News: QFY Quantify Technology Appoints Brett Savill As CEO, page-6

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28/09/18

20:33

Post #: 35921228
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Originally posted by truedeal ↑

(B) Vesting Conditions: The Performance Shares shall vest, subject to board approval, and the Nominee maintaining their position of Board Member at the time of vesting, and become exercisable into Shares on a one for one basis at the following times:
(Tranche 1): The successful completion of the Company Executive Team restructure, Board restructure and securing long-term funding prior to the 31st December 2018.

(Tranche 2): The receipt of accumulated revenue (excluding Government Grants and/or R&D rebates) by the Company and/or the Company’s subsidiaries of $5M over 36 months of the appointment (1 October 2018 - 31 September 2019). Vesting shall occur immediately the accumulated $5M is achieved.

(Tranche 3): The Market capitalisation of the Company reaching $45 million based on a 20- day VWAP valuation of the Company’s traded shares, during the tenure of the nominee as Chairman of Quantify Technology Holdings Ltd.

Above extract from Annexure A, from the announcement regarding performance shares for the new board.
Tranch 2, I expect to align with the 36mth time frame should read 1 october 2018 - 31 september 2021 not 2019

Tranch 3, It would be good if the announcement confirmed the increase of market cap to $45m would be on the the existing share base. ie a 100% increase in market cap with current issue of shares. (wouldn't want to see any slight of hand in achieving the $45m would we.)

Looks like the work experience kid is putting out the announcements.

Don't forget to mention this to the board if you are talking with them or vote accordingly when asked for shareholder approval.
Not a good start for a new board.

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Good point Truedeal re Tranch 3. I will be sending an email requesting clarification.

QFY Price at posting: 2.0¢ Sentiment: Hold Disclosure: Held
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News: QFY Quantify Technology Appoints Brett Savill As CEO, page-6

Top Stories

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