Page 112 - Sundance Resources Ltd Annual Report 2013

110 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2013
Note 21. RESERVES
2013
$
2012
$
Share based payments premium reserve 21,671,649 19,319,232
Foreign currency translation reserve(i) 4,880,071 (33,244,208)
Transactions with Non-Controlling Interests reserve(ii) (11,060,000) (5,600,000)
15,491,720 (19,524,976)
(i) Exchange differences relating to the translation from the functional currencies of the Group’s foreign controlled entities into Australian dollars are recognised directly in other
comprehensive income and accumulated in the foreign currency translation reserve.
(ii) Transactions with non-controlling interests relates to 14,000,000 shares issued on 23 November 2012 following an agreement in relation to the third and final conditional
instalment of Sundance shares to be issued to the recipient in consideration of Sundance’s acquisition from the recipient of a 15% interest in Sundance subsidiary Congo Iron
on 19 September 2008.
Movements in share based payments premium reserve
At the beginning of the financial year 19,319,232 14,732,860
Options Expensed (Issued in 2009/10) (*) 42,524 177,226
Options Expensed (Issued in 2010/11) (*) 1,288,520 2,891,605
3,406,088 Long Term Incentive (LTI)
performance rights issued 7 December 2011
120,940 1,027,464
515,332 Short Term Incentive (STI)
performance rights issued 19 January 2012
- 177,790
4,073,737 LTI performance rights issued 11 May 2012 764,753 312,288
3,951,034 LTI performance rights issued 28 March 2013 135,680 -
At the end of the financial year 21,671,649 19,319,232
(*) includes net of options expensed and options forfeited during the year.
The share based payments premium reserve is used to accumulate the fair value of shares, options or
performance rights issued.
Details of the valuation of options issued during the financial year are disclosed in the table contained in Note 25
Share Based Payments.