I note from the 2010 Annual Report that NC will trigger 24 Million Performance Shares in Forge Resources for what appears nothing if a capital raising of more than 15 Million is identified at a price of more than 35cents per share is concluded. Note capital raising has been identified as $31 Million.
My reading of this is that this deal effectively triggers the conversion of the performance shares and a $24 Million (at $1 share price) windfall to NC as more than $15 Million will be required via a capital raising.
Not sure how $24 Million beenfit to a Director on both Boards cannot be mentioned in either announcement.
forge agreement, page-28
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