Icon Energy Annual Report 2019

EVENTS AFTER THE BALANCE DATE In the interval between 30 June 2019 and the date of this report, Icon has conducted a significant staff restructuring/redundancy program reflecting its current operational requirements. A number of staff and two directors namely Mr Derek Murphy and Doctor Kevin Jih have retired after long periods of service with the Company. Their efforts are fully appreciated by the board and we thank them for their service. Following Doctor Jih’s retirement, Natalia Fraser was appointed as Chief Financial Officer and Company Secretary. Otherwise there has not arisen 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. CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS Reference to corporate strategies and future development is to be included in the Chairman’s Report in the Annual Report. The group will continue to pursue farm-out partners for the further development of its tenements. FINANCIAL POSITION The consolidated loss after tax for the Company and its controlled entities for the financial year ended 30 June 2019 was $31,372,498 (2018: $4,037,191 loss). 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 2018: 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. SHARES UNDER OPTION No options have been granted since the end of the previous financial year (2018: Nil). At the date of this report there are no options over unissued ordinary shares. COMPANY SECRETARY During the year ended 30 June 2019, Dr Kevin Jih was the company secretary. His details of qualifications and experience are set out in the Board of Directors section of this Annual Report. MEETINGS OF DIRECTORS During the financial period, fourteen 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 2 2 D Murphy 6 6 2 2 2 2 K Hilless 6 6 2 2 – – H Lu 6 5 – – – – K Jih 6 5 – – – – Directors' Report for the year ended 30 June 2019 26 Icon Energy Annual Report 2019