According to this notice Ben Heap is the registered holder of 10.6m shares (9% of AWI)
Yet according to the 2014 AR: "The Company lent $5,073,304 to the Managing Director to acquire 10,569,384 ordinary shares
on 3 December 2013 (the grant date) as part of the Long Term Incentive Plan, subject to vesting
terms, as approved by shareholders at the Annual General Meeting in October 2013. These shares
have not vested and therefore have not been included in share capital.The shares will vest in
three equal tranches on the later of the first, second and third anniversary of the grant date,
and the share price reaching $0.64, $0.80 or $0.96 respectively for each tranche."
So either he does now own 10.6m shares (valued at $2.1m) and therefore then should owe AWI $5.1m (which is not in the accounts); or he no longer owns the shares. Either way, one of the ASX disclosures is wrong, and something smells here.
