"Is a struggle to identify any circumstances in which the use of ‘performance shares’ has advantages over performance rights providing ordinary shares in executive or director remuneration, particularly as they convert to ordinary shares when the performance conditions are satisfied.
While ASX Guidance Note 19 states that performance shares “…can be especially useful for cash-strapped start-up ventures that have no other practical means of remunerating key individuals for the substantial efforts required to get the venture up and running profitably”, so can share rights and options.
The relevant Listing Rules are:
Listing Rule 6.1, which provides that the terms that apply to each class of equity securities of a listed entity must, in ASX’s opinion, be appropriate and equitable, regardless of whether the securities are quoted or unquoted.
Listing Rule 12.5, which imposes an ongoing obligation on a listed entity to have a structure that is appropriate for a listed entity (Listing Rule 1.1 condition 1 similarly requires an entity seeking admission to the official list as an ASX Listing to have a structure that is appropriate for a listed entity.)
Some of the key points made by ASX that could impact the use of performance shares include:
In assessing whether Listing Rules 6.1, 12.5 and 1.1 condition 1 are met, ASX has regard to the principles on which the Listing Rules are based, as set out in the introduction to the Listing Rules. One of these principles is that securities “should have rights and obligations attaching to them that are fair to new and existing security holders”.
Issues of performance shares must comply with Listing Rule 7.1, which (subject to certain exceptions) requires security holder approval for issues of securities over a 12-month period in excess of 15% of an entity’s ordinary capital. "
DOES APPEAR to be a sacrifice by the Captain of Elixir to raise a capital amount for application for supplementation into the company as I see this to avoid an iceberg encounter to the destination which could be reinvested into the company staving off an immediate CR if that is imminent. I don't think it's all about capital gains for EXR, CEO unless I'm mistaken.
Depends on your perspective.
One post up is NOT HELD crap posted and influences directly an air of despondency eluding to shareholders impoverishment intentions as deceptively derisively infused with dejection by the CEO to dump on shareholders.
I'm so tired of short sighted neggers nagging away biting at shareholders confidence like a skeet contest but it's so childishly ignorant as to the workings of business ethics. Shows a lack of integrity on trader forum bs.
(20min delay)