Notes to the Financial Statements
For the year ended 30 June 2009
RELATED PARTY DISCLOSURES
AVJennings Limited is the ultimate Australian Parent Entity. SC Global Developments Limited is the ultimate Parent Entity.
(b) Share and share option transactions with Directors and Director-related entities
The aggregate number of shares and options held at the reporting date either directly or indirectly or beneficially by the Directors or by an entity related to those Directors of AVJennings Limited are as follows:
Owned by Directors directly, or indirectly or beneficially
Otherwise owned in which the Director was deemed to have an interest
Fully paid ordinary shares
Directors and Director-related entities received normal dividends on these ordinary shares.
(c) Entity with significant influence over AVJennings Limited
137,370,023 ordinary shares equating to 50.03% of the total ordinary shares on issue (2008: 130,481,150 & 48.94% respectively) were held by SC Global Developments Limited and its associates in the Parent Entity at 30 June 2009. Certain Directors of SC Global Developments Limited are also Directors of AVJennings Limited. Details of Directors’ interests in the shares of the Parent Entity are set out in the Directors’ Report.
(d) Parent Entity amounts receivable from and payable to controlled entities
Current receivables due from subsidiary companies Current payables due to subsidiary companies
At 30 June 2009, the Parent Entity has not set up any provisions against debts owed by related parties as recoverability is considered probable (2008: $NIL). An impairment assessment is undertaken each financial year-end to determine whether there is objective evidence that a related party receivable is impaired. If evidence of impairment exists, the impairment loss is recognised immediately.