WorleyParsons 2015 AGM: deferred STI scheme

WorleyParsons' 2015 AGM on 27 October features a resolution to grant 100,175 share price performance rights (SPSRs) yielding up to 200,350 shares on vesting. Vesting depends solely on share price: the difference between $7.26 (10 day VWAP following release of FY2015 results) and the share price at the end of the performance period (measured by the 10 day VWAP immediately following the date on which the FY2017 results are released). A multiplier determines the number of shares, with a maximum of 2 shares per SPSR if the share price increases 100% over this period. However a fall in share price of not quite 50% of $7.26 (or a share price just higher than $3.63, aka $3.64) will also result in the SPSR delivering an award of 50,225 shares as the multiplier of 0.5014 applies to the 100,175 SPSRs. Unlike the deferred STI scheme operating for FY2015 which was based on group financial and non-financial performance for FY2015 - and failed to pay out - this new scheme is just based on share price.