Financial Statements
|
|
|
SKY CITY ENTERTAINMENT GROUP LIMITED DONATIONS Donations are referred to in Note 3 of the financial statements. WAIVERS FROM THE NEW ZEALAND EXCHANGE (NZX) LISTING RULES The following waivers from the NZX Listing Rules were effective as at balance date. As part of the Non-Executive Director Share Option Plan, approved by shareholders at the 2000 Annual Meeting, the NZX granted a waiver from compliance with Listing Rule 7.3.2 enabling the issue of options to be made to each nonexecutive director under the Plan in the financial year ending on 30 June 2003, being more than six months after the date on which the resolution approving the issue was passed. On 29 August 2001, the NZX granted a waiver from compliance with Listing Rule 7.3.6 in respect of the participation by Ms.H.R.Shotter in the companys Performance Pay Incentive Plan (PPI) and the 1999 Executive Share Option Plan. Under the PPI, salaried employees of the company and its subsidiaries are entitled to bonuses, payable in cash and shares, if relevant financial and personal performance targets are met. Ms.Shotter is married to Mr.Davies, the Managing Director of the company. Accordingly, in the absence of the waiver, issues of shares under the PPI and options under the Executive Share Option Plan would have required shareholder approval. The NZX granted the waiver on the condition that Ms.Shotters participation in the PPI and the Executive Share Option Plan is determined by an independent committee of the board of directors of the company, and that Mr.Davies does not participate in determining the benefits provided to Ms.Shotter. In addition, on 5 September 2002, the NZX granted waivers from compliance with Listing Rule 7.3.6 in respect of the participation by Ms.Shotter in the companys renewed Performance Pay Incentive Plan (2002 PPI) and the renewed executive share option plan (2002 Option Plan). As the terms of the 2002 PPI and the 2002 Option Plan are substantially the same as the previous PPI and Executive Share Option Plan,in the absence of the waivers,issues of shares under the 2002 PPI and options under the 2002 Option Plan would require shareholder approval. The NZX granted the waivers on the condition that Ms.Shotters participation in the 2002 PPI and the 2002 Option Plan is determined by an independent committee, and that Mr.Davies does not participate in determining the benefits provided to Ms.Shotter. The effect of all other waivers granted had ceased as at balance date. EVENTS SUBSEQUENT TO BALANCE DATE The directors are not aware of any matter or circumstance since the end of the financial year, not otherwise dealt with in this Report, that has significantly or may significantly affect the operations of SKYCITY Entertainment Group Limited or any of its subsidiary companies.
|