arrcon plp dilution

Under the PLP Arrcon have to deliver $5.5M NPAT to get the extra tranche of $7.8M shares as detailed in the June CEO presentation (and they had to hold their shares to 31/12/11 which appears that they have).

Given the delay of Reed and the several other projects recently which forced the guidance revision, it appears touch and go as to whether Arrcon will hit this number for FY12 (where it previously looked like a given).

Obviously advantageous to us existing shareholders now if they don't quite hit the target so we don't get diluted down. Will be interesting to see the final numbers late August.

Was a pretty encouraging sign from the market that the shares only dipped slightly yesterday on decent volume.