Performance Rights of 2014 - None achieved so far

I re-read the 2014 performance rights conditions and to date the company has not met one of the milestones. So this may explain the need to seek these performance shares as they may see positive developments near term but not developments satisfying the 2014 Performance Rights incentive Package expiring 28 Nov 2017. Copies the details below:

Performance targets:
– We understand that there are three
performance conditions as follows:
a.
Milestone 1 – Receipt by the Company of the first royalty payment resulting from a licence to a
third party of the Company’s powered Dermaportation technology;
(Note: "Powered" which would be Coty I suspect but not achieved so far but still live though)
b.
Milestone 2 – Execution of a new licence agreement with a third party for the utilisation of the
Company’s ETP technology in a category
other than skincare, beauty or grooming;
(Note: "Other than" skincare, beauty and grooming.... so far outside skin nothing achieved but still live)
c.
Milestone 3 – Receipt by the Company of licencing fees in excess of $20,000,0000
(Note: this looks unlikely to make it by 28 November 2017 but you never know)

It's interesting because when they designed the 2014 Performance Rights conditions, they obviously thought Coty was a no brainer back then and another deal outside skin/beauty/grooming was most likely as well. The fact they only allocated a 10% probability of Milestone 3 being achieve was always a long shot in their minds. Nevertheless they most likely thought 30m of 45m rights were in the bag. My guess is they fear Milestone 1 may not happen in time and Milestone 3 is likely to happen but not in time or by 28 November.
So I think they can see real good positive developments but want some shares for certain now in case the 2014 Performance Rights milestones don't make it in time.
Just some thoughts not being negative but may give some insight into their thinking.
Personally I an not happy with the Performance Shares they seek particularly Chris and some of Glyn's, however Jeff I have no problems with expect to say there should be a hurdle to get these shares. For example the share price achieving 10.5c or more for 10 consecutive business days and the Performance shares should be called Performance Rights vesting when the share price satisfies the 10.5c hurdle by 28 October 2017 or earlier if hurdle achieved.
And they should never had sort to have a resolution to approve an additional 10% placement. 15% is already automatically approved why would you need to seeks approval to place 25% of the company even if you don't intend to use it. Just plan silly and sends the wrong message to shareholders and potential investors not least shows lack of confidence in the outlook.
These points I have raised with them sternly.