dabozza is right to point out how the design of the performance...

dabozza is right to point out how the design of the performance rights are not in shareholder interests. You are getting a perverse situation whereby a reduction of $0.5m of adjusted EBITDA (on my figures - it looks like dabozza's number would be a little higher given their calculation of performance rights to be issued) would drop below the 70% EBITDA target and result in the issuance of no performance rights. Bizarrely that seems like a better outcome than the likely issuance of $1.5-$1.8m in performance rights.

I don't think this is a particularly strong Board. I've seen a few things that have annoyed me and I wrote to them after they did a placement to Capital H at the current share price and announced the PFAS results in the same announcement, which obviously immediately led to a rerate. Fortunately I do rate the CEO. He is driving the turnaround in this company. I just hope the spoils of that are shared with us.