Totally agree.
The performance rights and options have been hanging over the company since last September/October. There has been a conversion of 40m of the 80m performance rights into shares (on 16 March 2021) but then a confusing comment on page 16 of the report that "the second tranche of performance rights have not been included in the calculation of dilutive earnings per share as vesting conditions for the performance rights have not been achieved at 30 June 2021."
This is confusing (to my simple mind) because it looks like the conditions for vesting are the same for the first 40m as they are for the entire 80m (see schedule 2 to the notice of general meeting dated 18 September 2020). It also looks as though the condition has either been met or is very close to being met (ie capacity for production of 70m gloves per month).
So, we must assume there is another 40m dilution coming in the next 12 months for shares to be given to directors based on performance criteria already seemingly met. This has been coming for a while and was ugly when the resolutions were approved last year.
All we can hope for is the directors don't do it again. sure they are on modest salaries but the shares they have are worth a great deal. Is this too much to hope for given past experience?
We all know the business is great at generating cash...I just wish for transparency and honesty from the company from now on...time will tell
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Totally agree.The performance rights and options have been...
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