Ann: Notice of General Meeting/Proxy Form, page-98

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Justadabble

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20/01/23

09:34

Post #: 65787595
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Originally posted by DankEngine: ↑

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.

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Have you made a final decision on how you are going to vote on this resolution? Part of me thinks if a TO emerges it is out of Colby's control so it is a bit rough to penalise him. The other part of me says the criteria were put in place to ensure the value for SH has been derived before they vest and if a crappy TO comes first then that is just unfortunate for Colby. One thing I know for sure, I definitely do not want him out there looking for a TO just because there is a bit of M&A going on. Interested to know your thoughts.

TPD Price at posting: 17.5¢ Sentiment: Buy Disclosure: Held
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