No Current Performance Shares or Rights related to 60c being achieved
Performance Shares - Class
Class A Performance Shares 8,160,771 - On achievement of greater than 500,000 unique visitors to the website rent.com.au in each of 3 consecutive months on or before 31 December 2018, each Class A Performance Share will convert on a one for one basis into a Share (Milestone A) Milestone A must be achieved on or before 5.00 pm on 31 January 2019
Class B Performance Shares 8,160,771 - On achievement of greater than $10,000,000 in revenue by Rent in any 12 month period on or before 31 December 2018, each Class B Performance Share will convert on a one for one basis into a Share (Milestone B). Milestone B must be achieved on or before 5.00 pm on the date which is 14 days after the release of the audited financial reports for period ended 31 December 2018.
Class C Performance Shares 8,160,771 - On achievement of greater than $3,000,000 in EBITDA by Rent in any 12 month period on or before 31 December 2019, each Class C Performance Share will convert on a one for one basis into a Share (Milestone C). Milestone C must be achieved on or before 5.00 pm on the date which is 14 days after the release of the audited financial reports for period ended 31 December 2019.
Performance Rights - Tranche
Tranche 1 - 2,228,253 shares - Continuous employment with the Company Group until 31 December 2016. Achievement of greater than 500,000 unique visitors to the website rent.com.au in each of 3 consecutive months. On or before 31 December 2018 5.00pm on 31 January 2019
Tranche 2 - 2,228,253 shares- Continuous employment with the Company Group until 31 December 2016. Achievement of greater than $10,000,000 in revenue by Rent in any 12 month period. On or before 31 December 2018 5.00pm on the date which is 14 days after release of the audited financial reports for the period ended 31 December 2018
Tranche 3- 2,228,253 shares-Continuous employment with the Company Group until 31 December 2016. Achievement of greater than $3,000,000 in EBITDA by Rent in any 12 month period. On or before 31 December 2019 5.00pm on the date which is 14 days after release of the audited financial reports for period ended 31 December 2019
Tranche 4 - 1,930,225 shares - Continuous employment with the Company Group until 31 December 2016. Achievement of greater than 500,000 unique visitors to the website rent.com.au in each of 3 consecutive months. On or before 31 December 2018 5.00pm on 31 January 2019
Tranche 5 - 1,930,225 shares - Continuous employment with the Company Group until 31 December 2016. Achievement of greater than $10,000,000 in revenue by Rent in any 12 month period. On or before 31 December 2018 5.00pm on the date which is 14 days after release of the audited financial reports for the period ended 31 December 2018
Tranche 6 - 1,930,225 shares - Continuous employment with the Company Group until 31 December 2016. Achievement of greater than $3,000,000 in EBITDA by Rent in any 12 month period. On or before 31 December 2019 5.00pm on the date which is 14 days after release of the audited financial reports for period ended 31 December 2019
Fully diluted there are 177m shares , i never included the outstanding options before and all these are well below the current price. Fully diluted 177m shares at 38.5c values this at $68m , the performance hurdles look quite low and achievable by 2019 but i feel the current $68m fully diluted valuation is already pricing in this achievement.
Tranche 1 Employee Options (0.25, 5 year expiry) (10,000,000 escrowed for 24 months until 23 June 2017)
Tranche 2 Employee Options (0.25, 5 year expiry) (4,500,000 escrowed for 24 months until 23 June 2017)
Tranche 3 Employee Options (0.25, 5 year expiry) (4,500,000 escrowed for 24 months until 23 June 2017)
Tranche 4 Employee Options (0.30, 5 year expiry) (4,016,668 escrowed for 24 months until 23 June 2017)
Tranche 5 Employee Options (0.30, 5 year expiry) (4,016,666 escrowed for 24 months until 23 June 2017)
Tranche 6 Employee Options(0.30, 5 year expiry) (4,016,666 escrowed for 24 months until 23 June 2017)
Advisor Options ($0.30, 5 year expiry) (7,000,000 escrowed for 24 months until 23 June 2017)
They will possibly collect some cash next year as these options come out of escrow. All these options are well into the money so some profit taking will be on the cards come June 2017.
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