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A clear cut director's buy in Dignity is as rare as hen teeth, so best take note when they happen.
A long-standing lament on this board has been the absence of share buying by the Dignity board. Something I’ve shared in the ten years I’ve followed Dignity.
The directors have done very well out of the annual and long-term bonus they awarded themselves each year. Typically, selling the shares as they receive them, with Mike McCollum (CEO) and Steve Whittern (CFO) leading the way.
Hopefully, the currents issues with the CMA, which are still to be resolved, are well known to anyone following the Dignity story. Last April Mike McCollum left Dignity. I took this to mean that he felt his golden goose had laid her last golden egg. I never believed being CEO of Dignity had been a very demanding job. The only significant competitor was the CoOp! I guess he found dealing with the issues thrown up by the CMA investigations too much.
I was slow fully exiting from the turn in 2017, but I had done very well over the years and have kept a watching brief since. Early this year I came back in with a small stake – too soon as it happens. The share price held up for a time before too succumbing to the economic impact of CV19.
Anyway, with other opportunities catching my eye, Dignity dropped off my radar. I did pick up on MC leaving, and some share purchases by the new chairman installed late last year, but getting to the point, of this long winded post, I missed the recent purchase by Steve Whittern (CFO).
I think this is significant. The terms of the 2020 LTIP award had been delayed until after the CMA report, which had been expected this summer but is now is likely to be 2021. The 2016 & 2017 LTIP awards lapsed without any bonus being awarded. I felt that SW would be waiting until the LTIP gravy train resumed but I’ve just noticed that he’s jumped the gun with the purchase 15th June of 50K shares, bringing his total holding to c166K. Was this the first time he had put his hand in his pocket to buy Dignity shares? If so, it could be significant. He is the CFO after all.
SW typically awards himself - renumeration committees are a joke – about £300K value of LTIP per year. Last year it was at 633p. No doubt he’ll award himself a similar amount after the CMA update – he wants to get the price right – but I find his recent purchase interesting in light of the CMA delay impacting this year’s award. I hope Phoenix, with a 29% holding, are keeping an eye on future bonus awards.
JepGambardella, I notice you posted early on the 16th, so I’m guessing you spotted the 5pm RNS. I monitor the 7am releases and often miss the later ones. You’re obviously on the ball.
Dignity is back on my radar.