The notice shows it relates to the class a, b and c performance...

The notice shows it relates to the class a, b and c performance rights that were part of the original IPO issue.

They had a VWAP performance condition that was hit during the previous period of higher prices. They had a continuous employment condition that were met by Sept 2023.

This is a firm signal that both directors think the bottom is in for the GT1 share price. I'm not sure of the exact taxation consequences but I suspect that they will need to pay tax on the value of compensation received when the performance rights are converted. I'm guessing here, but I'd assume that's the value of shares received. Assuming this income is taxed at the Australian top 45% tax rate (for simplicity):

• Convert 1.5m shares when GT1 is at $0.50 each = $750k compensation = tax bill of $337.5k
• Convert 1.5m shares when GT1 is at $0.30 each = $450k compensation = tax bill of $202.5k
• Convert 1.5m shares when GT1 is at $0.13 each = $195k compensation = tax bill of $87.8k

So reducing tax occurs by picking the bottom of GT1's share price as the point to conversion. They probably thought about it during the last dip. Had the view, I really should have converted those when the price was low last time. Another opportunity came up and both John Young and Cameron Henry jumped at it thinking this is sufficiently close to the bottom I'm converting these shares and locking in the tax bill. At least that's what it appears to be.

The share criteria were aggressive relative to the IPO issue price, its just that GT1's share price ran upwards very strongly before collapsing so the Milestone VWAP measure was achieved, but not maintained.