120 / 136
Notes to the Financial Statements
Washington H. Soul Pattinson and Company Limited
Annual Report 2016
118
Other Notes
NOTE 32
SHARE-BASED PAYMENTS (continued)
Set out below are the summaries of rights granted under the Parent company LTI plan:
32
Performance
hurdle
Movement in number of performance rights granted
Grant Date Vest Date
TSR Hurdle
or Non TSR
Hurdle
Fair value at
grant date
Balance at
start of year
Granted
during the
year
Vested
Forfeited
Balance at
end of year
Dec 2015
Sep 2018
(Sep 2019)*
Non-TSR
$13.86
–
14,198
–
–
14,198
Dec 2015
Sep 2018
(Sep 2019)*
TSR
$12.25
–
14,197
–
–
14,197
Dec 2015
Aug 2019
(Sep 2019)*
Non-TSR
$13.86
–
8,518
–
8,518
Dec 2015
Aug 2019
(Sep 2019)*
TSR
$11.08
–
8,518
–
–
8,518
Dec 2015
Aug 2020
Non-TSR
$13.86
–
5,679
–
–
5,679
Dec 2015
Aug 2020
TSR
$10.87
–
5,679
–
–
5,679
–
56,789
–
–
56,789
* Certain tranches of performance rights are subject to ‘re-testing dates’. Details of vesting conditions and performance hurdles are set out in the Remuneration report.
Refer to pages 28 to 45.
For the current year an expense of $201,810 was recognised in the income statement for the rights issued under
the Parent company LTI plan. The total fair value of the performance rights outstanding at year end was $723,577.
New Hope Corporation Limited- Employee Share option and Performance rights share plans
New Hope Corporation Limited provides share based compensation benefits to its employees via the New Hope
Corporation Limited Employee Share Option Plan and the New Hope Corporation Limited Employee Performance
Rights Share Plan (Rights plan). Membership of the Rights plan is open to those senior employees and those
Directors of New Hope Corporation Limited, its subsidiaries and associated bodies corporate whom, the Directors
believe have a significant role to play in the continued development of the Group’s activities. Detailed vesting
conditions are set out in the Remuneration report. Refer to pages 28 to 45.
Rights are granted for nil consideration. Rights will vest and automatically convert to ordinary shares in New Hope
Corporation Limited following the satisfaction of the relevant service conditions. Service conditions applicable
to each issue of rights are determined by the New Hope Corporation Limited’s Board at the time of the grant.
Total expense arising from rights issued under the New Hope Corporation Limited employee performance share
rights plan during the financial year was $123,000 (2015:$ 167,000). The total fair value of the performance rights
outstanding at year end was $1.024 million (2015: $583,000). Further details are provided in the published financial
report of New Hope Corporation Limited for year ended 31 July 2016 (ASX code: NHC).