(c) O ther transactions with Directors and key management and the top five remunerated personnel
Dividends received by directors and key management and top five remunerated personnel during the year ended 30 June 2010 amounted to $7,401,483
(2009: $14,818,040).
Loans to executives
The executives listed below have commercial loan arrangements with the Group as set out below:
Steve MacDonald:
Effective date 20 October 2008
Amount $470,000
Term Earlier of 30 September 2009 or ceasing to be an employee
Interest rate 9.0% from inception to 31 March 2009, plus 1% margin
5.83% from 1 April 2009 to 30 September 2009, plus 1% margin
Interest payments Interest is payable together with principal at end of loan term
The loan and interest were paid in full on 2 September 2009. There had been no principal or interest repayments made between the date of inception and 30
June 2009. Steve MacDonald’s maximum indebtedness during the year was $504,316.
Paul McCarthy:
Effective date 26 November 2008
Amount $108,430
Term Earlier of 30 June 2011 or ceasing to be an employee
Interest rate 9.0% from inception to 31 March 2009
5.83% from 1 April to 30 June 2011, plus 1% margin
Interest payments Interest is payable together with principal at end of loan term
Paul McCarthy repaid $65,282 in January 2010 and $55,440 on his resignation in July 2010 in full settlement of his interest and principal obligations. Paul
McCarthy’s maximum indebtedness during the year was $116,828. There had been no principal or interest repayments made between the date of inception
and 30 June 2009.
Joseph Sadatmehr:
Effective date 6 February 2009
Amount US$160,746
Term Earlier of 30 June 2010 or ceasing to be an employee
Interest rate 9.0% from inception to 31 March 2009
5.83% from 1 April to 30 June 2010, plus 1% margin
Interest payments Interest is payable together with principal at end of loan term
The principal of the loan was repaid in September 2009. 50 per cent of the interest on this loan was waived and the balance was paid in March 2010. $Nil
is unpaid at 30 June 2010. There had been no principal or interest repayments made between the date of inception and 30 June 2009. Joseph Sadatmehr’s
maximum indebtedness during the year was US$165,103.
On 24 August 2009 the Board resolved that the Company prohibit the granting of loans to executives with effect from that date the loans described above
remain in place for their stated term.