GermanLad, thankfully that isn't going to be the case P.B. has 11,800 000 Performance Rights which have conditions applied to them.
The grant of Rights to the Directors, including the ManagingDirector, was approved by shareholders at the Company’s 2020 AGM held on 30November 2020.
The Rights will vest only upon satisfaction of the specificvesting condition for each class. Each Right will, upon subsequent exercise,entitle the holder to be issued one ordinary share in TNG.
No issue price or exercise price is payable for the Rights. TheBoard will determine (in its sole discretion) the extent to which the relevantvesting conditions have been satisfied. Rights may vest (and be exercised intoshares) progressively as vesting conditions are satisfied.
The Rights are structured in different classes as detailed below,with each class of Rights subject to different vesting conditions. The classesare the same for both the Performance Rights and NED Rights, with the samevesting conditions to apply.
Class Vesting condition to be met
A
Completion of the Mount Peake ProjectFront-End Engineering and Design Study by SMS
group, and receipt of turnkey EPCproposal from SMS group
15%
B
Entry into binding documentation forthe acquisition of land for the Darwin Processing
Facility with the NT Government
5%
C Commencement of ground-breakingactivities at the Mount Peake Project
20%
D
Entry into binding documentation toraise an amount of equity finance which is sufficient to
support the project financing of theMount Peake Project
20%
E
Entry into binding documentation toraise an amount of debt finance which is sufficient to
support the project financing of theMount Peake Project
20%
F
TNG market capitalization reachingA$500 million based on a volume weighted average
price of TNG shares over 20consecutive trading days on which TNG shares have traded
multiplied by the number of issuedshares on the day of the grant of the Performance
Rights, which will exclude any newshares issued after the grant date
20%
As to his remaining holding he has 4,000,000 which he has to pay for at @0.143 as per the Share plan loan he took to buy the shares and now that he's gone he has to pay that loan off, so he'll only have 3.6 mil to play with.
So given that he no longer controls the Board and it's the Board that determines if "the conditions have been satisfied" to give him the 11.8 mil shares I don't think he's got hope in Hell of very see that in his account, unless of course a deal was done.
