Looking back at the prospectus, yes you are correct - those...

Looking back at the prospectus, yes you are correct - those tranche A perf. shares failed to meet their CY18 EBITDA target ($2.7m) and the tranche B shares will also fail to meet their CY19 target ($10m !!! somebody was very optimistic!!)

The prospectus also suggests that 22.5m shares were originally escrowed for two years - so I'm not sure why this announcement only mentions 19m ordinary shares - In any case, that prospectus identified Fadi as having 12.3m shares and Phillip Shamieh (an original founding director who subsequently left in May '18) as having 5.6m and lastly David Astle (a non-exec director who has also left) as having 0.2m. I would have thought that all would have been escrowed, so the accounts for 18.1m of the shares becoming available.

I can't believe that Fadi would dream of selling his holding at these sort of levels - don't know about the other two though. My guess is that there is probably an overhang of 7 - 10m shares that would like to be sold, albeit at higher prices.