Qantas 2006 Annual Report Download - page 55

53
Qantas Annual Report 2006
Directors’ Report
for the year ended 30 June 2006
RIGHTS
Performance Rights Plan
2006
Number
2005
Number
Rights outstanding at 1 July 3,476,500 1,586,000
Rights granted 1,662,000 1,959,500
Rights lapsed (548,500) (69,000)
Rights vested ––
Rights outstanding at 30 June 4,590,000 3,476,500
The following Rights were outstanding at 30 June 2006:
Number of Rights1
Testing Period
Grant
Date
Value at
Grant Date
Net Vested
2006
Unvested
2006
Total
2006
Net Vested
2005
Unvested
2005
Total
2005
30 Jun 062 15 Oct 03 $3.095 – 155,000 155,000 – 250,000 250,000
30 Jun 062 16 Oct 03 $3.045 – 205,000 205,000 – 205,000 205,000
30 Jun 062 10 Dec 03 $2.865 – 60,000 60,000 – 60,000 60,000
30 Jun 062 27 Feb 04 $3.245 – 896,500 896,500 – 1,015,000 1,015,000
30 Jun 062 08 Jul 04 $3.105 – 35,000 35,000 – 41,000 41,000
30 Jun 07 – 30 Jun 093 18 Aug 04 $2.256 – 280,000 280,000 – 390,000 390,000
30 Jun 07 – 30 Jun 093 21 Oct 04 $2.286 – 540,000 540,000 – 540,000 540,000
30 Jun 07 – 30 Jun 093 13 Jan 05 $2.476 – 889,500 889,500 – 970,500 970,500
30 Jun 07 – 30 Jun 093 20 Jun 05 $1.886 – 5,000 5,000 – 5,000 5,000
30 Jun 08 – 30 Jun 104 17 Aug 05 $1.986 – 415,000 415,000 – – –
30 Jun 08 – 30 Jun 104 22 Nov 05 $2.676 – 1,076,000 1,076,000 – – –
30 Jun 08 – 30 Jun 104 28 Mar 06 $2.286 – 33,000 33,000 – – –
– 4,590,000 4,590,000 – 3,476,500 3,476,500
1 The Rights do not allow the holder to participate in any share issue of Qantas. No dividends are payable on Rights.
2 These Rights may vest after 28 August 2006, subject to a testing date of 30 June 2006.
3 While these Rights vest on the tenth anniversary of the date of award, Executives may “call for” the Rights to be converted to Qantas shares to the extent performance
hurdles have been achieved upon testing, which is to commence 30 June 2007.
4 While these Rights vest on the tenth anniversary of the date of award, Executives may “call for” the Rights to be converted to Qantas shares to the extent performance
hurdles have been achieved upon testing, which is to commence 30 June 2008.
5 The estimated value of Rights granted under Plans before 1 July 2004 is calculated at the date of grant using the Black-Scholes Option Valuation Methodology.
6 The fair value of Rights granted under Plans post 1 July 2004 is calculated at the date of grant using a Monte-Carlo Valuation Methodology.
A pool of Rights (not to exceed 1,600,000 Rights) was approved for allocation to Qantas Executives on 22 August 2006. An additional 345,000 Rights were
approved for allocation to Executive General Managers. On 22 August 2006, a grant of Rights to the Chief Executive Officer and Chief Financial Officer was
recommended to be put to shareholders for approval at the 2006 AGM.