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78.0¢ avz minerals limited

Ann: Board appointments, page-87

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bpinvestnstocks

1,848 Posts.

218

05/02/18

18:49

Post #: 30834304
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Originally posted by columbo ↑

Dear 8horse, I don't think this can be read as the vesting period is 60 days and for the entire 60 days a VWAP condition should be met.

It would beg the question "which 60 days"? The vesting period should define a start date and an end date, and then specify the condition to be met during this period.

Instead, I read the ann as stating that the vesting period starts 6 months after the date of appointment and ends three years after date of issue of the performance rights. Basically, it precludes the performance rights being turned into shares in the first half year on the job.

Then the vesting conditions are that the VWAP exceeds certain thresholds. Since it just says VWAP it presumably is the daily VWAP.

(Also, if the vesting conditions were meant to apply to an entire period it can't say "the VWAP should exceed $X during the period" as this condition is met even when true only for a day. Rather it should say that the VWAP should exceed $X for the entire period.)

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I agree it is not clear. 8horse excerpted the sentence correctly from the announcement but I don't think the sentence is unambiguous as written.

AVZ Price at posting: 29.5¢ Sentiment: Hold Disclosure: Held
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