Notes to the Financial Statements
6.2 Movements in reserves
Consolidated
Company
2024 $'000
2023
2024 $'000
2023
$'000
$'000
Restated
Retained earnings/(losses) Balance at the beginning of the financial year Impact of initial application of AASB 17 (refer to section 9.6) Balance at the beginning of the financial year (restated) Net profit/(loss) attributable to members of the parent entity
(80,108)
7,881
(111,647)
(111,647)
— (83,653)
—
—
(80,108)
(75,772)
(111,647)
(111,647)
(12,449)
8,884
(14,687)
— — —
Transfer to profit reserve
—
—
— —
Dividend paid during the year
(29,747)
(13,220) (80,108)
(122,304)
(126,334)
(111,647)
Balance at the end of the financial year Share based payments reserve 1 Balance at the beginning of the financial year Recognition of share based payments Transfer from accrued employee entitlements 2
6,692
6,562 (166)
4,285
4,155 (166)
305 490 325
305 490 325
435 199
435 199
ESP loans settled through dividend ESP shares vested/(forfeited)
(2,316)
(338)
(2,316)
(338)
Shares released
(90)
—
—
—
5,406
6,692
3,089
4,285
Balance at the end of the financial year
Consolidated
Company
2024 $'000
2023
2024 $'000
2023
$'000
$'000
Profit reserve Balance at the beginning of the financial year
— — — —
— 26,166
21,015 18,371
Profit for the year
—
7,663
Dividend paid during the year
— (29,747) — 4,082
(13,220) 26,166
Balance at the end of the financial year
1 The above share based payments reserve relates to share options granted by the Company to employee and contractor participants under the share based payment arrangements. Further information is set out in section 7.2. 2 Restricted rights issued relating to Deferred Short Term Variable Remuneration (STVR).
6.3 Shares granted under the executive share plan In accordance with the provisions of the ESP, as at 30 June 2024, key management have acquired 6,109,927 (30 June 2023: 16,633,432, excluding 1,500,000 forfeited shares) ordinary shares. Shares granted under the ESP carry rights to dividends and voting rights. In June 2024, the Board exercised its discretion under the ESP Plan Rules to ensure the consistency between participants and given the timeframe that the ESP shares have been on issue. This resulted in the amendment of the conditions attached to the remaining unvested ESP shares (as they were subject to the ‘Change in Control’ vesting criteria), such that the Board approved the immediate vesting in June 2024. As at 30 June 2024, all ESP shares (6,109,927 shares) are vested. Financial assistance amounting to $4,965,282 (30 June 2023: $11,765,742) was made available to executives and senior employees to fund the acquisition of shares under the ESP. As all the ESP shares have vested, in June 2024 the Board has approved granting an extension to the loan term of all Employee Participants who remain employees at the expiration of their loan term for a period until 14 months after a Change in Control of the Company (as defined in the ESP Rules).
153
ClearView Wealth Limited
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