Icon Energy Limited Annual Report 2017

Corporate − Icon Energy held the Company’s 2016 Annual General Meeting on 23 November 2016 with all resolutions adopted. − Icon Energy’s on market share buy-back continued throughout the year. The buy-back, commencing on 12 March 2015 was conducted over 15 months, with up to 10% of Icon Energy’s ordinary shares on issue (totaling up to 61.9 million shares) able to be purchased under the buy-back. − The buyback period was extended to 12 March 2017. The buy-back provided Icon with an opportunity to strengthen the Company’s capital position at a cyclical low point in the resources market and also demonstrated the Board’s strong belief in the underlying value of the Company’s assets. − On 15 March 2017, the Company announced the completion of the on-market share buy- back. The total number of shares purchased under the buy-back from 12 March 2015 to 15 March 2017 was 21,160,565 at a cost of $1,122,829. EVENTS AFTER THE BALANCE DATE There has not arisen in the interval between 30 June 2017 and the date of this report, any item, transaction or event of a material or unusual nature likely in the opinion of the Directors, to affect substantially the operations or state of affairs of the consolidated entity in subsequent financial years unless otherwise noted in the Annual Report. CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS Reference to corporate strategies and future development is included in the Chairman’s and Managing Director’s Report. Other than matters included in this Report or elsewhere in the Annual Report, likely developments in the operations of the consolidated entity and expected results of those operations have not been disclosed as the Directors believe that the inclusion would most likely result in unreasonable prejudice to the Company (in accordance with Section 299A(3) of the Corporations Act 2001 ). FINANCIAL POSITION The net loss after tax for the Company and its controlled entities for the financial year ended 30 June 2017 was $5,670,295 (30 June 2016: $5,601,728). Further information on the company’s financial position is included in the Chairman’s and Managing Director’s Report. DIVIDENDS The Directors recommend that no dividend be paid by the Company. No dividends have been declared or paid by the Company since the end of the previous financial year (30 June 2016: Nil). REMUNERATION REPORT The Remuneration Report for the financial period which forms part of the Director’s Report can be found on page 28 of this Annual Report. COMPANY SECRETARY Details of Dr Jih’s qualifications and experience are set out in the Board of Directors section of this Annual Report. MEETINGS OF DIRECTORS During the financial period, sixteen meetings of Directors (including committees) were held. Attendances at these meetings by each director were as follows: Directors Meetings Audit and Risk Management Committee Meetings Remuneration Nominations and Succession Committee Meetings Held Attended Held Attended Held Attended R S James 6 6 – – – – S M Barry 6 6 2 2 1 1 D Murphy 6 6 2 2 1 1 K Hilless 6 6 2 2 – – H Lu 6 6 – – – – K Jih 6 6 – – – – DIRECTORS' REPORT for the year ended 30 June 2017 FINANCIAL REPORT 26 ICON ENERGY ANNUAL REPORT 2017