agm...lti

On 2 July I wrote, in relevant part: ".........this is what Boards do to avoid confrontation with senior management. Given sp has reduced by 50% over last 6 months ( real tangible pain to shareholders) the bar has now been set incredibly low for management to step, nay slide over to collect future performance shares. The worse your past performance sp wise, the easier it becomes to collect for management. Memories are short and as soon as sp hits 12c again, mngmt will be crowing about how it improved sp by 50%. First get sp back to maybe 20c and then reward for superior performance above that. This is a cleverly disguised joke. I predicted this in my post a few months ago about the board avoiding confrontation with its ceo at all costs. If you want to be truly depressed today: overlay a WPL performance graph over the NXS one over the past 6 months. ..... then ask yourself if you still think this incentive scheme is appropriate. ....... "

And here we go, we are asked to support the LTI scheme presumably because the board feels sorry for the MD because his other, previous rights are out of the money. There is a reason for that...NXS did not perform! Shareholders who need the shareprice to recover about 150% to get back to where they were even a year ago are not getting some sympathy stock issued to them. This is so disappointing!

There is no clear strategy (other than the one that appears to have been abandonned), communication is well below par, and management just "sits" on assets it is not operating. Do something, anything and I would be less critical.

And, given the performance to date, do we really want to give an LTI or is it time to change out management (they have had plenty of time by now)? I know that switching horses again will come at a cost but having people incentivised until 2017 with little prospect of substantive change is soul destroying.

Here ends the ramblings of a disappointed shareholder for today!