Upcoming expiry/lapses:25 May 2024: 12,000,000 unlisted options...

Upcoming expiry/lapses:

25 May 2024: 12,000,000 unlisted options at 25 cents (PRLOPT3) held by Inyati which is comprised of Mark Sandford, Will Langley and David Wall (regular readers will understand why I have highlighted those two surnames).

30 June 2025: 16,666,667 Vendor Performance Rights Class C along with a 6,583,333 tranche of Director Performance Rights Class E. Originally these were set to lapse on 24 October 2024 but alert shareholders will recall that the directors got sleepy shareholders to agree to amend all these at the Nov 2022 annual meeting to a far lower bar (before they revealed to us just a couple of months later that Total Eren had in fact walked away - meaning all of these Rights imo had no chance of vesting had everybody known then the true state of affairs with Total and where that was headed).

Originally the bar was set at:



Now it is:



(Class E are the 6,583,333 Director Performance Rights, with the same vesting requirement as the Class C Vendor ones).

But don’t feel sorry for insiders with lapsing rights or options. Because since this report and summary above, Directors proposed at the 2023 annual meeting (and idiot shareholders agreed) to give directors discretion to award themselves as directors/employees a further ~45 million shares by way of 27,030,000 new Class F Performance Rights and 18,020,000 new Class G Performance Rights. For a board of four people, three of which also draw generous salaries as employees.

None of this will have escaped the attention of the ASX Listings Compliance team and imo this is part of PRL’s problem at the moment getting recompliance & timely requotation. Taken together with preceding insider transactions (like Burke) and the events of late 2022 (AGM proposals relating to Performance Rights & measures, as above, and termination treatment for directors that were all pushed through) and the events of early 2023 (silence around MoU expiry, and no clarification around true state of Total affairs until after half year accounts had been filed indicating all was on track), imo it all has a manufactured air of plausible deniability about it. That stuff automatically sets off the alarm bells at ASX.