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## 7. EQUITY INSTRUMENTS 

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ˆ For details on valuation of the options, including models and assumptions used, please refer to note 33. 

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ˆ For details on valuation of the options, including models and assumptions used, please refer to note 33. 

* During the period 1,000,000 options issued to Mr S Huffadine lapsed unexercised and were subsequently forfeited. The value of the options at the date of forfeiture was nil as the exercise price of the options was greater than the market value of the underlying shares. 

There were no alterations to the terms and conditions of options granted as remuneration since their grant date. 

The maximum grant, which will be payable is equal to the number of options granted multiplied by the fair value at the grant date. The minimum grant payable if the options lapse is zero. 

There were no shares issued on exercise of compensation options during the year. 

End of Audited Remuneration Report. 

