Brownson - whilst I would totally agree re: Share Price, which is obviously what us shareholders care about most; from a business performance perspetive I don't think any of us can complain. However, as stated above I think these nil options are very, very generous. I wish me and some of my colleagues got these type of incentives at the company I work for - despite being key to delivering a new global system with a budget of USD 200-300 million. To be frank it is crazy that they are allowed to do this - I firmly believe that the renumeration committee should have some impartial shareholder representation. The non-execs do not seem to be representing shareholder interests as well as they should. The concept of the scheme is good - it is the number of options and unchallenging targets (time lapse, strike price, and quantity) that are disappointing. Maybe the non-execs involved should be reminded regarding this fact - it is their job to do so!
However, with all this said and done it has happened again and there is not much we can do about it now. I do firmly believe that in 2007 we will see a re-rating of this share. It is only a matter of time. The results - year on year strong organic growth, profitability now and raising profits with each set of results, profits tax free for next 4-5 years, diverse but specialised product lines with competitive edge, etc; will gradually get the attention they deserve and like anything when it is spotted everyone will want to buy it whether it is then fully valued or not of course. Investment IMHO is crazy - totally overvalued shares and totally undervalued shares.
However, generally in such cases and in the case of Tepnel the patient will be rewarded.
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