Ann: Notification regarding unquoted securities - AVL, page-6

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Email chain to the company RE this announcement

ME: Hi Team ,Are you able to clarify the announcement from last-night regarding new shares being issued for performance rights to three members of the company based on Share Price performance and FID/Nameplate capacity all being 'achieved'. When in fact, from my understanding, none of these have been achieved at all. Have these performance rights been prematurely exercised?

AVL: Hi Oscar, Thank you for your email. The performance rights are not awarded to the employees until the milestones listed are achieved.

ME: Hi,

Thanks for your response, are you able to help clarify what the purpose of the announcement made lastnight was? It appears to me that the performance rights mentioned in the paper have been issued/converted, Although I am way out of my depth!

AVL: Hi Oscar,

The announcement is just to say that these employees have been offered performance rights as part of their package, but they don’t actually receive them until eg the shareprice has been at 10c for a period of time. The ASX has to be notified when this sort of agreement is made. They definitely haven’t been issued or converted yet. When the milestone is hit, the employee has the opportunity to convert the performance right to an actual share.

I hope that makes more sense – it is very complicated!

ME: Thanks. Appreciate your time. So an announcement to say that Performance Rights offered in the AGM last year are now active and available to be converted once the targets have been hit?

If it isn't too sensitive, why the discrepancy in timing of the release of this notice yesterday from the AGM in November last year?

Hopefully a preliminary move to these targets being met in the not too distant future

Regards

AVL: I’m not sure about the timing, I think it might be something to do with the Board sign off and maybe it was getting those milestones locked in. Many thanks

Seems to just be the issue of the performance rights rather then the conversion of them, Seems obvious in hindsight. Not much insight into the delay, I'd have thought that's a while for it to all be finalised, but then again not much else seems to be moving all that quickly ie
-IGO Battery
-Long-lead equipment for electrolyte facility expected prior to 30/06/2023 per the March QR
-MGM Listing *not that I feel it's a priority, just another let-down on a timeline*
-Residential Battery development
-Resource update early 2023

Disappointing for the emails to finish on 'not sure' 'I think' and 'Maybe'. Would appreciate if anyone could point me in any updates or their opinions of the above, of course IMO DYOR. Not claiming to know it all and open to others thoughts/knowledge!