Just found the answer to this one: RAP has 93.75 performance shares. Issued on achieving AU$20M of annual revenue or on an acquisition.
(659 + 94)M * 0.27 = $203M = number HC use
They also have some options and incentive options but they don't get included until they are exercised.
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Ann: ResApp Successfully Completes $7.5 Million Capital Raising, page-92
Currently unlisted. Proposed listing date: 4 SEPTEMBER 2024 #
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