Patrys Limited (ASX:PAB) has disclosed that two directors, Leanne Kite and Dino Cercarelli, each converted 10,000,000 Class A Performance Rights into fully paid ordinary shares on 9 November 2026, following satisfaction of a performance milestone, with no cash consideration exchanged in either transaction.

Key Points

  • Directors Leanne Kite and Dino Cercarelli each converted 10,000,000 Class A Performance Rights into 10,000,000 fully paid ordinary shares on 9 November 2026.
  • Both conversions were completed at nil consideration, described as conversion of vested performance rights upon satisfaction of a performance milestone.
  • Following the change, Paralian Pty Ltd (associated with Ms Kite) holds 46,629,087 fully paid ordinary shares and 7,500,000 Class B Performance Rights.
  • Following the change, DKAI Investment Trust (associated with Mr Cercarelli) holds 27,683,740 fully paid ordinary shares and 7,500,000 Class B Performance Rights.
  • Neither transaction occurred during a closed period requiring prior written clearance.

Leanne Kite Director Interest Change Details

According to the filing, director Leanne Kite holds her interest indirectly through Paralian Pty Ltd, an entity she controls via a trust. Prior to the 9 November 2026 change, Paralian Pty Ltd held 36,629,087 fully paid ordinary shares, 10,000,000 Class A Performance Rights and 7,500,000 Class B Performance Rights. A separate associated entity, Tyche Pty Ltd trading as Panther Investment Fund, held 2,083,333 fully paid ordinary shares and 520,833 unlisted options exercisable at $0.048 expiring 30 November 2030. Those Tyche Pty Ltd holdings remained unchanged following the conversion.

Dino Cercarelli Director Interest Change Details

Director Dino Cercarelli holds his interest indirectly through DKAI Investment Trust, of which he is a beneficiary. Prior to the 9 November 2026 change, DKAI Investment Trust held 17,683,740 fully paid ordinary shares, 10,000,000 Class A Performance Rights and 7,500,000 Class B Performance Rights. A separate associated entity, DKAI Super Pty Ltd trading as DKAI Superannuation Fund, held 5,000,000 fully paid ordinary shares and 312,500 unlisted options exercisable at $0.048 expiring 30 November 2030. Those DKAI Super Pty Ltd holdings remained unchanged following the conversion.

Nature of the Performance Rights Conversion

The filing states that the nature of the change for both directors was the conversion of Class A Performance Rights upon satisfaction of the performance milestone. No cash or other consideration was paid in either transaction. The Class A Performance Rights held by both directors were reduced to nil as a result, while their respective Class B Performance Rights balances of 7,500,000 each remained in place. The filings confirm that neither director's interests were traded during a closed period requiring prior written clearance, with both notices referencing a date of last notice of 3 July 2026.