Performance Shares - not issued or converted, only release of escrow

Hi Everyone,

Just to clarify what I think everyone had already figured out -

The Performance shares are not yet activated and converted. It is just the ASX imposed escrow (ie restriction on dealing) coming off on some of the Performance shares. The performance shares have not converted into real shares as yet. In order to convert, they need to hit the performance hurdle, so it is a technical moot point.

The hurdles are:

Class A Performance Shares convert upon Norwood generating gross revenue of at least $200,000 from two separate third party contracts in any 12 month period (which may be the same 12 month period or different 12 month periods for each contract. The expiry date of the Class A Performance Shares is 9 December 2017; and

Class B Performance Shares convert upon Norwood generating gross revenue for any 12 month consecutive period of at least $3,000,000. The expiry date of the Class B Performance Shares is 9 June 2018.

The performance shares were mostly issued prior to 30 June 2015, they are not new.

Thanks for your continued interest in Norwood ;-)