Expiration of 306,553 Swift TV Performance Rights Lowers Unquoted Equity Securities

306,553 Swift TV Performance Rights Expire Unexercised on 30 June 2026

In a company update dated 2 July 2026, Swift TV Ltd confirmed that 306,553 performance rights with ASX code STVAR expired on 30 June 2026 without being exercised or converted. The lapse occurred because holders either did not satisfy the relevant performance conditions or chose not to exercise the rights before expiry.

Performance rights are a common equity incentive tool among ASX-listed companies, designed to align management and key personnel interests with those of shareholders. When these rights expire without conversion into ordinary shares, no new shares are issued, preventing dilution for existing shareholders. Swift TV confirmed no consideration was paid in relation to this cessation.

Impact of the Lapse on Swift TV’s Securities on Issue

Following the expiration of 306,553 performance rights, Swift TV’s total quoted ordinary fully paid shares remain unchanged at 1,355,324,013. Since performance rights are unquoted and only convert upon meeting vesting or performance conditions, their expiry removes potential future dilution without affecting the current share count.

The remaining STVAR performance rights outstanding now total 65,740,639, as detailed in the company’s updated Issued Capital table. These rights remain potentially convertible into ordinary shares if conditions are met, and investors should factor this into assessments of Swift TV’s fully diluted capital base.

Swift TV’s Outstanding Unquoted Options With Various Expiry Dates and Exercise Prices

The update also reveals multiple unquoted option tranches held by Swift TV: 29,642,596 options expiring 8 October 2027 at $0.03 (STVAV); 10,000,000 options expiring 21 May 2028 at $0.02 (STVAT); 12,500,000 options expiring 21 May 2028 at $0.03 (STVAU); 12,500,000 options expiring 8 October 2028 at $0.03 (STVAW); 12,500,000 options expiring 8 October 2028 at $0.04 (STVAX); and 12,000,000 options expiring 16 June 2028 at $0.03 (STVAA).

These unquoted options collectively represent a significant potential future share issuance that could influence Swift TV’s capital structure if exercised. Their exercise prices range from $0.02 to $0.04, with the likelihood of exercise depending on the company’s share price relative to these thresholds as expiry dates approach. The company provided no commentary on the probability of exercise for these options in this update.

No Financial Outflow From the Expired Performance Rights

The filing explicitly states that Swift TV paid no consideration related to the lapse of the 306,553 performance rights. This is standard when securities expire unexercised; the company simply updates its register to remove the rights without any cash transaction.

This outcome has no impact on the company’s cash reserves or Working Capital position, as performance rights do not require cash payments upon grant or expiry.

Swift TV’s Ordinary Share Count Remains Above 1.35 Billion

The updated capital table confirms that Swift TV’s quoted ordinary fully paid shares remain at 1,355,324,013. This large share count reflects the company’s history of capital raisings and corporate activity. Investors typically use this figure with the current share price to calculate Market Capitalisation for valuation and comparison.

The company notes that the issued capital figures are generated automatically and may not reflect the absolute current capital if other ASX forms (Appendix 2A, 3G, or 3H) are being processed simultaneously. Investors seeking the most current data should verify with the ASX securities register directly.

Role of Performance Rights as Equity Incentives at Swift TV

Performance rights are equity instruments granted to directors, executives, and employees as part of long-term incentive plans. Unlike options, which require payment of an exercise price, performance rights typically convert into shares without cost once performance or vesting conditions are met, potentially diluting existing shareholders.

The lapse of 306,553 performance rights indicates that the conditions attached to these rights were not satisfied within the allowed timeframe. Swift TV did not disclose details on the specific performance criteria, holders, or reasons for non-fulfillment in this update. Such information is usually available in the company’s Annual Report or remuneration report.

Effects on Fully Diluted Share Count and Dilution Considerations

For investors focused on dilution risk, the expiry of 306,553 performance rights is a minor positive, removing a small portion of potential dilution. However, Swift TV still holds a considerable number of outstanding options and performance rights that may convert into ordinary shares if conditions are met.

Combining the remaining 65,740,639 STVAR performance rights with 89,142,596 unquoted options across six tranches, Swift TV’s potential fully diluted share count could exceed 1.51 billion shares if all instruments vest and are exercised. This figure is illustrative based on the disclosed data and should not be interpreted as guidance or a forecast. Investors conducting Due Diligence should review the full securities register and relevant offer documents.

Investor Watchpoints on Remaining STVAR Performance Rights

With 65,740,639 STVAR performance rights still outstanding, investors may monitor whether further tranches vest, are exercised, or lapse in the future. The company has not detailed vesting schedules or performance conditions for these rights in this update, so the timing of any changes remains unspecified.

Any future vesting, exercise, or expiry of STVAR performance rights must be reported to ASX via Appendix 3B or 3H filings. Investors tracking Swift TV’s capital structure should watch for these disclosures as relevant performance periods or expiry dates approach.

Share Price Impact and Market Response

The immediate share price effect of this lapse is unclear from public sources. The expiration of a relatively small number of performance rights (306,553) is generally an administrative matter rather than a significant value event. Market reaction to such announcements is usually muted unless linked to broader management changes, incentive plan issues, or major capital restructuring.

Swift TV provided no operational updates, financial guidance, or strategic commentary alongside this securities update. Investors seeking insight into the company’s Business performance, Revenue trends, or strategy should consult recent results announcements, investor presentations, or other disclosures, as none are included or implied in this notification.