While I am not defending the woeful performance to date, I think you are misreading the requirement he needs to get.
On my reading of the Explanatory memorandum and definitions, the clock start ticking on the TSR hurdle from 14 May 2013 and the starting measure is the VWAP for the 3 months ending 14 May 2013.
I haven't done a calculation but looking at the graph i would estimate that would mean the starting point is about 15cents ( not 6.5 cents) which is roughly the level when he started his watch.
While I am not defending the woeful performance to date, I think...
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