Tinwins, I re-read the first bidder's statement (27/8/12) that...

Tinwins, I re-read the first bidder's statement (27/8/12) that SOL released and Section 4.7 covers the performance rights. It states that SOL was unclear if they would automatically vest due to change of control but if they did vest SOL would acquire them at the offer price (offer at the time was 19c).

In the bidder's statement it was the prospect of the additional 3,300,000 performance shares to directors that SOL was unhappy about.