I hope everyone had a good weekend,
What are the LTH thoughts on granting performance rights to Iggy $900k cash bonus and the employee performance rights, an additional $900k bonus?
Vesting Conditions: The vesting conditions attaching to the Performance Rights are as follows:
50% of the Performance Rights issued to Iggy Tan will vest upon successful funding of the HPA project and the first anniversary date of the issue of the Performance Rights; and
50% of the Performance Rights issued to Iggy Tan will vest upon sale of the first tonne of HPA product, and confirmation that the plant is operating at a steady state of production (plant is stable and producing at a constant rate), and the third anniversary date of the issue of the Performance Rights.
IMO Iggy's performance rights don't seem to be too bad, He secures funding, the gets a bonus. ATC builds and commissions the plant he gets a bonus. Seems reasonable, although he does already hold a significant amounts of shares.
The Employee performance rights,
The employees of the Company have been, and will continue to be, instrumental in the growth of the Company. The directors consider that the Plan is an appropriate method to:
(a) reward employees for their past performance;
(b) provide long term incentives for participation in the Company’s future growth;
(c) motivate employees and generate loyalty from senior employees; and
(d) assist to retain the services of valuable employees.
These don't appear to be a very high bar to achieve the free shares. At least Iggy's performance rights are detailed to shareholders what he needs to justify the bonus.
(20min delay)