Performance milestone date

I was going to reply @Dariemus @Davos007 from the other post then I might as well put it here.

There have been a lot of, lot of debate over the years about the expiry date of performance shares, there are quite many trenches, I will skip the performance shares that are benchmarked to SP VWAP, they are pointless in nature, I'll focus on the performance shares benchmarked to successful demo of 3x2 house within 3 days.
Annual report dated 19 Oct 2018.

Page 37:
(ii) 1,500,000 Performance Rights Class B Vesting condition for Class B; Upon the successful demonstration of the Company’s robotic home building technology as proven by the construction of a Full Home Structure within 3 days from commencement of construction by the Company’s robotic home building technology on the site. Milestone date is 12 November 2018.

Page 71
(ii) 1,750,000 Performance Rights Class B Vesting condition for Class B; Upon successful demonstration of the Company’s robotic home building technology as proven by the construction of a Full Home Structure Milestone date is 12 November 2018.

(ii) 2,000,000 Performance Rights Class B Vesting condition for Class B; Upon successful demonstration of the Company’s robotic home building technology as proven by the construction of a Full Home Structure Milestone date is 12 November 2018.

Page 72
(ii) 1,225,000 Performance Rights Class B Vesting condition for Class B; Upon successful demonstration of the Company’s robotic home building technology as proven by the construction of a Full Home Structure Milestone date is 12 November 2018.  

Page 65 (below are my comments)
167m Class A performance shares issued to Mike and Mark Pivacs only....one would assume these should follow the same milestone date awarded to other employees, being 12/11/2018, but let's just drill it down and be sure.

Out of 500m performance shares issued in total, 1st lot of 166.7m Class A performances shares will expire if BUILD1 not demonstrated in 36 months after issue date.

The key here is the issue date.

By the ASX notice -"Fastbrick Robotics Prospectus Closes Oversubscribed"dated 23/10/2015, the issue date of the 500m performance rights plus other ordinary shares was 06 Nov 2015.

https://www.asx.com.au/asxpdf/20151023/pdf/432bzrvt33kpf4.pdf

The issued ordinary shares are expected to be reinstated on ASX by 13/11/2015, but was delayed until 18/11/2015 for trading, but listing ordinary shares for trading is different from issuing the ordinary and performance shares. After successful capital raising, shares usually were issued first (calculated by: total $ raised / $ per unit = unit count), then allotted to shareholders, then listing for trading. (Anyone paticipated in IPO should be able to check with share registry which date the ordinary shares were alloted to them, as shares were issued shortly before allotment)

In the prospectus the expiry date is 36 months from issuing date, then these 167m class A performance shares would have expired by 6 Nov 2018 already, unless they have proof that BUILD1 or BUILD0 is a success within 3 days by 6 Nov or even 12 Nov 2018 for their sake.

Another angle is look at the performance rights that converted later into the performance shares, I had a 'dangerous' thought on this theory, not going to discuss, but if people are interested they can have a read at the prospectus.

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I always see it as a positive that they don't rush things, but unable to convert $30m of free shares to owners on time indicates to me, that this trading halt is still a 50-50 good or bad, we can hope for the positive but we really don't know, given they have been behind their testing schedule this year all along, for example where is FAT? I really thought we should expect FAT as the next announcement to come out, not a TH.

HX assembled in June, but DST testing took two months to pass with a poor video, all the way until end of Sep we just saw functionality pass, FAT originally was quoted to take several months, it's been only 1 month and half now since FAT just started...good chance they are behind the timeline again.

I think this TH is all about FBR trying to save the performance shares "somehow", I was feeling sorry last week in my "12/11 is here" post that Pivacs missed the shares bonus last week, until on 12/11 night they hit the Trading Halt button, I was shocked, and I believe that I'd be shocked again to find out how their lawyers do the amazing magic to make it still work.

I had FBR for 3 years and still favor it, but these are my true thoughts at this stage, I think Pivacs really deserve these performance shares if they had pulled it off on time, but I probably wouldn't like it if this is awarded through magical legal power.