Axiom 2014 Annual Report - page 82

80
Axiom Mining Limited
Directors’ Report
The directors present their audited financial statements
for the Company consisting of Axiom Mining Limited
(“The Company” or “Axiom”) for the year ended
30 September 2014.
Principal activities
The principal activity of the Company is investment
holding. Details of the principal activities of the principal
subsidiaries are set out in Note 11 to the financial
statements.
During the year, the Company and its subsidiaries
(collectively, the “Group”) transitioned its Vietnam
operations to maintenance mode to enable it to focus
its efforts on the Solomon Islands. The Company
still believes that Vietnam offers great potential for
resource development and has taken steps to maintain
avenues for re-commencing exploration in future when
circumstances permit.
Results and dividends
The Company’s loss for the year ended 30 September
2014 and the state of affairs of the Company are set out
in the financial statements on pages 84 to 87.
The directors do not recommend the payment of any
dividend for the year ended 30 September 2014 (2013: nil).
Property, plant and equipment
Details of movements in the property, plant and
equipment of the Company during the year are set out in
Note 12 to the financial statements.
Share capital and share options
Details of share capital and share options of the Company
for the year ended 30 September 2014 are set out in the
Notes 16(a) and 16(b) to the financial statements. Other
details of share options and performance rights are set
out in the annual financial report of the Group for the
year ended 30 September 2014.
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Reserves
Details of movements in the reserves of the Company
during the year are set out in the statement of changes
in equity.
Directors
The directors during the year and up to the date of this
report were:
––
Stephen Ray Williams (Chairman and Non-Executive
Director)
––
Ryan Richard Mount (Executive Director and Chief
Executive Officer)
––
Anthony Faillace (Non-Executive Director and
resigned on 20 February 2014)
In accordance with articles 114 and 115 of the Company’s
articles of association, Mr Stephen Ray Williams and
Mr Ryan Richard Mount were re-elected at the last
annual general meeting. The non-executive directors
and executive directors are appointed for a period of
three years.
Directors’ and senior management’s
biographies
Biographies details of the directors and senior
management of the Company are set out in the annual
financial report of the Group for the year ended
30 September 2014.
Directors’ remuneration
The directors’ fees are subject to shareholders’ approval
at general meetings. Other emoluments are determined
by the Board with reference to directors’ duties,
responsibilities and performance and the results of
the Group.
Directors’ interests in contracts
Except as disclosed in Note 19 and 23 to the financial
statements, no director had a material interest, either
directly or indirectly, in any contract of significance to
the business of the Group to which the Company or any
of its subsidiaries was a party during the year.
COMPANY FINANCIAL REPORT
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