Algoma Steel Group Inc.
For the period ended Mar 31, 2024. Filed Jun 21, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Jun 21, 2024
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EX-99.2 · Replacement Long Term Incentive Plan (“LTIP”)
Replacement Long Term Incentive Plan (“LTIP”)
As at March 31, 2024, 2,776,868 Replacement LTIP Awards remain outstanding with an estimated fair value of $8.49 per unit based on the market price of the Company’s common shares, for which the Company recognized a liability of C$31.9 million ($23.6 million) (March 31, 2023 - C$33.5 million; $24.7 million) in share-based payment compensation liability on the consolidated statements of financial position. For the year ended March 31, 2024, there were no Replacement LTIP units settled for cash (March 31, 2023 – C$4.6 million). Loss on change in the fair value of the share-based payment compensation liability for the year ended March 31, 2024 of C$1.2 million is presented in the consolidated statements of net income (March 31, 2023 – gain of C$12.7 million).
Continuity of Replacement LTIP units are as follows:
| March 31,2024 | March 31,2023 | |
|---|---|---|
| Opening balance | 3,059,643 | 3,232,628 |
| Dividend equivalents and other adjustments | 74,126 | 93,201 |
| Vested and settled | (356,900) | (266,186) |
| Ending balance | 2,776,868 | 3,059,643 |
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