Friday, July 24, 2009

Beam me up Davy

I think Contact Energy directors have been watching too much moon landing coverage over the last week because its seems that a number of them may have disappeared up their own planet of Uranus.

Clearly some live in a parallel universe when they can cost their company nearly 40000 customers in just under a year by making a public exhibition of himself by raising electricity prices, granting directors big bonuses and having an expensive boozy lunch on the company in October last year and then expected to be rewarded for it.

David Baldwin, managing director and CEO of Contact Energy Ltd [CEN.NZ] yesterday applied for a waiver from the NZSX to get "financial assistance", an interest free loan from Contact Energy shareholders, so he can participate in the company's Long Term Incentive plan (LTI).

Boy those Contact shareholders sure are generous!

Fair enough, you deserve the free shares for doing a good job, but Baldwin has cost the company 10s of millions in lost revenue over the last year and since he has become the MD this year he becomes ineligible to participate but has decided in his infinite wisdom that he will apply to his mates at the NZX to waive this rule that allows him to participate.

And guess what, the waiver was granted just 24 hrs latter.

Beam me up Scotty, I wanna be where Dave lives, 'cause it don't work that way down here on earth.

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  1. Please explain SB, these are all facts.


  2. opps, I was not commenting on your post I was commenting on the behaviour of Contact Energy executives.

    egregious behaviour.

  3. Ahhh, explanation received,understood and noted.

    He certainly has big balls.

    Still, as long as Origin leave him there and he does what they ask of him he will be justly rewarded.


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