vote no to cedric’s performance shares, page-2

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BoroBoyinoz

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15/05/18

21:44

Post #: 33117526
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Originally posted by BT6487 ↑

I read recently that a bunch of peeved off AGO holders had had some success by starting a thread on HC to band together and voice their displeasure at a low ball takeover offer, so following on from all the angry comments yesterday from NSL holders unhappy with, IMO, an opportunistic cash grab by our under-performing director Cedric, I have decided to set up a page to voice our displeasure.

First, let me start by saying that I am a massive believer in Management being offered incentives, by way of free shares and options, to boost their own performance and align their interests with the interests of the companies existing, loyal shareholders. However I feel like Cedric's 100million performance share incentives have not been correctly set for a number of reasons:

- He has destroyed shareholders wealth. End of story.
- He has also missed just about every deadline and target he has ever given, from construction of the plant, to producing a consistent high quality product
- Sales so far have been extremely poor
- Deliveries so far have been poor
- Revenue so far has been laughable
- His announcements always over promise and under deliver and hardly give any clear indications of the state of play within the business. They always leave more questions than answers
- He has made a catastrophic error of judgement by going from monthly reporting of sales to a quarterly basis

Why should he be so handsomely rewarded?!

Now he has the opportunity to net a huge windfall just if he can build Phase 3, which is ridiculous considering we don't even know if we can produce, sell and deliver product from Phase 2. Building Phase 2 (and the thickener circuit (which is the only deadline he has met)) hasn't contributed a damn thing to our bank balance yet!!

Cedric should only be rewarded with free shares when NSL are generating large profits, have a nice big (sales driven) bank balance and he has created some wealth for long term shareholders. Incentives based on boosting sales and profits would more align his interests with ours and only then should he be rewarded. Not just for building Phase 3. Which is why I'll be voting no

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I cannot understand why First Samuel agreed to this nonsense, and until I understand more I am also inclined to vote no.

NSL Price at posting: 1.4¢ Sentiment: Hold Disclosure: Held
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