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Share-based payments (Tables)

12 Months Ended

Jun. 30, 2020

Text block [abstract]

Summary of share-based payments

The terms of the options were agreed by the directors on 4 January 2019, including immediate vesting of 50% of the options, with the remaining options to vest in equal portions over the following three years starting 4 January 2020. The options will expire on 4 January 2024. Because the options required shareholder approval they were not issued until that approval was granted on 13 November 2019, however the terms were as agreed on 4 January 2019.

2020

Tranche		Grant date				Expiry date				A$ Exercise price				Balance at the start of the year				Granted				Modified				Expired				Balance at the end of the year
1			04/03/2015				16/12/2019			$	1.500				46,647				—				—				(46,647	)			—
2			04/03/2015				18/12/2019			$	1.500				19,952				—				—				(19,952	)			—
3			24/06/2015				30/06/2020			$	4.000				519,000				—				—				(519,000	)			—
4			16/11/2015				16/11/2020			$	2.200				236,667				—				—				—				236,667
5			18/03/2016				01/02/2021			$	1.990				300,000				—				(300,000	)			—				—
6			18/03/2016				01/02/2021			$	1.990				200,000				—				(200,000	)			—				—
7			18/03/2016				01/02/2021			$	2.610				250,000				—				(250,000	)			—				—
8			05/09/2016				05/09/2021			$	1.630				50,000				—				—				—				50,000
9			12/10/2016				17/10/2021			$	1.560				62,000				—				—				—				62,000
10			31/10/2016				01/11/2021			$	1.380				12,500				—				—				—				12,500
11			21/11/2016				23/11/2021			$	1.380				50,000				—				—				—				50,000
12			07/08/2017				07/08/2022			$	0.670				224,000				—				—				—				224,000
13			05/02/2018				05/02/2023			$	0.780				440,000				—				—				—				440,000
14			04/01/2019				04/01/2024			$	0.492				250,000				—				—				—				250,000
15			13/11/2019				04/01/2024			$	0.492				—				—				1,200,000				—				1,200,000
16			13/01/2020				13/01/2025			$	0.881				—				250,000				—				—				250,000
															2,660,766				250,000				450,000				(585,599	)			2,775,167
Weighted average exercise price														$	1.960			$	0.880			$	2.348			$	3.716			$	0.797

No options were exercised or forfeited during the year.

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranches 4, 8, 10, 11 and 13 were vested and exercisable

- Options in tranche 16 were unvested

- Options in the other tranches were vested as follows: 9: 75%, 12: 50% 14: 50% and 15: 67%. All were able to be exercised at year end.

All remaining options are expected to vest in future periods.

The weighted average remaining contractual life of options outstanding at the 30 June 2020 is 2.78 years.

2019

Tranche		Grant date				Expiry date				A$ Exercise price				Balance at the start of the year				Granted				Exercised				Forfeited on cessation of employment				Balance at the end of the year
1			04/03/2015				16/12/2019			$	1.500				46,647				—				—				—				46,647
2			04/03/2015				18/12/2019			$	1.500				19,952				—				—				—				19,952
3			24/06/2015				30/06/2020			$	4.000				519,000				—				—				—				519,000
4			16/11/2015				16/11/2020			$	2.200				236,667				—				—				—				236,667
5			18/03/2016				01/02/2021			$	1.990				300,000				—				—				—				300,000
6			18/03/2016				01/02/2021			$	1.990				200,000				—				—				—				200,000
7			18/03/2016				01/02/2021			$	2.610				250,000				—				—				—				250,000
8			05/09/2016				05/09/2021			$	1.630				50,000				—				—				—				50,000
9			12/10/2016				17/10/2021			$	1.560				62,000				—				—				—				62,000
10			31/10/2016				01/11/2021			$	1.380				12,500				—				—				—				12,500
11			21/11/2016				23/11/2021			$	1.380				50,000				—				—				—				50,000
12			07/08/2017				07/08/2022			$	0.670				224,000				—				—				—				224,000
13			05/02/2018				05/02/2023			$	0.780				440,000				—				—				—				440,000
14			04/01/2019				04/01/2024			$	0.492				—				250,000				—				—				250,000
															2,410,766				250,000				—				—				2,660,766
Weighted average exercise price														A$	2.120			A$	0.490			A$	0.000			A$	0.000			A$	1.960

At the end of the period the following options were vested and exercisable:

- Options from Tranche 1 to Tranche 6, Tranches 8, 10 and 11 were vested and exercisable

- Options in Tranches 7 and 14 were unvested

- Options from Tranche 9 and 13 were vested and exercisable as to 50%

- Options from Tranche 12 were vested and exercisable as to 25%

All remaining options are expected to vest in future periods. No options have expired during the financial year.

The weighted average remaining contractual life of options outstanding at the 30 June 2019 is 1.43 years.

Summary of valuation for each tranche of options

Based on the above assumptions, the table below sets out the valuation for each tranche of options:

Grant date		Expiry date		Share price at Grant Date		Exercise price		Volatility (%)		Remaining Life (years)		Risk free Rate (%)		Fair value per option
16/11/2015		16/11/2020		$0.140		$2.200		158.00%		0.37		2.04%		$1.280
05/09/2016		05/09/2021		$0.105		$1.630		122.00%		1.16		1.60%		$0.840
12/10/2016		17/10/2021		$0.098		$1.560		122.00%		1.29		1.89%		$0.780
31/10/2016		01/11/2021		$0.090		$1.380		122.00%		1.20		1.87%		$0.720
21/11/2016		23/11/2021		$0.092		$1.380		122.00%		1.20		2.10%		$0.730
07/08/2017		07/08/2022		$0.430		$0.670		74.50%		2.08		1.95%		$0.206
05/02/2018		05/02/2023		$0.500		$0.780		74.50%		2.58		1.95%		$0.200
04/01/2019		04/01/2024		$0.340		$0.493		74.50%		3.50		1.95%		$0.140
13/11/2019		13/11/2024		$0.410		$0.493		74.50%		4.20		1.95%		$0.180
13/01/2020		13/01/2025		$0.620		$0.881		74.50%		4.50		1.95%		$0.340

X

- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2019-01-01
-Paragraph 47
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2019-en-r&anchor=para_47_a&doctype=Standard
-URIDate 2019-03-27

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X

- Definition

The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]]

+ References

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-Name IFRS
-Number 2
-IssueDate 2019-01-01
-Paragraph 45
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-URIDate 2019-03-27

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