Speciality Metals International Limited Annual Report 2019

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 44 Terms and Conditions of Contributed Equity Ordinary Shares Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up, on the shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Option holders have no voting rights until the options are exercised. Options No options were outstanding at the end of the reporting period. Performance Rights The following performance rights are outstanding at the end of the reporting period. (b) Movements in Performance Rights Date Number of Performance Rights Vesting conditions Maturity Unlisted Performance Rights Performance Rights granted to Directors as remuneration approved by shareholders at the 2018 General Meeting held on 22 June 2018. 22-06-18 25,000,000 ** 22-06-20 Balance as at 30 June 2018 25,000,000 ** Following approval by shareholders at the General Meeting held on 22 June 2018, the Company granted Performance Rights to Directors in accordance with the terms approved by shareholders. See Note 23(b) for further information. 11. EARNINGS PER SHARE Profit (Loss) after income tax attributable to the owners of Speciality Metals International Limited used in calculating basic and diluted earnings per share 2019 $ 3,808,863 2018 $ (1,478,746) Number Number Weighted average number of ordinary shares on issue used in the calculation of basic loss per share 567,557,643 509,988,747 Weighted average number of ordinary shares used in calculating diluted earnings per share. Note options outstanding at reporting date have not been brought to account as they are anti-dilutive. 567,557,643 509,988,747 Cents Basic profit (loss) per share (cents) 0.67 (0.29) Diluted profit (loss) per share (cents) 0.67 (0.29)