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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Annual Report 2015 151
Notes to the consolidated financial statements
30 June 2015
32 Commitments and contingencies
(a) Commitments
(i)
Leasing commitments
2015
$'000
2014
$'000
Operating lease commitments
Commitments for minimum lease payments in relation to non-cancellable operating
leases are payable as follows:
Within one year
1,275
1,374
Later than one year but not later than five years
5,516
6,768
Later than five years
1,242
1,242
Total minimum lease payments
8,033
9,384
2015
$'000
2014
$'000
Finance lease and hire purchase commitments
Future minimum lease payments under lease contracts with the present value of net
minimum lease payments are as follows:
Within one year
522
3,671
Later than one year but not later than five years
-
522
Total minimum lease payments
522
4,193
Future finance charges
(12)
(175)
Present value of minimum lease payments
510
4,018
Current
510
3,508
Non-current
-
510
Total included in borrowings
510
4,018
(ii)
Property, plant and equipment commitments
The Group had no specific contractual obligations to purchase plant and equipment at the reporting date (2014: $nil).
(b) Contingencies
The Group had guarantees outstanding at 30 June 2015 totalling $1,315,000 (2014: $15,950,000) which have been
granted in favour of various third parties. The guarantees primarily relate to environmental and rehabilitation bonds at
the various mine sites.
33 Events occurring after the reporting period
On 21 August 2015, the Company announced the establishment of a final dividend pool of $13,000,000. The record
date for this final dividend is expected to be no later than 30 September 2015. The final dividend will be fully franked.
On 25 May 2015, the Company and Sirius Resources NL ("Sirius") announced the execution of a binding Scheme
Implementation Deed ("SID") under which the Company will acquire all the issued capital of Sirius by way of an
Acquisition Scheme of Arrangement (the "Acquisition Scheme"). In addition, Sirius will also undertake a demerger of its
Polar Bear and Scandinavian exploration assets via a Demerger Scheme of Arrangement ("Demerger Scheme"),
whereby the assets will be held in a new listed vehicle called S2 Resources Ltd.
If successful, the transaction will be implemented via two inter-conditional Schemes of Arrangement (the Acquisition
Scheme and the Demerger Scheme), and a capital reduction to effect the demerger. In exchange for their shares, Sirius
shareholders will receive:
• 0.66 Independence Group shares for each Sirius share held;
• Cash consideration of 52 cents cash for each Sirius share held; and
• Circa one S2 share for every 2.5 Sirius shares held.
Independence Group NL
87