I do think there's some benefit in having performance rights,...

I do think there's some benefit in having performance rights, imo it can incentivise management to accelerate the growth of the business and help them to push some of the risk boundaries that they may otherwise be hesitant to do...

The main issue here, imo, was the automatic vesting of these rights upon a "scheme of arrangement", which I am guessing that not many (if any) really paid any attention to when the votes were cast.
If my assumptions and rough calcs from a few weeks back are close (and they may not be btw), then Simon is set to reap circa $10M upon this merger iirc, many which would otherwise need to be "earned" through key performance metrics over time, but now is (apparently) handed on a platter, regardless of future performance.

This doesn't pass the sniff test, in my books, but as they noted (frustratingly consistently/repeatedly!) throughout the scheme booklet:

"The Incentive Award Plan was approved by Galaxy Shareholders at Galaxy’s 2019 annual general meeting held on 28 May 2019"

Hence my point about "it's already decided", and concern that it may have prioritised this outcome for some folk, instead of what may have otherwise been better overall for shareholders - BUT, and importantly, that's not to automatically say that an alternative (no merger) would have been better, it takes a LOT of modelling and assumptions and work to try to estimate that.... very hard imo!

Personally, I *think* the merger will lead to some new opportunities, synergies and benefits that going it alone might not, so am hopeful that we'll grow up a bit like FMG did so many years ago, forcing its way into the big league and prospering big-time longer term as a result.

Very exciting times in the next few years either way I reckon.

GL