Securities issued under Performance Rights Plan
Released
Released
Announcement PDF
ASX Listing Conditions – Annexure 4A (vi)
Lithium Consolidated Mineral Exploration Limited ACN 612 008 358
Performance Rights
Lithium Consolidated Mineral Exploration Limited (LCME or the Company) issued its
Managing Director (Shanthar Pathmanathan) and Chairman (Jim McKerlie) 5,000,000 and
1,000,000 Performance Rights each (respectively).
Each set of Performance Rights was issued in seven (7) tranches (each a Tranche), which
in each case may be exercised and converted to ordinary LCME shares upon the
satisfaction of the relevant Performance Hurdles (which are described below under the
relevant Tranche of Performance Rights) by certain test dates (Test Date).
The satisfaction of each Performance Hurdle will result in the respective Performance Rights
vesting. The vested Performance Rights will only be capable of exercise after the respective
Test Date.
The number, Tranches, Test Dates and Performance Hurdles for the Performance Rights
issued to Shanthar Pathmanathan and Jim McKerlie as are set out below.
1609262 - Annexure 4A(vi) - statement of performance rights
Page 1 of 3
ASX Listing Conditions – Annexure 4A (vi)
Lithium Consolidated Mineral Exploration Limited ACN 612 008 358
Performance Rights - Shanthar Pathmanathan
Tranche
Number
Test Date
1
1,000,000
30-Jun-19
Performance Hurdles*
(a)
the Company listing on ASX (Listing); and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
2
1,000,000
31-Dec-19
(a)
the Company completing
subsequent to the Listing; and
a
capital
raising
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
3
1,000,000
31-Dec-19
(a)
the Shares trading at a VWAP of not less than 50c
for 90 consecutive days; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
4
500,000
30-Jun-19
(a)
Shanthar Pathmanathan remaining as the CEO of
the Company 18 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
5
500,000
30-Jun-19
(a)
Shanthar Pathmanathan remaining as the CEO of
the Company 24 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan
6
500,000
30-Dec-19
(a)
Shanthar Pathmanathan remaining as the CEO of
the Company 30 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
7
500,000
30-Jun-19
(a)
Shanthar Pathmanathan remaining as the CEO of
the Company 36 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Shanthar
Pathmanathan or any associate of Shanthar Pathmanathan.
* The vesting of each Tranche of Performance Rights will occur once both of the
Performance Hurdles set out for each Tranche are satisfied
The Expiry Date of all Performance Rights issued to Shanthar Pathmanathan is 10 October
2022, being 72 months after the date of issue.
1609262 - Annexure 4A(vi) - statement of performance rights
Page 2 of 3
ASX Listing Conditions – Annexure 4A (vi)
Lithium Consolidated Mineral Exploration Limited ACN 612 008 358
Performance Rights – Jim McKerlie
Tranche
Number
Test Date
1
200,000
30-Jun-19
Performance Hurdles*
(a)
the Company listing on ASX (Listing); and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
2
200,000
31-Dec-19
(a)
the Company completing
subsequent to the Listing; and
a
capital
raising
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
3
200,000
31-Dec-19
(a)
the Shares trading at a VWAP of not less than 50c
for 90 consecutive days; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
4
100,000
30-Jun-19
(a)
Jim McKerlie remaining as the Chairman of the
Company 18 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
5
100,000
30-Jun-19
(a)
Jim McKerlie remaining as the Chairman of the
Company 24 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie
6
100,000
30-Dec-19
(a)
Jim McKerlie remaining as the Chairman of the
Company 30 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
7
100,000
30-Jun-19
(a)
Jim McKerlie remaining as the Chairman of the
Company 36 months subsequent to the Listing; and
(b)
the expiration of any escrow period applied by ASX
to any shares in the Company issued to Jim McKerlie or any
associate of Jim McKerlie.
* The vesting of each Tranche of Performance Rights will occur once both of the
Performance Hurdles set out for each Tranche are satisfied
The Expiry Date of all Performance Rights issued to Jim McKerlie is 1 November 2022,
being 72 months after the date of issue.
1609262 - Annexure 4A(vi) - statement of performance rights
Page 3 of 3
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