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

[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