Ann: WKT purchases remaining 30% of Lindi Jumbo Graphite Project, page-286

Hi uni,

The board did get one tranche of their performance rights on Tuesday but it looks like (i) and (ii) haven't yet been met.

The 3B from Tuesday set out the terms (these are Trevor's ones):

(i) Tranche 1: 869,565 Performance Rights will vest upon annnouncement to the ASX platform upon securing 80% of the initial funding requirement for project development within 12 months of shareholder approval;

(ii) Tranche 2: 1,304,348 Performance Rights will vest upon an announcement to the ASX platform of commencement of first commercial production of graphite concentrate from Lindi Jumbo Project within 12 months of shareholder approval; and

(iii) Tranche 3: 1,000,000 Performance Rights will vest upon the Company achieving a market capitalisation of greater than$28,000,000 within 12 months of shareholder approval.

The "update" announcement released at the same time as the 3B pointed out that the performance shares were issued for the company having a $28m+ MCAP.

Unfortunately these two announcements appear to have coincided with a sudden fall in the shareprice and corresponding MCAP now sitting below $28m.

But don't worry the board still has another 4 months to secure 80% funding and commerce production of graphite to get the other tranches - it just doesn't mean the MCAP or the shareprice will need to recover for the board to get (i) and (ii).