Ann: Michael Malone Appointed as Non-Executive Chairman, page-33

True Seenjay.

I have no idea how board appointments work or how the Performance Rights are determined – if anyone does feel free to share.

The 4x Tranche performance rights for MM with each one equivalent to 15,000,000 shares if vesting conditions are met raises questions for me:

Tranche 1 Performance Rights: the successful launch of the first 50 satellites of its Pearls constellation, and the satellites to achieve operational success;
Tranche 2 Performance Rights: upon the Company securing a material financing package totalling A$50,000,000 as currently planned for the Pearl constellation deployment, and also signing a major telecommunications customer;
Tranche 3 Performance Rights: if the Company is successful in the launch of 100 satellites into its Pearls constellation and the satellites achieve operational success; 

Tranche 4 Performance Rights: if the Company achieving $100,000,000 in annual gross revenues.

Is it a joint collaboration between Meir & Co and MM to the make-up of these performance rights?
If he had a say in the make-up of these performance rights would he set himself unrealistic targets that he had no chance of meeting?
Would MM really sign on if he thought he wouldn’t be able to achieve these or even 1^st or 2^nd one of these?

Perhaps the 2^nd Tranche is already in the pipeline with a loan from MM and a signing of a major telco.
Maybe Meir & especially MM already know Tranche 1 & 2 are highly probable and therefore 30,000,000 shares are heading MM’s way. This way MM knows his loan is secured?
If all 4 Tranches are met then the full 60,000,000 shares puts MM at number 4 on the Top 20 shareholder list just behind Meir, Meidad & Yonatan.

I guess we’ll all find out soon but given the high calibre of MM’s ability & proven track record in this industry, it can only be a good thing for SAS & it’s shareholders.

 

Blue Balls