Resolution 4 at the AGM to held later this month is to the approval to grant Peter performance rights, which in total is 15,000,000 shares to be awarded for three performance periods that line up with this and the next two financial years. They will be awarded based on meeting criteria, one of which (20%) is at least hitting minimum EBITDA forecasts for each of the reporting periods.
So, if Peter delivers as per the performance rights plan, he will receive in total 15,000,000 shares over three years, which at the issue price of 10c per share is 1.5million (hardly worth working three years for as a CEO), or if the SP goes to 30cps, then $4.5 million. Worth having, but I'd like to see him buying shares on market, or I would have liked to have seen him buy a significant stake as part of the equity raise. Presumably he would be a sophisticated investor (rather than retail) so he could have participated by now, but as far as I know, he has not. If this really is easy money, as it might appear to some, then why hasn't Peter George participated in the equity raise? Is he broke??
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