Your worked examples are not reflective of the bases for how the...

Your worked examples are not reflective of the bases for how the performance fees are calculated.. performance fees are calculated half yearly, yet you start with 62.5% as a good estimate? The half yearly ended on December 31st, why not use that date to support your argument?

The recent SP has taken a hit because of market sentiment, not because the market is starting to realise the performance share paragraph in the prospectus as some type of new revelation (I'm guessing you would like to think so).

Using Motley Fool's article as a basis for an argument is funny given the SP doubled since listing. They highlighted lack of management experience and what they were going to do with raised funds as a concern - Market updates have alleviated some of these concerns, however there are risks involved and the performance shares are currently the least of shareholder worries.