Speciality Metals International Limited Annual Report 2019

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 55 b. Transactions with related parties: Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The following transactions occurred with related parties: i. Other related parties: 2019 $ 2018 $ Purchase of goods and services: Corporate advisory fees paid to Penause Pty Ltd, an entity associated with Mr Krause for Fees and Performance Bonus as Executive Chairman 150,000 97,500 Corporate advisory fees paid to R.W. Nice & Assoc. Pty Ltd an entity associated with Mr Nice for fees as a Non-Executive Director. 16,000 48,000 Corporate advisory fees paid to Bodie Investments Pty Ltd an entity associated with Mr Layton for fees as a Non-Executive Director. 48,000 30,000 c. Receivable from and payable to related parties There were no trade receivables from related parties at the current and previous reporting date. A trade payable for Director fees for RW Nice amounting to $16,000 was recognised during the current reporting date. There were no trade payables to related parties for the previous reporting date. d. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. e. Parent entity Speciality Metals International Limited is the parent entity. f. Subsidiaries Interests in subsidiaries are set out in Note 16.