NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 7. RELATED PARTY TRANSACTIONS Transactions with directors and director related entities Transactions with other related parties (a) Mermaid Achiever (b) Fremantle Premises 56 The directors of Mermaid Marine Australia Limited during the Financial Year were: Interest in the shares of the Company held by directors and their director related entities as at 30 June 2000. The following related party transactions occurred during the Financial Year: During the Financial Year, a total of $75,000 for directors fees was paid to Chalfont Holdings Limited, a related entity of A G Birchmore. This is reflected in full in note 24 – Remuneration of Directors. The Achiever Partnership (comprising Delmark Investments Pty Ltd, a related entity of A G Birchmore, J H Carver, D A Dillon and P D M Holdings Pty Ltd, a related entity of J A S Mews) entered into a put and call option agreement with the Company on 12 April 1999, pursuant to which it was agreed that either party could, at any time between 30 June 2000 and the expiration of the Company’s Charter of the Mermaid Achiever from the Achiever Partnership, oblige the other party to enter into an Agreement for the sale and purchase of that vessel at price fixed at $3,250,000. On 24 September 1999 the Company exercised its option to acquire the Mermaid Achiever in accordance with the terms of the above option. Bareboat Charter Fees of $184,000 were paid for the period 1st July 1999 to the 30th September 2000 the effective date of settlement. (i) The Achiever Partnership and the Company entered into a heads of agreement dated 12 April 1999 for the lease to the entity of its registered office at 20 Mews Road, Fremantle. (ii) The term of the lease is 5 years with a 5 year option of renewal in favour of the Company. (iii) The Company is responsible for all fitting out, maintenance (except capital works items), rates, taxes, insurance, and other usual variable outgoings. (iv) The offices have undergone substantial refurbishment. Mermaid Marine Australia Limited Ordinary Shares Options over  Ordinary Shares A G Birchmore 13,695,300 382,000 J H Carver 13,631,300 20,000 D A Dillon 1,520,000 10,000 J A S Mews 1,500,000 – A G Birchmore (appointed 12 August 1998) J H Carver  (appointed 29 June 1998) D A Dillon  (appointed 12 August 1998) J A S Mews  (appointed 12 August 1998)