I thought they were only employee performance rights up until the point of being granted and then once vested they become tradeable on-market by the recipient, in this case Ian Gordon. So once they are issued into his name, or his nominee, he can sell on-market or accept the TIO offer. What we don't know is if there were any conditions in his redundancy package agreement stating how he was to treat those shares - required to sell into the TIO offer or they get cancelled maybe?
Ann: Issue of Shares Upon Vesting of Performance Rights-FMS.AX, page-15
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