Eastport Stage 5 & Employee Share Options
Eastport 5
Following the meeting of the Council of the City of Mandurah on 21st August 2007, the Eastport Stage 5 Outline Development Plan (ODP) and Amendment No.72 to the City of Mandurah Town Planning Scheme No.3 are in the final stages of the planning process.
To date the required environmental clearances have now been received from the appropriate regulatory bodies (including the Environmental Protection Authority and Department for Planning and Infrastructure Maritime division) and both the ODP and Scheme Amendment have received final consideration by the City of Mandurah.
Whilst the City at its meeting of 21st August 2007 withdrew its previous support for the proposal (based on environmental grounds - notwithstanding the acceptance by the environmental regulators) through a 6 to 5 vote, the ODP will now be forwarded to the Western Australian Planning Commission for final approval and Amendment No.72 will be forwarded to the Minister for Planning (via the Commission) for approval.
Employee Share Options
The Board has approved an Employee Share Option Plan and issued 1,500,000 options, expiring 22nd August 2012 and exercisable at $2.12, under the plan to the executive team members details of which are shown in the attached Appendix 3B.
