The key metric is an Absolute Shareholder Return of 20% per annum so the share price needs to get to about $2.60 in June 2023 for the rights to convert to shares. anything less than about $1.80 and none of them convert.
The base price is Jan 1 2019 which was $1.15.
I do not think that is a low bar but I will be disappointed if JW doesn’t get there!
Ann: Details of Voting at EGM and Appendix 3Y, page-7
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