I disagree Noda. After a careful reading of the document I have...

I disagree Noda. After a careful reading of the document I have noted the following:

1. Only 50% of the loan funded shares are subject to the vesting conditions, apart from the first condition of minimum tenure of three years (which I am taking as has been met or, will be in the case of the third tranche). So no problem with that 50%.

2. For the other 50%, the 'activity performance' has been met for the first two tranches and will be met for the third tranche come May 7th.

3. For that 50% subject to SP performance, it is calculated using the prior 30 day average SP from the issue date of the tranche as a starting point and the prior 30 day average SP at the end of the vesting period, which importantly is fluid, but a minimum of three years. And there must be a 75% increase between the two.

This has apparently been achieved for the first tranche, will be achieved for the third tranche on May 7 if the average SP is $2.87 or above for the prior 30 days. Even if it is not the vesting period can be extended.

The harder one is the $3.22 for the second tranche of shares. What puzzles me is the issue price the same as Fair Shareholder Return initial price because, looking at the chart, there is no way the 30 day average was .092 from the 30 days prior to the relevant date - 28 May 2014. By the way the number of shares at issue here is 750,000 in the new.

The crux of the matter is, are the share issue prices quoted in the document the same as the Fair Shareholder Return initial prices, which not explicitly quoted in the documented.

Bit garbled I know, but for those who are interested read the link posted by Sillazze carefully and thoroughly.