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icetana - Issue of Options and Cancellation of General Meeting


On 1 April, 2022 icetana Limited (ASX: ICE) (‘icetana” or “the Company”) released a notice of meeting scheduled for 9am (Perth time) on 2 May 2022 (Meeting). The purpose of the Meeting was to seek shareholder approval for the issue of options to employees and directors.

Following consultation with shareholders, the board of icetana (Board) advises that it will defer the issue of options to directors and instead issue employee options under the Company’s Employee Securities Incentive Plan. It has therefore resolved to cancel the Meeting.

The Board believes that equity incentives are important to attract and retain the best talent while the Company is in an exciting phase of its growth journey. To further enhance alignment of both shareholder value and remuneration, the Company has added performance criteria to the options to be issued to Matt Macfarlane (Chief Executive Officer & Managing Director), Kevin Brown (Chief Operating Officer) and Rafael Kimberley-Bowen (Chief Financial Officer). Options will now be issued to these Senior Executives subject to a mix of revenue-based performance hurdles, as well as timebased vesting conditions.

In summary, operating revenue must increase by a factor of approximately 2x to $1.5m in a half-year period and 3x to $2.5m in a half-year period respectively from icetana’s most recently reported revenue for the majority of the Senior Executives vesting to occur. 

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