Says pretty clearly in the Ann that these were the conversion of performance rights at no cost. I always prefer always to see management dipping into their own pockets to acquire more shares, not just bc the conversion of performance rights into ordinary share is dilutive.
In saying that, seeing he hold 5% of the co does mean he has skin in the game.
But I have seen, too many times, management receiving performance rights then shares, for hitting mile stones that don't increase the SP/are aligned to ordinary share holder.
don't get me wrong, this looks like a very strong management team who I am very happy to be backing at this stage. Just let's not confuse someone spending their hard earned cash to acquire more share and the conversion of performance that cost them nothing. I haven't drilled down far enough yet to know what milestone was hit to trigger this conversion. If anyone knows, please feel free to enlighten me.
Ann: Becoming a substantial holder, page-7
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