They were unlisted options - very few were exercised.
First tranche of performance shares won't come into play till company has 24 mil in revenue or 44,000 rooms with swift services provided to each and single one even if they have come under the swift umbrella through the acquisition.
Second 16 mil tranche has even higher benchmark.
That's why the register is tight and it's still cheap even after recent run.
If it heads to low 40's I think another round of top up coming up.
SW1 End to end overview, page-116
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