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CHALLENGER LIMITED Director's Dealing 2008
64641_rns_2008-09-24_a36dbf7a-9fd4-46f5-9255-a54f85d39fff.pdf
Director's Dealing
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Sydney
Level 15, 255 Piff Street Sydney NSW 2000 Australia GPO Box 3698 Sydney NSW 2001 www.challenger.com.au
Telephone 02 9994 7000 Facsimile 02 9994 7777
25 September 2008
Mr Ben Wacher Adviser Issuers Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000
Dear Mr Wacher.
Challenger Financial Services Group Limited Appendix 3Y
I enclose the Appendix 3Y in respect of Mr Dominic Stevens regarding a change of interest in a contract to a relevant interest in shares and regarding an issue of Performance Rights pursuant to the Challenger Performance Plan.
I note that the change of interest in a contract arose on 15 September 2008 and hence is being lodged 3 days outside of the period specified in the Listing Rules. The reason for this late lodgement is that internal management procedures failed to pick up the Appendix 3Y lodgement obligations on automatic vesting of Challenger Performance Plan Performance Rights and the consequent issue of shares. The Company has arrangements in place with its directors through contracts which ensure that disclosure obligations are met under the listing rules. This notifiable change of interest did not arise from any failure to act by a director. The Company's management and compliance procedures have been rectified so that processes capture lodgement obligations on vesting of Performance Rights.
Yours Sincerely
M2C
Chris Robson General Counsel and Group Company Secretary Challenger Financial Service Group Limited
Melbourne Level 10, 101 Collins Street PO Box 297, Flinders Lane, Melbourne VIC 3000 Telephone 03 8616 1800 Facsimile 03 8616 1899 Level 9. CUA Building 175 Eagle Street GPO Box 3234. Brisbane QLD 4001 Telephone 07 3218 8000 Facsimile 07 3220 3132
Level 3. 55 St Georges Terrace PO Box Z5065, St Georges Terrace, Perth WA 6831 Telephone 08 9223 7800 Fac Brisbane Perth Adelaide
Challenger Financial Services Group Limited ABN 85 106 842 371 Challenger Group Services Pty Limited ABN 91 085 657 307 Challenger Life No.2 Limited ABN 44 072 486 938 AFSL 234670 Challenger Commercial Lending Limited ABN 65 000 033 143 Challenger Managed Investments Limited ABN 94 002 835 592 AFSL 234668 RSE Licence No. L0002967 Challenger Listed Investments Limited ABN 94 055 293 644 AFSL 236 887 CIF Investment Trust 1 ARSN 114 139 703 CIF Investment Trust 2 ARSN 114 139 632 Challenger Wine Trust ARSN 092 960 060 Challenger Diversified Property Trust 1 ARSN 121 484 606 Challenger Diversified Property Trust 2 ARSN 121 484 713 Challenger Kenedix Japan Trust ARSN 124 068 971 Challenger Management Services Limited ABN 29-092-382-842. AFSL 234-678
Challenger Kenedix Japan Trust ARSN 124 068 971 Challenger Management Services Limited ABN 29-092-382-
Appendix 3Y
Rule 3.19A.2
Change of Director's Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 30/9/2001.
| Name of entity Challenger Financial Services Group Limited (Challenger) | |
|---|---|
| ABN 85 106 842 371 |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
| Name of Director | Dominic Stevens |
|---|---|
| Date of last notice | 3 September 2008 |
Part 1 - Change of director's relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.
| Direct or indirect interest | Direct |
|---|---|
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
N/A |
| Date of change | 15 September 2008 |
| No. of securities held prior to change | 5,700,000 ordinary shares 1,900,000 options 2,000,000 ordinary shares held by Deutsche Bank AG as previously disclosed |
| Class | ordinary |
| Number acquired | 82,655 |
| Number disposed | nil |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
Nil. The performance rights were granted on 15 September 2007 in satisfaction of the compulsorily deferred component of Mr Steven's discretionary performance bonus. |
| No. of securities held after change | 5,782,655 ordinary shares 1,900,000 options 2,000,000 ordinary shares held by Deutsche Bank AG as previously disclosed |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Previously issued performance rights have vested and shares were transferred to Mr Stevens in accordance with Plan Rules, including the shares being subject to a holding lock. |
|---|---|
| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
Part 2 – Change of director's interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.
| Detail of contract | Offer letter dated 15 September 2008 from Challenger to Mr Stevens in connection with the grant of performance rights under the Challenger Performance Plan (Offer Letter), as accepted by Mr Stevens on 19 September 2008. The performance rights are granted in satisfaction of the compulsorily deferred component of Mr Steven's discretionary performance bonus from Challenger payable on 15 September 2008. |
|---|---|
| Nature of interest | The performance rights will vest over a two year period subject to Mr Steven's continued employment with Challenger. Vesting of one half of the performance rights will occur on each of the first and second anniversary of 15 September 2008, subject to Mr Steven's continued employment with Challenger on each of those anniversaries. |
| Each performance right will be satisfied by the transfer of one ordinary Challenger share within 30 days of vesting. |
|
| Name of registered holder (if issued securities) |
Not applicable. |
| Date of change | 19 September 2008. |
| No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
Previously held 283,901 performance rights |
| Interest acquired | 567,555 performance rights. |
| Interest disposed | 82,655 (Disposal by way of vesting of performance rights. Refer Part 1 above) |
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
\$1,600,000. |
| Interest after change | 768,801 performance rights. |
+ See chapter 19 for defined terms.