Pre-Tax NTA, page-150

Has anyone done a market cap on a fully diluted basis?

There are performance rights for the directors for just seeing through 3 years service?

CappuccinoMan might be the one for this?? I'm going to have a crack at it later if I get a chance.

Also I'm a bit confused about how the performance rights are calculated for Embark.
It states :
a simple average of month end net asset (after tax) value per share ("NAVS") and 20 day VWAP share price (together, the "NAV/SP Average") hurdles which represent the following premiums to the NAV/SP Average at the date of executing the definitive binding agreement


So if the trend continues where we have more dilution from directors, our share price stays the same yet NAV increases, Embark could still hit there performance rights? I.e SP at 24 cents NAV at 60, gives you an average of 42 cents. Am I reading this right?

To me the performance rights should be linked solely to MMJ shares to try and stop more dilution of our holdings by directors. Does anyone agree with me here or am I off base?

Not sure whether other LIC's have performance rights as an average of NAV and SP.

Will be interesting to see what they put up as there remuneration next AGM.