 10,078
The accompanying notes form part of these financial statements. These Financial Statements were approved by the Board of
Directors on 3 September 2014 and were signed on its behalf by:
Michael Billing Ray Ridge
Executive Chairman Chief Financial Officer
Consolidated Cash Flow Statement for the year ended 30 June 2014
Consolidated Company
£'000 £'000 £'000 £'000
2014 2013 2014 2013
Cash flows from operating activities
Operating Loss (744) (1,131) (1,780) (1,463)
Decrease/(increase) in trade and other receivables (1) (10) 3 (13)
Increase/(decrease) in trade and other payables 59 54 18 23
Increase/(decrease) in provisions (1) 3 - -
Depreciation 23 27 - -
Exploration expenditure written off - 278 - -
Impairment subsidiary loans - - 706 776
Revaluation foreign currency loan (54) (53) (54) (53)
Share based payment expense 97 48 - 48
Impairment subsidiary investments - - 560 140
Loss on revaluation of financial assets 164 - 164 -
Profit on sale of fixed assets - (12) - -
Net cash outflow from operating activities (457) (796) (383) (542)
Cash flows from investing activities
Interest received 3 7 - -
Interest paid (39) - - -
Expenditure on performance bonds - 20 - -
Proceeds from sale of fixed assets 2 12 - -
Purchase of property, plant and equipment - (38) - -
Payments for exploration expenditure (563) (1,564) (19) -
Loans to controlled entities - - (537) (1,571)
Net cash outflow from investing activities (597) (1,563) (556) (1,571)
Cash flows from financing activities
Borrowings - 660 - 660
Repayment of borrowings - (5) - -
Net issue of ordinary share capital 941 1,376 941 1,376
Net cash inflow from financing activities 941 2,031 941 2,036
Net decrease in cash and cash equivalents (113) (328) 2 (77)
Non cash exchange changes (65) (10) - -
Cash and cash equivalents at beginning of period 188 526 2 79
Cash and cash equivalents at end of period 10 188 4 2
Consolidated Statement of Changes in Equity For the year ended 30 June 2014
Consolidated Issued share capital Share premium Retained losses Foreign Currency Translation Reserve Merger Reserve Share Based Payment Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 July 2012 2,284 11,718 (7,926) 3,851 405 132 10,464
Loss for the period - - (1,124) - - - (1,124)
Foreign currency translation reserve - - - (776) - - (776)
Total comprehensive (loss) for the period - - (1,124) (776) - - (1,900)
Transactions with owners in their capacity as owners
Shares issued 664 953 - - - - 1,617
Cost of shares issued - (151) - - - - (151)
Share options issued - - - - - 48 48
At 30 June 2013 2,948 12,520 (9,050) 3,075 405 180 10,078
Balance at 1 July 2013 2,948 12,520 (9,050) 3,075 405 180 10,078
Loss for the period - - (780) - - - (780)
Foreign currency translation reserve - - - (1,000) - - (1,000)
Total comprehensive (loss) for the period - - (780) (1,000) - - (1,780)
Transactions with owners in their capacity as owners
Shares issued 72 1,463 - - - - 1,535
Cost of shares issued - (99) - - - - (99)
Share options lapsed - - 136 - - (136) 0
At 30 June 2014 3,020 13,884 (9,694) 2,075 405 44 9,734
Company
Balance at 30 June 2012 2,284 11,718 (4,512) - 405 132 10,027
Loss for the period - - (1,463) - - - (1,463)
Total comprehensive (loss) for the period - - (1,463) - - - (1,463)
Transactions with owners in their capacity as owners
Shares issued 664 953 - - - - 1,617
Cost of shares issued - (151) - - - - (151)
Share options issued - - - - - 48 48
At 30 June 2013 2,948 12,520 (5,975) - 405 180 10,078
Balance at 1 July 2013 2,948 12,520 (5,975) - 405 180 10,078
Loss for the period - - (1,780) - - - (1,780)
Total comprehensive (loss) for the period - - (1,780) - - - (1,780)
Transactions with owners in their capacity as owners
Shares issued 72 1,463 - - - - 1,535
Cost of shares issued - (99) - - - - (99)
Share options lapsed - - 136 - - (136) 0
At 30 June 2014 3,020 13,884 (7,619) - 405 44 9,734
Notes to the Accounts for the year ended 30 June 2014
1 Principal accounting policies
a) Authorisation of financial statements
The Group financial statements of Thor Mining PLC for the year ended 30 June 2014 were authorised for issue by the Board on
3 September 2014 and the balance sheets signed on the Board's behalf by Michael Billing and Ray Ridge. The Company's
ordinary shares are traded on the AIM Market operated by the London Stock Exchange and on the Australian Securities
Exchange.
b) Statement of compliance with IFRS
The Group's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
The Company's financial statements have been prepared in accordance with IFRS as adopted by the European Union. The
principal accounting policies adopted by the Group and Company are set out below.
c) Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the measurement of assets
and financial instruments to fair value as described in the accounting policies below, and on a going concern basis.
The financial report is presented in Sterling and all values are rounded to the nearest thousand pounds (£'000) unless
otherwise stated.
d) Basis of consolidation
The consolidated financial statements comprise the financial statements of Thor Mining PLC and its controlled entities.
The financial statements of controlled entities are included in the consolidated financial statements from the date control
commences until the date control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
All intercompany balances and transactions have been eliminated in full.
e) Exploration and development expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of
interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful
development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of
the existence of economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against the income statement in the year in
which the decision to abandon the area is made.
A review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in
relation to that area of interest.
Restoration, rehabilitation and environmental costs necessitated by exploration and evaluation activities are expensed as
incurred and treated as exploration and evaluation expenditure.
f) Revenue
Revenue is recognised to the extent that it is probable that economic benefits will flow to the group and the revenue can
be reliably measured.
Interest revenue
Interest revenue is recognised as it accrues using the effective interest rate method.
Notes to the Accounts
1 Principal accounting policies (continued)
g) Deferred taxation
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it
has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the balance sheet date.
h) Trade and other payables
Trade and other payables are carried at amortised costs and represent liabilities for goods and services provided to the
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future
payments in respect of the purchase of these goods and services.
i) Foreign currencies
The Company's functional currency is Sterling (£). Each entity in the Group determines its own functional currency and
items included in the financial statements of each entity are measured using that functional currency. As at the reporting
date the assets and liabilities of these subsidiaries are translated into the presentation currency of Thor Mining PLC at
the rate of exchange ruling at the balance sheet date and their income statements are translated at the average exchange
rate for the year. The exchange differences arising on the translation are taken directly to a separate component of
equity.
All other differences are taken to the income statement with the exception of differences on foreign currency borrowings,
which, to the extent that they are used to finance or provide a hedge against foreign equity investments, are taken
directly to reserves to the extent of the exchange difference arising on the net investment in these enterprises. Tax
charges or credits that are directly and solely attributable to such exchange differences are also taken to reserves.
j) Share based payments
During the year the Group has provided no benefits to Directors of the Group in the form of share options. (2013: £ NIL).
The cost of equity-settled transactions is measured by reference to the fair value of the services provided. If a reliable
estimate cannot be made, the fair value of the Options granted is based on the Black-Scholes model.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to
the price of the shares of Thor Mining PLC (market conditions) if applicable.
Notes to the Accounts
1 Principal accounting policies (continued)
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance and/or service conditions are fulfilled, ending on the date on which the relevant holders become
fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i)
the extent to which the vesting period has expired and (ii) the Group's best estimate of the number of equity instruments
that will ultimately vest. No adjustment is made for the likelihood of market performance conditions being met as the
effect of these conditions is included in the determination of fair value at grant date. The Income Statement charge or
credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a
market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the holder, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not
yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and
designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a
modification of the original award, as described in the previous paragraph.
k) Leased assets
The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and
requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets
and the arrangement conveys a right to use the asset.
(i) Finance Leases
Assets funded through finance leases are capitalised as fixed assets and depreciated in accordance with the policy for the
class of asset concerned.
Finance lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are recognised as an expense in the
income statement.
(ii) Operating Leases
All operating lease payments are charged to the Income Statement on a straight line basis over the life of the lease.
l) Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an
original maturity of three months or less.
For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
m) Trade and other receivables
Trade receivables, which generally have 30 day terms, are recognised and carried at original invoice amount less an
allowance for any uncollectible amounts.
An allowance for doubtful debts is made when there is objective evidence that the Group will not be able to collect the
debts. Bad debts are written off when identified.
Notes to the Accounts
1 Principal accounting policies (continued)
n) Investments
Investments in subsidiary undertakings are stated at cost less any provision for impairment in value, prior to their
elimination on consolidation.
o) Financial instruments
The Group's financial instruments, other than its investments, comprise cash and items arising directly from its operation
such as trade debtors and trade creditors. The Group has overseas subsidiaries in Australia whose expenses are denominated
in Australian Dollars. Market price risk is inherent in the Group's activities and is accepted as such. There is no
material difference between the book value and fair value of the Group's cash.
p) Merger reserve
The difference between the fair value of an acquisition and the nominal value of the shares allotted in a share exchange
have been credited to a merger reserve account, in accordance with the merger relief provisions of the Companies Act 2006
and accordingly no share premium for such transactions is set-up. Where the assets acquired are impaired, the merger
reserve value is reversed to retained earnings to the extent of the impairment.
q) Property, plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Land is measured
at fair value less any impairment losses recognised after the date of revaluation.
Depreciation is provided on all tangible assets to write off the cost less estimated residual value of each asset over its
expected useful economic life on a straight-line basis at the following annual rates:
Land (including option costs) - Nil
Plant and Equipment - between 5% and 25%
All assets are subject to annual impairment reviews.
r) Impairment of assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such
indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's
recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use
and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or Groups of assets and the asset's value in use cannot be estimated to be close to its fair value.
In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the
carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is
considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment
losses relating to continuing operations are recognised in those expense categories consistent with the function of the
impaired asset unless the asset is carried at its revalued amount (in which case the impairment loss is treated as a
revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to
determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying
amount of the asset is increased to its recoverable amount.
Notes to the Accounts
1 Principal accounting policies (continued)
That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Income Statement unless
the asset is carried at its revalued amount, in which case the reversal is treated as a revaluation increase. After such a
reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any
residual value, on a systematic basis over its remaining useful life.
s) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation.
When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating
to any provision is presented in the income statement net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
the risks specific to the liability.
t) Loss per share
Basic loss per share is calculated as loss for the financial year attributable to members of the parent, adjusted to
exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted
average number of ordinary shares, adjusted for any bonus element.
Diluted loss per share is calculated as loss for the financial year attributable to members of the parent, adjusted for:
· costs of servicing equity (other than dividends) and preference share dividends;
· the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have
been recognised as expenses; and
· other non-discretionary changes in revenues or expenses during the period that would result from the dilution
of potential ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus
element.
u) Share based payments reserve
This reserve is used to record the value of equity benefits provided to employees, consultants and directors as part of
their remuneration and provided to consultants and advisors hired by the Group from time to time as part of the
consideration paid. The reserve is reduced by the value of equity benefits which have lapsed during the year.
v) Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries.
w) Adoption of new and revised Accounting Standards
In the current year, the company has adopted all of the new and revised Standards and Interpretations issued by Accounting
Standards and Interpretations Board that are relevant to its operations and effective for the current annual reporting
period and there is no material financial impact on the financial statements of the company or the company.
Notes to the Accounts
2. Revenue and segmental analysis - Group
The group has not commenced production and therefore recorded no revenue.
The Group has a number of exploration licenses and mining leases in Australia which are managed on a portfolio basis. The
decision to allocate resources to individual projects in the portfolio is predominantly based on available cash reserves,
technical data and the expectations of future successful exploitation of the projects. Accordingly, the Group effectively
operates as one segment, being exploration in Australia. This is the basis on which internal reports are provided to the
Directors for assessing performance and determining the allocation of resources within the Group.
3. Operating loss - group
2014 2013
£'000 £'000
This is stated after charging:
Depreciation 23 27
Auditors' remuneration - audit services 28 29
Auditors' remuneration - non audit services - -
Options issued - directors, staff, consultants and lender - 48
Directors emoluments - fees and salaries 228 235
Auditors' remuneration for audit services above includes £19,500 (2013 £18,675) to Chapman Davis LLP for the audit of the
Company. Remuneration to BDO for the audit of the Australian subsidiaries was £7,3544 (2013 £9,974).
4. Directors and executive disclosures - Group
All Directors are each appointed under the terms of a Directors letter of appointment. Each appointment provides for
annual fees of Australian dollars $40,000 for services as Directors plus 9.25% as a company contribution to Australian
statutory superannuation schemes. The agreement allows for any services supplied by the Directors to the Company and any of
its subsidiaries in excess of 2 days in any calendar month, can be invoiced to the Company at market rate, currently at
$1,000 per day, other than Mr Michael Billing at a rate of $1,200 per day and Mr David Thomas at a rate of $1,500 per day.
From 1st January 2010 the Directors elected to accept half fee arrangements until further notice.
(a) Details of Key Management Personnel
(i) Chairman and Chief Executive Officer
Michael Billing Executive Chairman and Chief Executive Officer
(ii) Directors
Gregory Durack Non-executive Director
Michael Ashton Non-executive Director
Trevor Ireland Non-executive Director
David Thomas Executive Director
(iii) Executives
Ray Ridge CFO/Company Secretary (Australia)
Stephen Ronaldson Company Secretary (UK)
Richard Bradey Chief Exploration Geologist
Notes to the Accounts
4. Directors and executive disclosures - Group (cont)
(b) Compensation of Key Management Personnel
Compensation Policy
The compensation policy is to provide a fixed remuneration component and a specific equity related component. There is no
separation of remuneration between short term incentives and long term incentives. The Board believes that this
compensation policy is appropriate given the stage of development of the Company and the activities which it undertakes and
is appropriate in aligning director and executive objectives with shareholder and businesses objectives.
The compensation policy, setting the terms and conditions for the executive Directors and other executives, has been
developed by the Board after seeking professional advice and taking into account market conditions and comparable salary
levels for companies of a similar size and operating in similar sectors. Executive Directors and executives receive either
a salary or provide their services via a consultancy arrangement. Directors and executives do not receive any retirement
benefits other than compulsory Superannuation contributions where the individuals are directly employed by the Company or
its subsidiaries in Australia. All compensation paid to Directors and executives is valued at cost to the Company and
expensed.
The Board policy is to compensate non-executive Directors at market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to the non-executive Directors and reviews their compensation annually,
based on market practice, duties and accountability. Independent external advice is sought when required. The maximum
aggregate amount of fees that can be paid to Directors is subject to approval by shareholders at a General Meeting. Fees
for non-executive Directors are not linked to the performance of the economic entity. However, to align Directors'
interests with shareholder interests, the Directors are encouraged to hold shares in the Company and may receive options.
Notes to the Accounts
4. Directors and executive disclosures - Group (cont)
Salary & Fees Shares Total
£'000 £'000 £'000
30 June 2014
Directors: 4
Michael Billing3,5 65 48 113
Gregory Durack 8 6 14
Michael Ashton 8 6 14
Trevor Ireland3 28 6 34
David Thomas3 47 6 53
Other Personnel:
Richard Bradey 130 130
Alan Burchard2 35 35
Ray Ridge1 16 16
1 Appointed 7 April 20142 Resigned 7 April 2014
3 As at 30 June 2014, accrued amounts of £73,035, £28,905, and £24,505 respectively remained unpaid to Messrs. Billing, Thomas and Ireland.4 Each of the Directors received £6,000 of their Directors fees by shares in lieu of cash payment.5 Mr Billing received a further £48,000 of his remuneration by shares in lieu of cash payment.
Salary & Fees Options Total
30 June 2013
Directors:
Michael Billing 116 - 116
Gregory Durack 13 - 13
Michael Ashton 14 - 14
Trevor Ireland 27 - 27
David Thomas 65 - 65
Other Personnel:
Richard Bradey 148 3 151
Allan Burchard 52 - 52
(c) Compensation by category Group
2014 2013
£'000 £'000
Key Management Personnel
Short-term 394 420
Post-employment 15 18
409 438
(d) Options and rights over equity instruments granted as remuneration
No options were granted over ordinary shares to Directors during the years ended 30 June 2014 and 30 June 2013.
Notes to the Accounts
4. Directors and executive disclosures - Group (cont)
(e) Options holdings of Key Management Personnel
The movement during the reporting period in the number of options over ordinary shares in Thor Mining PLC held, directly,
indirectly or beneficially, by key management personnel, including their personally related entities, is as follows:
Key Management Personnel Held at 1 July 2013 Acquired through Open Offer Granted as remuneration Expired Exercised Held at 30 June 2014/or at date of resignation Vested and exercisable at 30 June 2014
Directors
Executive
Michael Billing 5,731,344 - - 2,000,000 - 3,731,344 3,731,344
David Thomas 1,164,180 - 1,164,180 1,164,180
Non-Executive
Gregory Durack 3,492,538 - - 2,000,000 - 1,492,538 1,492,538
Michael Ashton 5,731,344 - - 2,000,000 - 3,731,344 3,731,344
Trevor Ireland 3,119,403 - - 2,000,000 - 1,119,403 1,119,403
Other Personnel
Richard Bradey 1,000,000 - - 500,000 - 500,000 500,000
Allan Burchard 689,030 - - 500,000 - 189,030 189,030
Key Management Personnel Held at 1 July 2012 Acquired through Open Offer Granted as remuneration Disposal/ Expired Exercised Held at 30 June 2013/or at date of resignation Vested and exercisable at 30 June 2013
Directors
Executive
Michael Billing 2,000,000 3,731,344 - - - 5,731,344 5,731,344
Non-Executive
Gregory Durack 2,000,000 1,492,538 - - - 3,492,538 3,492,538
Michael Ashton 2,000,000 3.731.344 - - - 5,731,344 5,731,344
Trevor Ireland 2,000,000
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