Ann: Lulo Diamonds Sell For A$9.1 Million, page-127

Thanks Baggy,

I had another look back over the 3B and 708a notices.

It seems to me the directors (SW, MK, AT, GG) got 2M of the performance rights in total.
4 equal tranches (though different for each director) - a) incorporation of alluvial mining company (check), b) extension of kimberlite exp. lic. (check), c) 50c VWAP (not sure), and d) 1 year after issue (not there yet). An extra 2.275M were issued to undisclosed recipients (URs).

8 Nov it seems SW 500k,MK 250k and GG 125k had 2 tranches vest, presumably for a) and b). Also another 950,000 vested by URs, total 1.825M. Don't know why they would have waited to vest the a) tranche, as incorporation was done before AGM, so would have been available as soon as approved.

20 Dec AT got one tranche only (62500) which seems a bit strange - why wouldn't he get the two tranches when the others did given the conditions were the same?

28 Feb another 125000 were vested, presumably to URs as no change of director notice issued.

So it would appear the directors have at most 2 of their 4 tranches issued. The UR's have had about 47% of their rights vested, at a guess this was on the same conditions as the directors; and some of the staff have moved on so didn't get theirs. Does this suggest there is about a 5-6% pa separation rate?

I am yet to be convinced the 50c VWAP tranche has been issued.