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Notes to the Financial Statements

For the year ended 30 June 2009

  • 34.

    SHARE-BASED PAYMENT PLANS

    • (a)

      Recognised share-based payment expenses

Total expenses arising from share-based payment transactions were recognised by AVJennings Properties Limited. The amount recognised as part of employee benefit expenses is shown in the table below:

2009

2008

2009

2008

$’000

$’000

$’000

$’000

Consolidated

Parent

Expense arising from equity-settled share-based payment transactions Expense arising from cash-settled share-based payment transactions

21

Total expense arising from share-based payment transactions

21

The share-based payment plan is described below. There have been no cancellations or modifications to the plan during 2009.

(b) ype of share-based payment plan

AVJ Deferred Employee share plan

Share-based compensation benefits are provided to the Chief Executive Officer via the AVJ Deferred Employee Share Plan. The cost of these equity-settled transactions is measured at the fair value of the shares at the grant date. The market value at the grant date is taken to be the fair value. The original cost of the shares is treated as a reduction in share capital and the underlying shares identified separately as treasury shares. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period.

During the financial year ended 30 June 2009, the Chief Executive Officer has been granted 1 million shares in AVJennings

Limited which will vest equally on the first, second and third anniversary of his appointment. The grant date is 7 March 2009 and the first vesting date 20 February 2010. The sole criterion is the continuity of employment over the 3 years. These shares are currently held by the AVJ Deferred Employee Share Plan Trust.

78 AVJennings Limited ABN 44 004 327 771

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