Resolution 4 is strange. It involves varying the terms of Colby's performance shares. But if you scroll down to the comparison table showing the current and the proposed terms of the performance shares, the only actual change being made is that the shares will now vest upon a takeover regardless of the Waylering-related milestones (final investment decision and then production at Waylering, respectively) and regardless of the TPD share price. Previously, the performance shares would only vest upon a takeover if those Waylering-related milestones had already been metand if the Talon share price had increased substantially.
It is a curious change because for one class of the performance shares, the Waylering milestone has already been met (FID), and for the second class of the performance shares, the Waylering milestone is about to be met (production at Waylering). So why bother amending the terms of the performance shares?
The only explanations I can think of are either (a) Colby thinks Waylering won't ever go into production (seems very unlikely), or (b) Colby thinks there might be a takeover before Waylering goes into production (e.g within the next couple of months).
Can anyone weigh in? Please do not weigh in unless you have carefully examined all the pages of this document, including the comparison tables, because I am not super interested in random guesswork from people who can't be bothered to read an ASX announcement.
TPD Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
