Because its a non-recourse loan, no downside impact to employee. I'm thinking is that its pretty much against the spirit of the LTI, employee decides well if the share price remains in the toilet, no recourse to me, only upside if it goes up. Would think that the LTI should stipulate that you can only excise the options if the SP is above the strike price, as outlined in the Annual Report.
No such luck.
Ann: Application for quotation of securities - PAR, page-16
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