Ann: Issue of Shares Upon Vesting of Performance Rights-FMS.AX, page-22

I think the following was the basis for the Board being able to vest the performance shares.

"...All of the Performance Rights on issue as at the date of this Bidder’s Statement
have been issued to Flinders’ Managing Director, Mr Ian Gordon, and will vest
on the occurrence of one of the following events:
(1) the Flinders Board making a final investment decision, on the basis of
a bankable feasibility study, to develop PIOP; or
(2) a takeover of Flinders, where a ‘takeover’ of Flinders occurs if a
person or a corporation who did not previously do so:
(A) acquires or holds directly or indirectly a Relevant Interest in
securities conferring 50% or more of the voting or economic
interest in Flinders;
(B) acquires or holds directly or indirectly the power to control
the appointment or dismissal of the majority of the Flinders
Board; or
(C) has the capacity to control the financial operating policies or
management of Flinders.
If the Performance Rights vest, Mr Gordon will be issued with one Share for​

each Performance Right that vests...."