Air New Zealand 2013 Annual Report Download - page 42

Air New Zealand Annual Financial Results 
40
. ISSUED CAPITAL CONTINUED
GROUP

GROUP

COMPANY

COMPANY

Number of Ordinary Shares on issue
Balance at the beginning of the year 1,099,707,174 1,090,833,451 1,099,707,174 1,090,833,451
Mandatory shares issued under Long Term Incentive Plan 370,732 463,389 370,732 463,389
Dividend reinvestment plan - 6,306,429 - 6,306,429
Exercise of Long Term Incentive Plan options 3,846,654 2,103,905 3,846,654 2,103,905
Balance at the end of the year 1,103,924,560 1,099,707,174 1,103,924,560 1,099,707,174
SHARE ISSUE DETAILS AND RIGHTS
Ordinary Shares
At 30 June 2013, there were 1,103,924,560 fully paid Ordinary Shares on issue (30 June 2012: 1,099,707,174). The amount of treasury stock
held as at 30 June 2013 is 8,767,795 shares (30 June 2012: 93 shares).
On 21 September 2012, 370,732 Ordinary Shares were issued to executives under the Mandatory Shareholding section of the Long Term
Incentive Plan (16 September 2011: 463,389 Ordinary Shares). The issue price of $0.84 per Ordinary Share represented a discounted price
determined on the basis of an independent valuation, reflecting restrictions placed on the transfer of the shares under the terms of the
Long Term Incentive Plan Rules (16 September 2011: $0.83 per Ordinary Share).
During the year ended 30 June 2013, there were no shares issued under the dividend reinvestment plan (30 June 2012: 6,306,429
Ordinary Shares).
Non New Zealand nationals are restricted from holding or having an interest in 10 percent or more of voting shares unless the prior wrien
consent of the Kiwi Shareholder is obtained. In addition, any person that owns or operates an airline business is restricted from holding
any shares in the Company without the Kiwi Shareholder’s prior wrien consent.
EQUITYSETTLED SHAREBASED PAYMENTS
Options over Ordinary Shares
Share options are granted to a number of senior executives on aainment of predetermined performance objectives. The Company is
currently undertaking a stock seled share appreciation rights scheme whereby shares are issued equating to the delta between the
market price and the exercise price.
The total expense recognised in the year ended 30 June 2013 in respect of equity-seled share-based payment transactions was
$5 million (30 June 2012: $5 million). The total outstanding options at 30 June 2013 is 97,413,817 (30 June 2012: 80,248,998).
GROUP AND COMPANY

LONG TERM
INCENTIVE
PLAN

CEO
OPTION
PLAN*

CFO
OPTION
PLAN

LONG TERM
INCENTIVE
PLAN

CEO
OPTION
PLAN*
Number of options outstanding
Outstanding at the beginning of the year
60,679,081 19,569,917 - 42,791,447 12,861,842
Granted during the year
25,610,275 8,607,519 2,399,138 19,991,539 6,708,075
Exercised during the year
(16,412,875) - - (2,103,905) -
Lapsed during the year
(3,039,238) - - - -
Outstanding at the end of the year**
66,837,243 28,177,436 2,399,138 60,679,081 19,569,917
Number of options exercisable as at the end of the year
12,134,225 28,177,436 - 17,913,588 -
Weighted average exercise price for those options
exercisable as at the end of the year ($)
1.06 1.10 - 0.91 -
Weighted average exercise price for those options
exercised during the year ($)
0.98 - - 0.75 -
Weighted average share price at the date of exercise ($)
1.31 - - 1.08 -
Weighted average remaining period to contractual
maturity (years)
2.97 1.22 4.23 2.69 2.21
* The CEO Option Plan was part of the former Chief Executive Officer’s total remuneration.
** The People Remuneration and Diversity Commiee of the Board will adjust option terms, if necessary, to ensure that the impact of
share issues, share offers or share structure changes is value neutral as between participants and shareholders.
Notes to the Financial Statements (Continued)
As at 30 June 2013