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## Note 27. Share-based Payments 

The share-based payments plan is described below. There has been no cancellation to the plan during the financial year. Amendments to the plan and its continuing operation were approved by shareholders at the 2009 Annual General Meeting. 

## (a) Employee Share Option Plan 

The Group had an ESOP, which has been operating since the listing of the Company on the ASX. ESOP options expire up to four years after they are granted. The exercise price of ESOP options, issued during the financial year, is based on the volume weighted average price at which the Company’s ordinary shares are traded on the ASX during the 180 trading days before the ESOP options are offered. ESOP options may be exercised after the date the option was granted. If there is a change of control in the Company, all unexercised ESOP options will become immediately exercisable. Options granted under the ESOP carry no dividend or voting rights. When exercisable, each ESOP option is convertible into one ordinary share of the Company. 

The following summary reconciles the outstanding ESOP options over unissued ordinary shares in the Company at the beginning and end of the financial year: 

<img src='content_image/221137.jpg'>

The weighted average fair value of ESOP options granted during the financial year was $1.99 (2010: $3.31). 

The weighted average share price when the ESOP options were exercised during the financial year was $7.66 (2010: $9.38). 

ESOP options outstanding as at 30 June 2011 had a range of exercise prices from $6.84 to $14.07 (30 June 2010: $2.95 to $14.07) with a weighted average remaining contractual life of 956 days (30 June 2010: 866 days). 

Details of ESOP options outstanding at the end of the financial year are: 

<img src='content_image/221138.jpg'>

