Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Codan Director Receives 63,878 Performance Rights Under Long-Term Incentive Plan
Highlights:
Introduction
On 3 November 2026, Codan Limited (ASX: CDA) lodged two linked notices covering a long-term incentive grant to one of its directors. Together, the Appendix 3G issue notice and the Appendix 3Y change of director’s interest notice show how the new securities were issued, who received them and how they change the director’s overall holding. Here is a plain-English summary of what was disclosed. Codan Limited is currently trading at AU$59.810.
What Was Issued and to Whom
The company issued 63,878 performance rights, coded CDAAI, on 3 November 2026. The rights went to director Alfonzo Ianniello, who is classed as key management personnel. They were issued for nil consideration with a nil exercise price under the Codan Limited Share Rights Plan Rules. The securities are unquoted and carry a restriction on transfer, so they will not trade on the ASX until that restriction ends. The notice also confirmed that the new rights rank equally with existing rights in the same class from their issue date. The company said the grant followed approval at its 2026 annual general meeting under Resolution 5, which covered long-term incentives.
How the Director’s Holding Changed
According to the director’s interest notice, Mr Ianniello held 202,281 performance rights before the change and 266,159 afterwards, reflecting the 63,878 newly acquired rights. No securities were disposed of. His ordinary share interests stayed the same, with 27,120 shares held by the trustee for the Symetry Personal Retirement Fund and 187,234 held jointly with Mrs Maria Cirocco Ianniello through the A & M Ianniello Family account. The closed-period questions in the notice were marked not applicable.
Company Capital After the Issue
Following the issue, Codan had 182,321,998 ordinary shares quoted on the ASX, alongside 1,014,736 unquoted performance rights and 3,896 unquoted NED rights. The company confirmed it had obtained security holder approval for the issue under Listing Rule 7.1.
Outro
Performance rights are a common way to tie director rewards to long-term company goals, and this filing gives investors a clear view of the latest grant. Investors should read the full announcements and seek professional advice before making any decisions.
Note: All data presented is based on information available at the time of writing.
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