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VINYL GROUP LTD — Annual Report 2014
Aug 28, 2014
66014_rns_2014-08-28_a3655509-765f-4dd7-9d0b-8afc7c332707.pdf
Annual Report
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AND MEDIA RELEASE Date: 29 August 2014
ASX CODE: MBO
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MBO delivers record year in FY2014
-
Full year loss of $0.063M reduced by $1.235M or 95% over the previous year
-
Record orders, revenues.
-
Initial rental order book to improve operations in future years
Perth, Western Australia : Global marine safety
equipment provider, Mobilarm Limited (ASX:
MBO) (“The Company”) today reported full year results for the year ended 30 June 2014. Mobilarm reported an overall decrease in its operating loss by 95% to $63,392, a near breakeven performance.
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Ken Gaunt, Mobilarm’s Chief Executive Officer, commented: “This financial year was a turn around year for the Company and we have delivered record orders and revenues enabling us to reach a near breakeven position. Our focus on delivering new products and solutions, introducing a unique rental service and expanding our annual service offering has been key to achieving this. We have grown organically and invested in new products and markets and we will deliver a substantial increase on this performance next year."
Mobilarm’s Chief Financial Officer, Jorge Nigaglioni, commented: “We have now moved from the implementation phase of our strategy to our growth phase. We have set aggressive plans to drive further increase in the number of users in the market and our market share. We are well positioned to grow our business in the North America and Australasia regions over the next 12-24 months. The rentals signed in the last year will have a positive impact on results in financial years 2015 to 2019.”
TEL. +61 8 9315 3511 MOBILARM LIMITED (ABN 15 106 513 580) FAX. +61 8 9315 3611 768 CANNING HIGHWAY PO BOX 1533 APPLECROSS 6953 WESTERN AUSTRALIA WWW.MOBILARM.COM [email protected]
Ken Gaunt Chief Executive Officer
Perth, Western Australia 29 August 2014
Further details
Ken Gaunt
Chief Executive Officer
Email: [email protected] Tel.: +61 417 961 770 Tel.: +44 782 731 4442 www.mobilarm.com
2
APPENDIX 4E
Full
Year
Report 30
June
2013
MOBILARM LIMITED
**ACN
106
513
580**
**Results
for
announcement
to
the
market**
| June 2014 | June 2014 | June 2013 | ||
|---|---|---|---|---|
| Financial Results | Movement | $ | $ | |
Revenue from ordinaryactivities |
36% | 5,816,192 | 4,279,624 | |
| Profit/(loss) from ordinary activities after tax attributable to members |
95% | (63,392) | (1,297,765) | |
| Netprofit/(loss)for theperiod attributable to members | 95% | (63,392) | (1,297,765) | |
| Dividends | Amount per OrdinarySecurity |
Franked amount per security |
||
| 2014 dividend |
Nil | - | ||
| 2013 dividend |
Nil | - | ||
| Record date for determiningentitlements to interim dividends | N/A | |||
| Net Tangible Asset/(Liability) Backing | June 2014 | June 2013 | ||
| Net tangible asset/(liability) backing per ordinary security – cents per share |
0.1 | 0.1 |
3
**MOBILARM
LIMITED PRELIMINARY
STATEMENT
OF
COMPREHENSIVE
INCOME FOR
THE
YEAR
ENDED
30
JUNE
2014**
Note Revenue Sale of goods Rental revenue Cost of units sold Depreciation of units under rental Interest income Other income Employee benefits Share based compensation expense Depreciation and amortisation Advertising Audit and tax Accountancy Freight and cartage External consultants and contractors Rental Travel and accommodation Allowance for doubtful debts Payroll tax Legal fees Telephone and internet charges Insurance Printing, postage and stationery Motor vehicles expenses Finance costs Property letting fees Rates and land tax Foreign exchange (loss)/gain Redundancy costs Impairment of capitalised development costs Other expenses Loss before income tax (carried forward) Income tax benefit Loss after income tax from continuing operations |
Mobilarm 2014 $ 5,647,019 169,173 5,816,192 (1,482,079) (24,464) (1,506,543) 4,309,649 6,427 - (2,143,003) (181,130) (463,531) (64,046) (92,525) (19,995) (68,092) (361,605) (159,960) (406,965) 507,026 (6,901) (91,949) (72,674) (71,250) (93,119) (80,287) (186,518) (78,969) (69,265) (173,536) - - (413,035) (475,253) 411,861 (63,392) |
Limited 2013 $ 4,279,624 - |
|---|---|---|
| 4,279,624 | ||
(1,205,348) - |
||
| (1,205,348) |
||
| 3,074,276 | ||
14,777 180 (1,759,163) (77,687) (499,165) (45,095) (46,423) (76,731) 5,830 (265,665) (80,105) (238,476) (607,639) (20,826) (79,671) (72,150) (79,359) (90,502) (57,588) (137,473) (26,032) (35,778) 116,294 (27,115) (78,506) (398,360) |
||
| (1,588,152) 290,387 |
||
| (1,297,765) |
4
| Loss after income tax from continuing operations Other comprehensive income Changes in value of available-for-sale investments, net of tax Total comprehensive loss for the period Basic earnings per share (cents per share) (6) Diluted earnings per share (cents per share) (6) |
(63,392) - (63,392) (0.0) (0.0) |
(1,297,765) - |
|---|---|---|
| (1,297,765) | ||
(0.4) |
||
(0.4) |
||
5
**MOBILARM
LIMITED PRELIMINARY
STATEMENT
OF
FINANCIAL
POSITION AS
AT
30
JUNE
2014**
Note CURRENT ASSETS Cash and cash equivalents Restricted cash Short–term securities (4) Trade and other receivables Inventories Other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Plant and equipment Intangible assets and Goodwill (3) TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Interest bearing loans and borrowings (4) Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provisions Interest bearing loans and borrowings (4) TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity (5) Accumulated Losses Reserves (5) TOTAL EQUITY |
Mobilarm Limited 2014 2013 $ $ 842,229 589,072 48,217 48,217 698,979 - 1,590,210 981,729 1,174,063 482,739 314,638 105,867 4,668,336 2,207,624 623,887 229,167 3,253,948 3,088,432 3,877,835 3,317,599 8,546,171 5,525,223 1,793,768 1,224,859 896,134 723,954 153,018 226,307 2,842,920 2,175,120 30,294 17,425 6,318 17,738 36,612 35,163 2,879,532 2,210,283 5,666,639 3,314,940 29,804,298 27,790,295 (24,873,934) (24,810,542) 736,275 335,187 5,666,639 3,314,940 |
Mobilarm Limited 2014 2013 $ $ 842,229 589,072 48,217 48,217 698,979 - 1,590,210 981,729 1,174,063 482,739 314,638 105,867 4,668,336 2,207,624 623,887 229,167 3,253,948 3,088,432 3,877,835 3,317,599 8,546,171 5,525,223 1,793,768 1,224,859 896,134 723,954 153,018 226,307 2,842,920 2,175,120 30,294 17,425 6,318 17,738 36,612 35,163 2,879,532 2,210,283 5,666,639 3,314,940 29,804,298 27,790,295 (24,873,934) (24,810,542) 736,275 335,187 5,666,639 3,314,940 |
|---|---|---|
| 2,207,624 | ||
229,167 3,088,432 |
||
| 3,317,599 | ||
5,525,223 |
||
1,224,859 723,954 226,307 |
||
2,175,120 |
||
17,425 17,738 |
||
| 35,163 | ||
2,210,283 |
||
3,314,940 |
||
27,790,295 (24,810,542) 335,187 |
||
3,314,940 |
6
**MOBILARM
LIMITED PRELIMINARY
STATEMENT
OF
CHANGES
IN
EQUITY FOR
THE
YEAR
ENDED
30
JUNE
2014**
As at 30 June 2012 Net loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners Issue of deferred ordinary share compensation from MRT acquisition Share based payments Performance Shares Forfeiture of Performance Shares Share based payments Performance Share Rights Share based payments – Stock Options As at 30 June 2013 Net loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners Issue of equity Costs of share issues Currency translation reserve Conversion of convertible notes into ordinary shares Share based payments – Performance Shares Share based payments – Performance Shares Rights Share based payments – Stock Options As at 30 June 2014 |
Issued Capital $ 27,710,729 - - 114,233 16,000 (50,667) - - 27,790,295 - - - 1,300,000 (10,000) (7,654) 720,989 10,668 - - 29,804,298 |
Accumulated Losses $ (23,512,777) (1,239,280) (1,239,280) - - - - - (24,810 542) (63,392) - (63,392) - - - - - - - (24,873,934) |
Stock Option Reserve $ 222,833 - - - - - 29,549 82,805 335,187 - - - - - - - - 70,917 99,544 505,648 |
Currency Translation Reserve $ - - - - - - - - - - - - - - 230,627 - - - - 230,627 |
Total Equity $ 4,420,785 |
|---|---|---|---|---|---|
| (1,239,280) |
|||||
| (1,239,280) | |||||
114,233 16,000 (50,667) 29,549 82,805 |
|||||
| 3,314,940 | |||||
| (63,392) - |
|||||
| (63,392) | |||||
1,300,000 (10,000) 222,973 720,989 10,668 70,917 99,544 |
|||||
| 5,666,639 |
7
**MOBILARM
LIMITED PRELIMINARY
STATEMENT
OF
CASH
FLOWS FOR
THE
YEAR
ENDED
30
JUNE
2014**
Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Payment for research & development R&D tax rebate Rental income & recoveries Interest and other borrowing costs paid NET CASH FLOWS USED IN OPERATING CASH FLOWS FROM INVESTING ACTIVITIES Payments for plant and equipment Acquisition of business Term Deposit NET CASH FLOWS PROVIDED/(USED) IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings – related parties (4) Proceeds from borrowings (4) Repayment of borrowings Proceeds from share issues (5) Costs of share issue (5) NET CASH FLOWS PROVIDED BY NET INCREASE/(DECREASE) IN CASH HELD CASH AT THE BEGINNING OF THE CASH AT THE END OF THE FINANCIAL YEAR |
2014 $ 6,220,708 (7,128,757) 6,347 (444,224) 319,423 - (26,275) (1,052,778) (40,753) - - (40,753) - 56,688 - 1,300,000 (10,000) 1,346,688 253,157 589,072 842,229 |
2013 $ 3,822,246 (5,567,185) 11,726 (263,158) 584,645 - (21,710) |
|---|---|---|
| (1,433,436) | ||
(7,578) - 217,907 |
||
| 210,329 | ||
720,989 - - - - |
||
| 720,989 | ||
(502,118) 1,091,190 |
||
589,072 |
8
NOTES
TO
THE
PRELIMINARY
FINAL
REPORT
(UNAUDITED) FOR
THE
YEAR
ENDED
30
JUNE
2014
**1 CORPORATE
INFORMATION**
The
financial
report
of
Mobilarm
Limited
(the
“Company”)
for
the
year
ended
30
June
2014
was
authorised for
issue
in
accordance
with
a
resolution
of
directors
on
29
August
2014.
Mobilarm
Limited
is
a
Company
limited
by
shares
incorporated
and
domiciled
in
Australia.
The
nature
of the
operations
and
principal
activities
of
the
Company
are
described
in
the
Director’s
Report.
The
Company
owns
three
wholly
owned
subsidiary
companies
as
follows:
| Name | Country of Incorporation | Date of Establishment | ||||
|---|---|---|---|---|---|---|
| Marine Rescue Technologies Ltd | United Kingdom | |||||
| Mobilarm, Inc. | United States of America | |||||
| Rentquip Ltd | United Kingdom | 14 June 2013 | ||||
The
Company
also
owns
50%
ownership
stake
of
a
joint
venture
as
follows:
| Name | Country of Incorporation | Date of Establishment | ||||
|---|---|---|---|---|---|---|
| Mobilarm Nigeria | Nigeria | 19 March 2013 |
**2 SUMMARY
OF
SIGNIFICANT
ACCOUNTING
POLICIES**
**(a) Basis
of
Preparation**
The
preliminary
final
report
has
been
prepared
in
accordance
with
the
Australian
Securities
Exchange Listing
Rules
as
set
out
in
Appendix
4E
and
in
accordance
with
the
measurement
and
recognition
(but
not disclosure)
requirements
of
the
Australian
Accounting
Standards,
Corporations
Act
2001
and
other pronouncements
of
the
Australian
Accounting
Standards.
As
such,
this
preliminary
final
report
does
not
include
all
the
notes
of
the
type
included
in
an
annual financial
report
and
accordingly,
should
be
read
in
conjunction
with
the
annual
report
for
the
year
ended 30
June
2013
and
with
any
public
announcement
made
by
Mobilarm
Limited
during
the
reporting
period
in accordance
with
the
disclosure
requirements
of
the
Corporations
Act
2001.
The
accounting
policies
and
methods
of
computation
are
the
same
as
those
adopted
in
the
most
recent annual
financial
report.
The
accounting
policies
and
methods
of
computation
are
the
same
as
those
adopted
in
the
annual
financial report
for
the
year
ended
30
June
2013.
The
financial
report
is
presented
in
Australian
Dollars
and
all
values
are
rounded
to
the
nearest
dollar.
(b) Going Concern
This
report
has
been
prepared
on
a
going
concern
basis,
which
contemplates
the
continuity
of
normal business
activity
and
the
realisation
of
assets
and
settlement
of
liabilities
in
the
normal
course
of
business.
9
The
Company
has
incurred
a
net
loss
after
tax
for
the
year
ended
30
June
2014
of
$63,392
(2013: $1,297,765)
and
experienced
net
cash
outflows
from
operating
activities
of
$1,052,788
(2013:
$1,433,436). As
30
June
2014,
the
Company
had
net
assets
of
$5,666,639
(2013:
$3,314,940).
Notwithstanding
the
above,
the
ability
of
the
Company
to
continue
as
a
going
concern
is
reliant
on:
-
increased
cash
flows
from
operations,
and/
or -
the
raising
of
funds
through
a
debt
or
equity
issues.
The
Directors
have
reviewed
the
business
outlook
and
plans
of
the
company
and
believe
that
the
Company will
achieve
increased
cash
flows
from
operations
to
sustain
its
ability
to
continue
as
a
going
concern,
which will
also
make
the
raising
of
funds
more
achievable
if
needed.
The
Company
started
a
rental
program during
the
year
that
will
initially
require
capital
investment,
but
will
produce
long
term
cash
inflows.
The Company
reduced
its
losses
by
95%
for
the
year
and
increased
its
revenues.
The
continued
growth
of
the rental
portfolio
will
enhance
the
Company’s
financial
position.
Should
the
entity
not
achieve
the
matters
set
out
above,
there
is
significant
uncertainty
whether
the
entity will
continue
as
a
going
concern
and
therefore
whether
it
will
realise
its
assets
and
extinguish
its
liabilities in
the
normal
course
of
business
and
at
amounts
stated
in
the
financial
report.
The
financial
report
does
not
include
any
adjustments
that
may
be
necessary
if
the
Company
is
unable
to continue
as
a
going
concern.
10
**3 INTANGIBLE
ASSETS**
Intangible assets net of amortisation Development Cost Goodwill Incorporation Cost Intangible assets net of amortisation |
June 2014 June 2013 $ $ 1,329,880 1,164,364 1,924,068 1,924,068 - - |
|---|---|
| 3,253,948 3,088,432 |
**4 INTEREST
BEARING
LOANS
AND
BORROWINGS**
| INTEREST BEARING LOANS AND BORROWINGS | |
|---|---|
| CURRENT Intangible assets net of amortisation Convertible Note (i) Credit facility (i) (ii) Finance leases NON CURRENT Finance leases |
June 2014 June 2013 $ $ 197,135 - 698,999 720,989 |
| 896,134 720,989 |
|
| - 2,965 |
|
| 896,134 723,954 |
|
| 6,318 17,738 |
The
Company
entered
into
various
interest
bearing
loans
for
working
capital
purposes.
The
terms
of
each loan
are
described
below.
- (i) The
Company
entered
into
credit
facility
with
its
director
Ken
Gaunt
for
up
to
$1,000,000
on
8 March -
The
facility
was
purchased
by
another
party
in
July
2013
and
changed
into
a convertible
loan.
The
balance
of
the
facility
was
converted
on
28
June
2014
at
the
conversion -
(ii) The
Company
entered
into
a
credit
facility
with
a
shareholder
for
the
value
of
an
equity
investment in
another
entity.
As
the
Company
sells
the
equity
investment,
it
recognises
the
proceeds
as
a convertible
note,
with
an
interest
rate
of
6%
and
convertible
at
a
price
of
$0.04
cents.
The convertible
note
expires
on
28
March - As
at
30
June
2014,
the
Company
had
sold
$197,135 and
recognised
it
as
a
convertible
note.
As
at
30
June
2014,
$56,688
of
the
funds
realized
from
the sale
had
cleared
with
$140,447
reflected
as
a
receivable
in
transit.
The
remaining
value
of
the investment
is
recognised
as
a
credit
facility
at
its
current
market
value
of
$698,999.
11
**5 CONTRIBUTED
EQUITY**
Ordinary shares (a) Performance shares (b) Contributed equity (a) Ordinary Shares Movement in ordinary shares on issue Balance at beginning of year Issuance of equity Cost of share issues Currency revaluation Issue of deferred ordinary share compensation from MRT acquisition Conversion of Convertible Notes Balance at end of the year |
June 2014 June 2013 $ $ 29,626,815 27,623,480 177,483 166,815 29,804,298 27,790,295 June 2014 June 2013 Number $ Number $ 299,560,681 27,623,480 296,704,866 27,509,247 32,500,000 1,300,000 - - - (10,000) - - - (7,654) - - - - 2,855,815 114,233 18,024,735 720,989 - - |
|---|---|
| 350,084,416 29,626,815 299,560,681 27,623,480 |
Holders
of
ordinary
shares
are
entitled
to
receive
dividends
as
declared
from
time
to
time
and
are
entitled to
one
vote
per
share
at
shareholder
meetings.
| (b) Performance Shares (i) Movement in Performance Shares Class B Balance at beginning of year Expiry of shares during the year Forfeiture of shares during the year Share based payment expense for the year Balance at end of the year (ii) Movement in Performance Shares Class C Balance at beginning of year Share issue Forfeiture of shares during the year Share based payment expense for the year Balance at end of the year Total Performance Shares |
June 2014 June 2013 Number $ Number $ - 125,927 833,333 125,927 - - (833,333) - - - - - - - - - |
|---|---|
| - 125,927 - 125,927 |
|
| June 2014 June 2013 Number $ Number $ 333,334 40,888 833,334 75,555 - - - - - - (500,000) (50,667) - 10,668 - 16,000 |
|
| 333,334 51,556 333,334 40,888 |
|
| 333,334 177,483 333,334 166,815 |
Performance
class
B
shares
convert
to
ordinary
shares
on
a
1
for
1
basis
upon
the
Company
reaching
a market
capitalisation
of
$65
million
dollars
based
on
the
five
day
weighted
average
share
price
on
the
ASX. The
Company
has
amortised
the
Performance
shares
class
B
based
upon
the
Company’s
financial
plans
to reach
that
milestone.
833,333
Performance
shares
class
B
reached
their
expiry
date
without
meeting
the performance
condition.
12
Performance
class
C
shares
convert
to
ordinary
shares
on
a
1
for
1
basis
upon
the
Company
reaching
a market
capitalisation
of
$100
million
dollars
based
on
the
five
day
weighted
average
share
price
on
the ASX.
The
Company
has
amortised
the
Performance
shares
class
C
based
upon
the
Company’s
financial
plans to
reach
that
milestone.
500,000
Performance
shares
class
C
were
forfeited
during
the
year
as
the employees
did
not
meet
the
service
condition
as
part
of
the
grant
due
to
their
departure
from
the Company.
The
Company
offset
$50,667
of
previously
expensed
share
based
payments
as
part
of
the forfeiture.
Stock options Performance share rights Reserves (c) Options Movement in options on issue Balance at beginning of year (i) Options issued – Capital Raising (ii) Options issued – Employee Stock Option Plan (iv) Options forfeited – Employee Stock Option Plan (iv) Options cancelled – Employee Stock Option Plan (iv) Options issued – Directors Compensation (v) Options cancelled – Capital Raising Subtotal |
June 2014 June 2013 $ $ 405,182 305,638 100,466 29,549 505,648 335,187 June 2014 June 2013 Number $ Number $ 71,345,471 305,638 44,006,314 222,833 20,000,000 - - - - - - 2,152 - - - - - - (883,330) - - 99,544 31,670,487 80,653 (23,166,651) - (3,448,000) - |
|---|---|
| 68,178,820 405,182 71,345,471 305,638 |
(i) All
options
were
issued
as
a
free
attaching
option
as
part
of
the
Company’s
capital
raises
in 2011
and
2010
or
as
part
of
the
employee
stock
option
plan.
(ii) The
Group
issued
20,000,000
share
options
on
28
March
2014
as
part
of
its
Entitlements
Offer. The
options
have
a
one
year
expiry
and
the
exercise
price
is
as
follows:
Date
of
Exercise Exercise
Price Within
181
days
of
issue $0.04 Within
182-‐365
days
of
issue $0.06
(iii) The
outstanding
options
issued
under
the
employee
stock
option
plan
are
detailed
as
follows:
| Grant Date Expiry Date Strike Price 22-Dec-2010 22-Dec-2015 $0.193 20-Jan-2011 15-Oct-2015 $0.193 09-Jun-2011 09-Jun-2016 $0.072 Balance at end of the year |
Amount 925,000 83,333 500,000 |
|---|---|
| 1,508,333 |
- The
original
strike
price
for
these
options
was
$0.20.
The
terms
of
these
employee
options
provide
for the
exercise
price
of
the
options
to
be
adjusted
in
accordance
with
the
formula
set
out
in
ASX
Listing
Rule
13
6.22.2
following
an
Entitlement
Offer.
The
Company
adjusted
the
strike
price
as
part
of
the
Entitlements Offer
completed.
- (iv) On
the
8th
of
August
2012
the
Board
(excluding
Mr
Ken
Gaunt
who
did
not
wish
to
make
any recommendation)
has
proposed
the
issue
of
29,670,487
share
options
to
Director/Chief Executive
Officer
Ken
Gaunt.
Each
option
entitles
the
holder
to
exercise
the
option
in
exchange for
one
ordinary
share
in
the
Company.
The
options
are
exercisable
at
an
exercise
price
of
per option
A$0.021.
The
Options
vest
when
the
Share
Price
is
equal
to
or
greater
than
A$0.10 (subject
to
adjustment
under
the
terms
of
the
grant).
In
addition,
upon
a
Change
of
Control Event
(i),
the
Options
automatically
vest.
-
(i) Change
of
Control
Event
means: -
a. a
person
acquires
voting
power
in
at
least
50.1%
or
more
of
the
issued
Shares; -
b. a
person
acquires
the
power
to
direct
or
cause
the
direction
of
management
or
policies
of theCompany; -
c. a
person
directly
or
indirectly
acquires
all
or
substantially
all
of
the
business
and
assets
of the
Group;
or -
d. (d)
a
person
otherwise
acquires
or
merges
with
the
Group, -
including
by
way
of
a
takeover
bid,
scheme
of
arrangement,
amalgamation,
merger,
capital reconstruction,
consolidation,
share
acquisition,
securities
issuance,
share
buyback
or repurchase,
reverse
takeover,
dual
listed
company
structure,
establishment
of
a
new
holding entity
for
the
Group
or
any
other
comparable
transaction
or
arrangement.
In
association
with
the
grant
above,
the
Company
has
also
proposed
that
the
Company
enter
into
an interest-‐free
loan
agreement
with
Mr.
Gaunt
of
an
amount
equal
to
the
total
Grant
Price
payable
for
the 29,670,487
Options,
being
a
total
loan
amount
of
$267,034.
These
transactions
were
approved
at
a
general meeting
of
shareholders
on
the
7[th] of
September
2012.
Additionally,
Sir
Tim
McClement
was
issued
2,000,000
options.
The
options
are
exercisable
at
an
exercise price
of
per
option
A$0.027.
The
Options
vest
when
the
Share
Price
is
equal
to
or
greater
than
A$0.10 (subject
to
adjustment
under
the
terms
of
the
grant).
These
transactions
were
approved
at
a
general meeting
of
shareholders
on
the
29[th] of
November
2012.
14
| (d) Performance Share Rights Movement in options on issue Balance at beginning of year Performance share rights issued Balance at end of the year |
June 2014 June 2013 Number $ Number $ 11,000,000 29,549 - - - 70,917 11,000,000 29,549 |
|---|---|
| 11,000,000 100,466 11,000,000 29,549 |
The
Company
granted
11,000,000
performance
share
rights
in
2013
to
employees.
The
performance
share rights
vest
when
the
Share
Price
is
equal
to
or
greater
than
A$0.10
(subject
to
adjustment
under
the
terms of
the
grant).
In
addition,
upon
a
Change
of
Control
Event
(i),
the
performance
share
rights
automatically vest.
-
(i) Change
of
Control
Event
means: -
a. a
person
acquires
voting
power
in
at
least
50.1%
or
more
of
the
issued
Shares; -
b. a
person
acquires
the
power
to
direct
or
cause
the
direction
of
management
or
policies
of the
Company; -
c. a
person
directly
or
indirectly
acquires
all
or
substantially
all
of
the
business
and
assets
of the
Group;
or -
d. (d)
a
person
otherwise
acquires
or
merges
with
the
Group,
including
by
way
of
a
takeover
bid,
scheme
of
arrangement,
amalgamation,
merger,
capital reconstruction,
consolidation,
share
acquisition,
securities
issuance,
share
buyback
or repurchase,
reverse
takeover,
dual
listed
company
structure,
establishment
of
a
new
holding entity
for
the
Group
or
any
other
comparable
transaction
or
arrangement.
Some
of
the
performance
share
rights
have
additional
vesting
criteria
regarding
specific
performance
of projects
being
completed,
such
as
the
development
of
our
next
generation
products.
**6 EARNINGS
PER
SHARE**
| EARNINGS PER SHARE | |
|---|---|
EARNINGS PER SHARE Weighted average number of ordinary shares outstanding during the year used in the calculation of basic earnings per share Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted earnings per share Basic earnings/(loss) per share (cents per share) Diluted earnings/(loss) per share (cents per share) |
June 2014 June 2013 Number Number 323,888,349 296,884,821 |
| 323,888,349 296,884,821 |
|
(0.0) (0.4) |
|
(0.0) (0.4) |
|
15
**7 SEGMENT
INFORMATION**
The
company
operates
solely
in
the
development,
manufacturing
and
sale
of
Man
Overboard
safety systems.
The
Company
operates
in
four
geographical
locations
being
Australia,
the
United
Kingdom,
Nigeria and
the
United
States
of
America.
The
Company
manages
its
operations
internally
as
one
segment
under the
management
of
the
CEO.
The
accounting
policies
applied
for
internal
reports
are
consistent
with
the policies
used
to
prepare
the
financial
statements.
**8 CONTINGENT
LIABILITIES**
As
at
reporting
date
there
were
no
contingent
liabilities.
**9 SUBSEQUENT
EVENTS**
There
have
been
no
events
since
the
end
of
the
financial
year
that
affect
the
results
as
at
and
for
the
year ended
30
June
2014.
**10 BUSINESS
COMBINATIONS**
_**Acquisition
of
Marine
Rescue
Technologies
Ltd**_
On
9
June
2011,
Mobilarm
Limited
acquired
Marine
Rescue
Technologies
Ltd
(MRT),
a
leader
in
the
design and
manufacture
of
man
overboard
technology
in
Europe.
Mobilarm
acquired
100%
of
the
issued
capital
of MRT
for
GBP
£1,723,000
(approximately
AUD
$2,653,790).The
purchase
price
was
split
into
an
initial
cash payment
of
GBP
£1,189,000
(approximately
AUD
$1,831,316)
and
a
deferred
share
based
compensation
of GBP
£534,000
(approximately
AUD
$822,475).
Reconciliation of Goodwill
$
Carrying
amount
at
beginning
of
financial
year 1,924,068 Provisional
goodwill
recognised
on
business -‐ Carrying
amount
at
end
of
financial
year 1,924,068
16
ANNUAL MEETING
The
annual
meeting
will
be
held
as
follows:
Place Date Time Approximate
date
the
+annual
report
will
be available
To
be
advised To
be
advised To
be
advised 31
October
2013
COMPLIANCE ESTATEMENT
- 1 This
report
has
been
prepared
in
accordance
with
AASB
Standards,
other
AASB
authoritative
pronouncements
and
Urgent
Issues
Group
Consensus
Views
or
other
standards
acceptable
to
ASX
(see
note
12).
Identify
other
standards
used
-
2 This
report,
and
the
+accounts
upon
which
the
report
is
based
(if
separate),
use
the
same accounting
policies. -
3 This
report
does
give
a
true
and
fair
view
of
the
matters
disclosed -
4
This
report
is
based
on
+accounts
to
which
one
of
the
following
applies. (Tick
one)
-
The +accounts
have
been � The +accounts
have
been audited. subject
to
review. -
� The[+] accounts
are
in
the � The[+] accounts
have not yet process
of
being
audited
or been
audited
or
reviewed. subject
to
review. -
5 The
entity
has
formally
constituted
audit
committee.
Sign
here:
==> picture [146 x 38] intentionally omitted <==
Date:
29
August
2014
Print
name:
Jorge
Nigaglioni Executive
Director
&
Chief
Financial
Officer
17