Ann: Grant of ASX waiver regarding Aqua Phase acquisition, page-3

BOD agreed to pay GBP 3m for Aquaphase - 1m upon completion and another 2m upon future milestones (refer announcement 30 August 2022). BOD has an option to make their future milestone payments in either cash or shares.

ASX listing rule 7.3.4 requires that shares are issued within 3 months of their consideration / approval at an AGM, so this is a waiver to allow the issuance of these shares at these future milestone dates after they’ve been approved at the upcoming AGM.

I see this as a good thing as the issued shares will be based on the 3 month VWAP which will likely be higher than today’s price at these dates in the future, making it cheaper for BOD to pay in shares in the future (or vice-versa if the price drops between now and then, however they stipulated a floor price at $0.07 / share in the agreement).