About as well researched and written as pretty much everything else you've posted here:
8 October 2015
Appendix 3B - Employee Performance Rights
"Recognizing the importance of cash conservation, the award to senior executives was
approved as an award of performance rights (and not cash). The performance rights are
equal to approximately 15% of total fixed remuneration.
The FY15 STI performance rights
will vest after 1 year of service with no other vesting
conditions. The exercise date will be in the first employee trading window after 28 July
2016. The FY15 STI performance rights were valued based on the 5 day VWAP at the
date of the Board’s decision to approve the award,
being 28 July 2015. The FY15 STI
performance rights were valued at $0.0383 per performance right.
The proposed grant of 25,007,364 FY15 STI performance rights includes a proposed
grant of
4,971,828 FY15 STI performance rights for the benefit of Amanda Lacaze, the Lynas CEO and Managing Director. The proposed grant of FY15 STI performance rights for the benefit of Amanda Lacaze is subject to shareholder approval at the Lynas AGM on 23 November 2015."
"Long Term Incentive (LTI) Performance Rights
Lynas proposes to grant up to 47,709,315 LTI performance rights for the benefit of its
senior executives.
The LTI performance rights are subject to the condition that the recipient be employed by
Lynas at the end of a
3-year vesting period. In addition, the LTI performance rights are
subject to the following performance hurdles:
(i) 50% will be conditional on the Company’s cumulative NdPr production
from 1 July 2015 to 31 December 2017, in accordance with the following
sliding scale:
a. If cumulative NdPr production from 1 July 2015 to 31 December 2017
is at least 10,440 tonnes, then 50% of the NdPr production portion will
vest.
b. If cumulative NdPr production from 1 July 2015 to 31 December 2017
is at least 11,391 tonnes, then 100% of the NdPr production portion
will vest.
c. If cumulative NdPr production from 1 July 2015 to 31 December 2017
is at least 12,530 tonnes, then 120% of the NdPr production portion
will vest:
(ii) 50% will be conditional on the company’s Total Shareholder Return (TSR)
being at least at the 51st percentile of ASX 200 companies calculated over
the 3-year vesting period, in accordance with the following sliding scale:
a. If the Lynas TSR is at least at the 51st percentile, 50% of the TSR
portion will vest.
b. If the Lynas TSR is at least at the 76th percentile, 100% of the TSR
portion will vest.
c. If the Lynas TSR is between the 51st percentile and the 76th
percentile, a pro rata amount of between 50% and 100% of the TSR
portion will vest (with the relevant percentile being rounded up or down
to the nearest 5%, for ease of calculation).
The above performance hurdles have been selected because they provide clear
measures of success for the Lynas business and they are aligned with key shareholder
objectives. The NdPr hurdle is also aligned with the interest rate reduction hurdles in the
Company’s JARE debt facility that were announced on 17 August 2015.
The TSR hurdle
is directly aligned with shareholder returns."
"FY15 STI Performance Rights – CEO**: 4,971,828
FY15 STI Performance Rights – Other Employees: 20,035,536
LTI Performance Rights – CEO**: up to 19,411,764*
LTI Performance Rights – Other Employees: up to 28,297,551*
CEO Performance Bonus**: 4,464,286
TOTAL: up to 77,180,965*
*Each of the LTI performance rights numbers referred to in this announcement is
calculated based on the most optimistic case, i.e. the figures in this announcement
assume that 120% of the NdPr production portion may vest, and that 100% of the TSR
portion may vest. If the vesting conditions are satisfied, after 3 years each Performance
Right is convertible into one share in Lynas."
AL has a LOT of reasons to consider SH returns when she wakes up every morning, NOT ST SP movement but Total Shareholder Return over a 3yr period with obviously NdPr viewed as a key metric.
Strongly suggest you spend some time researching what this company is really all about rather than banging away at the keyboard with the first thing that comes into your head.
BTW, sd13 mentioned you had a problem understanding oxides @ Ph1, here's a pic from Dec 11 showing the spanking new Tunnel Furnaces for Ph1 Calcination Workshop:
View attachment 281048
And yes, they are fired by the same LNG used for the rotary kilns, drawn via dedicated spur from a Petronas trunk line that runs past the front gate, ditto water supply. BASF/Petronas JV immediate neighbours, presuming you're aware BASF major foundation customer for LaCe into FCC?
(20min delay)