ASX ANNOUNCEMENT - 27 October 2016
Assets, Experience, Growth
CONFIRMATION OF NUMBER OF PERFORMANCE RIGHTS PROPOSED TO BE ISSUED TO MANAGING DIRECTOR
Syndicated Metals Limited (ASX: SMD) advises that further to the Company's Notice of Annual General Meeting released to ASX on 23 September 2016, the volume weighted average price (VWAP) of the Company's shares for the 10 trading days prior to today's Annual General Meeting to be used in the calculation of the proposed issue of performance rights to Mr Andrew Munckton pursuant to Resolution 14 at today's Annual General Meeting is $0.031.
As detailed in the explanatory memorandum to the notice of meeting, the number of performance rights proposed to be issued has been determined by dividing the dollar amount (Tranche A ‐
$28,564 and Tranche B ‐ $28,564) by the value (determined in accordance with a hybrid employee share option pricing model) of a performance right determined by reference to the above‐ mentioned VWAP of a share for the 10 trading days before the Meeting.
Based upon the above, the number of performance rights that may (subject to the passing of Resolution 14 at today's Annual General Meeting) be issued to Mr Munckton is as follows:
Tranche Number of Performance Rights
Vesting Conditions Performance Period
Tranche A 1,142,560 Tranche A performance rights will vest
when the Company's VWAP per share for 10 trading days exceeds 1.5 times the price equal to the VWAP per share for the 10 trading days before the Meeting, being $0.047.
Tranche B 1,241,913 Tranche B performance rights will vest
when the Company's VWAP per share for 10 trading days exceeds 2.5 times the price equal to the VWAP per share for the 10 trading days before the Meeting, being $0.078.
4 years
4 years
ENDS