options and performance rights

Gavin Rezos has 2.5 mil options that expire on the 31st December with an exercise price of 30 cents. That will be another $750k in the kitty.

Gavin Rezos is entitled to 2.5 million performance rights and Nick Clark 3 million performance rights that expire 31st December, 2014. In the notice to the AGM they mentioned that all conditions had been met except the share price target which was 18.7 cents being a 5 day vwap (interesting that the share price got sold off from 18.5/19 cents a couple of times during the year). At the 2014 AGM another motion was put forward to issue the same number of new performance rights to Gavin and Nick with an expiry date of 30 June 2016.

Now the first lot of performance rights conditions have been fully met. The second lot have conditions that are a no brainer to be met. I am pretty sure the second lot were only put on the agenda because the first lot had fallen at the share price hurdle at the time the AGM was called. Looks like double dipping now. However, I don't begrudge them anything. They deserve them imo. These new shares won't come onto the market, of course, they will be just locked away.

Looking forward to Gavin exercising those options though.