Ann: Company Update, page-88

no, you receive performance shares first which have the milestones attached, when milestones are met they convert to ordinary shares.

The announcement says the performance shares are subject to shareholder approval. This is done at a GM or AGM. This was not in the last AGM therefore not approved to be issued yet. All shares and performance vshares issued to directors have to be approved by shareholders by law.

Go through the history of the other performance shares in the company over last 3 years, all had shareholder approval, then the performance shares were issued, then milestones were met, then the performance shares converted to ordinary shares.

Theres a logical process to this that has not yet commenced for these new performance shares. Therefore unless performance milestones can be recognised retrospectively whereby milestones are satisfied prior to the approval and issue of ordinary shares, then I don't think funding will be coming prior to these performance shares being issued 

Hope that makes sense