Have I missed something? I've just been reading Schedule 2 to the Explanatory note of the Prospectus (page 23) and I have been unable to find the conditions that will allow the directors to exercise their performance rights of acquiring 10,000,000 shares. All I could find was "The Board may determine the vesting period and any condition of exercise.", which suggests that the Board is basically saying, if the resolution is passed, it potentially has unlimited time to perform unlimited (or no) conditions to acquire 10,000,000 shares for "nil consideration". Is that correct? I compare these resolutions with the performance rights shareholders agreed to in 2014. Many of us had our reservations about those 2014 resolutions (because of very vague conditions triggers), but at least there were conditions expressed, and we now know only 1 out of the 3 has been met. I cannot help but construe these current resolutions as essentially the directors asking shareholders for 10,000,000 shares for nothing, given they have complete unfettered discretion as to what conditions are to be met (e.g. the condition they could choose to specify could be simply having to come into the office 1 day a week, or for the directors having to use the eye wand for every day for a month). Effectively this means there are no conditions at all. Has anybody else come to the same conclusion? If I am correct, and the conditions are yet-to-be-determined without notice to shareholders, basic common sense dictates this kind of performance plan proposal should be steadfastly rejected.
J
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