Bonus payments.30 Apr 2023 11:42
The measures for the first grant were absolute TSR (equivalent to a range of 0.6945-1p over the last 3 months of FY24). The performance measures for the 2023 grant are:
> 50%oftheawardtobebasedonabsoluteTSRover
3 financial years, requiring (assuming no dividends) the average closing share price over the period 1 October 2025 – 31 December 2025 to be 0.15p for 25% of the award to vest increasing on a straight line basis to 0.3p for 100% to vest.
> 50% of the award to be based on volume of inventory monetised by the end of the performance period
(31 December 2025). 25% of award to vest if £300m of inventory is monetized (in aggregate) over the 3 financial years ending 31 December 2025, increasing on a straight line basis to 100% of the award to vest if £400m of inventory is monetized (in aggregate) in the same period. This is contingent on the Remuneration Committee deeming the inventory was monetised on acceptable commercial terms.
So although sp target is lower they now also need to monetise 400m to get full bonus if i am reading it correctly.