While I would exclude performance shares (why do they still get this???) and unlisted options, escrowed ordinary shares should be included. With escrowed shares included, Mcap is $550m and $311m without. Escrowed shares have been paid but can't be sold yet so ought to be included. ABove is based on latest 3B.
I haven't looked closely to understand what triggers performance shares.
Ann: Response to ASX Query, page-410
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