Notice of General Meeting - Animoca. 22 Dec, page-12

For those who are confident that all 4 performance milestones will be achieved, it means that even if the total shares on issue balloon to 2b from the current 1.49b, each share will be worth a minimum of A$14. That is the upside of a US$20b market capitalisation (3.5x gains).

This values Yat's future performance rights (resolution 7) at A$1.25b at the point of the 4th milestone being achieved. I'm all for incentivising management/leadership, but a A$1.25b five-year package for Yat, whilst shareholders will only receive 3.5x gains on their current holdings, is not remotely in the best interests of shareholders.