The performance rights accounting value is $960,000 (16m x price at issue of 6cents) - would assume the first target price would be at least above 19.2 cents (Given the previous issues were 5x plus) say Nov 25 and the second tranche may be above 30 cents (say Nov 26).
If he is able to exercise the first option when price issues 22 cents (8m shares at 2.5 cents = $200k - to be taxed at his top marginal rate)
MAY Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
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