AGL - Accordant Group. was previously AWF Madison, Allied...

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[winner69]

One bonus forfeited

But the target share price needed to get a bonus gets lower as years go by

https://quoteapi.com/resources/da986...kj0CilCVXzFkmg

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[winner69]

The next trnache seems pretty safely locked away "

The option will only be able to be

exercised if the share price of AWF shares reaches $2. Bwahaha

Snoops will say well deserved if he gets it

[Snoopy]

Snoops will say well deserved if he gets it

The way I read things, Simon Bennett gets to buy 450,000 shares at $2, starting from 30 days beyond the end of FY2020 and he has until 31st December 2020 to exercise them. The higher the share price is above $2, the greater the benefit to Bennett. I wonder why there is no long term bonus now? Perhaps Bennett is now seen as a 'transitional leader'? Or does the board no longer see a long term future for the company?

It all has a whiff of smashing up a train set in a spectacular derailment and then carefully putting everything back to exactly as it was before. Does our engine driver deserve a bonus for getting everything back to square one in such a circumstance?

SNOOPY

[winner69]

Snoops ... I think Bennett pays NIL - like ZILCH or ZERO for them. AWF just print some more ...l think

He can exercise that right if the share price reaches $2 (I think anytime between now and the date even though it may be less than $2 at the date)

Looks like the intent is to ‘reward’ him $900,000 (if he’s a good boy) as they say the number of shares can be more or less than 450,000 depending on the share price of the day.

But I might be completely and utterly wrong

Good description of his role

[Snoopy]

Snoops ... I think Bennett pays NIL - like ZILCH or ZERO for them. AWF just print some more ...l think

He can exercise that right if the share price reaches $2 (I think anytime between now and the date even though it may be less than $2 at the date)

Winner, the exact text in the press release is below (my bold):

"Under the STI Plan, the CEO is offered an option to acquire ordinary shares of AWF Madison, if the targeted share price is met. The CEO may exercise the option at least 30 days post the release of AWF Madison's results for the financial year ending 2020 and before 31 December 2020."

An "option to acquire ordinary shares" I take to mean a 'share option'. If the intent was to give Bennett $900,000 just for staying on in the job until the financial year end 2020, why not just issue the shares if he is still employed at the end of FY2020 (31-03-2020) "on that date plus 30 days"? What is the point of saying Bennett can get the money 'today' or 'at the end of year', if there is no benefit to waiting? I agree the text says that Bennett does not have to pay money for this 'share option'.

The 'variable' part of the return is the amount the share price climbs over $2. That is the incentive for Bennett as I see it. But I regard it as Bennett getting a free 'option' that if he exercises, he will still have to pay for the actual shares, but at a capped price of $2. Not saying you are wrong and I am right. I could be the one who is wrong here. But that is how I read the stock exchange announcement.

Looks like the intent is to ‘reward’ him $900,000 (if he’s a good boy) as they say the number of shares can be more or less than 450,000 depending on the share price of the day.

But I might be completely and utterly wrong

"Number issued/acquired/redeemed/: The CEO will have an option to acquire a maximum of 450,000 ordinary shares"

That sounds like the CEO determines his own choice on how many shares to acquire.

"The number of shares that will be issued to the CEO depends on the price of the AWF shares at the time that the option is exercised by the CEO."

I read that as saying that if the share price is above $2 when Bennett is given the options, then Bennett can exercise all the options. If it is under $2, then he gets to exercise none. Also if Bennett is given the options when the share price is above $2, and the share price sinks subsequent to that but before the STI expires in December 2020, then Bennett can choose not to exercise his options.

SNOOPY

[winner69]

Snoops - on one of the notices I think it said the exercise price is NIL

[Snoopy]

Snoops - on one of the notices I think it said the exercise price is NIL

"Issue/acquisition/redemption/ price: No consideration is payable for the issue of the share rights"

I read that as the issue price of the 'share rights' as being nil. But giving Bennett a free share option (the rights), doesn't mean that Bennett won't have to stump up cash for the underlying shares attached to those rights.

SNOOPY

[winner69]

What does this bit mean .....all become clear next year I suppose

Question:
For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date)

Answer:
The CEO may exercise the option to acquire ordinary shares at least 30 days post the release of AWF's results for the financial year ending 2020 and before 31 December 2020. The option will only be able to be exercised if the share price of AWF shares reaches $2 per share and the CEO remains an employee of AWF until 31 March 2020. The exercise price for the option is nil.