Wall’s lapsed performance rights are different from the rest. It...

Wall’s lapsed performance rights are different from the rest. It was Vendor Performance Rights Class B that lapsed for him, which he held indirectly via Pheakes P/L:



This is why imo you have to watch PRL like a hawk, because they make it deliberately difficult to track down who owns what and when, and they describe parcels slightly differently depending on which document they file thus creating further confusion. DYOR but according to my records Wall via Pheakes was one of the three shareholders of Ozexco that PRL originally paid and acquired to create this (as yet unrealised) green hydrogen fantasy.

The vesting milestones for those vendor rights/shares to Ozexco’s shareholders was spelt out in the originally announced transaction agreement here, and as follows:



The vendors, according to the 2022 annual report, already converted the Class A Vendor rights to shares and presumably sold them on-market (because they weren’t in Wall’s initial disclosure upon subsequently becoming a director to replace Pat Burke, nor do any ordinary shares held appear above in the latest change notice).



Leaving just the Class B and Class C vendor shares held by the three original Ozexco shareholders as at Jun 2022:


Fast forward to today and it is the Class B’s that have just lapsed, and the only reason we’re hearing about it is because Wall has to disclose as he is now a director of PRL (which he wasn’t at the time of the Ozexco deal or in 2022 when they cashed in all of the Class A’s and imo probably sold those on the same pump that then-chairman Pat Burke sold on).

More snakes here than Samuel L. Jackson had on a plane.