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Its a fair point you make IMIO, although, I must point out, that if board members did start buying shares, I would be pointing to IRV (and others) where board members did buy shares a matter of months before delisting.
Yes it could be a demonstration of confidence, but not always.
Sorry..., I was referring to the poster who was asking why McNicholas was not a Board member after his purchase. My point was some of the issues at KIE are as a result of the additional debt and poor profit margin linked to the McNicholas purchase .
Frenchman,
If you look at Kier's Annual Report and Accounts 2018 on the top of page 87 you will see that senior staff (Executive Directors) are encouraged to own and retain shares in the company (this is not unusual in listed companies) this is obviously to align the executive with shareholders, nothing controversial there. I quote as follows:-
"The Committee encourages the Executive Directors to build up a shareholding in the Company of at least two years’ base salary, to be accumulated over a period of up to five years."
Page 81 says furthermore in order to be able to have an effective clawback policy:-
"Each of Mr. Davies and Mr. Kesterton is required to retain shares equal in value to 100% of base salary for a period of two years from the date on which his employment is terminated (or if the number of shares owned by the individual at such date is less than such value, the shares then owned by the relevant individual)."
CEO Base Salary is £595k x 2 = £1.19Million
CFO Base Salary is £475k x 2 = £950K
Total Shares needed to satisfy the £2,14Million retention at 80p share price today = 2.675Million shares
Why would buying shares in Kier make you perfect for a board role? If you do any research I think you may find a lot of the debt and cash flow issues were not helped (indeed exasperated) by the purchase of the company sold to Kier.
And on it limps.
What news of the Kier Living sale? I assume still progressing well.
Nor is Mr Raven Kier GC with his 35,385 shares worth circa £30k.
BTW. Barry Mc Nicholas who bought circa £50k of shares in late Nov at about 90p is not on the BOD.
Perhaps he should be....
I see that Kier is now down to 3 poor 'PDMR' chaps buying shares in Kier's monthly Share Incentive Plan (SIP)!
None are directors so presumably they are forced buyers by their bosses who won't let them cancel their subscription on the basis it would send a negative message to observers/ the market!
Meanwhile.....
After a quick search I can't find any proof of the current Kier Executive Directors hold any shares in the company CEO & CFO); nor any proof the new incoming Chairman Mr Lester owns any shares in Kier.
Whilst hunting around I note still no replacement announced for Adam Walker the NED who resigned on 31/12/19 so the board is down to 6 Directors.
So to quote the Kier website 'The Board currently comprises the Chairman, two executive directors (CEO & CFO) and three other non-executive directors.
So my research says the board as a whole hold the following shares in Kier. (Based on information taken from the Kier 2019 Annual report on page 87 saying this information is correct on 30th June 2019 and me not finding any RNS's published subsequently reporting the directors have sold any shares.
Mr Atkinson - 4920 shares
Mrs Baroudel - 4640 shares
Mrs Bashforth - 3351 shares
Total of 12,911 shares currently valued at say 84p = £10,845 in total.
Can anybody find me a company on the footsie whose Board of Directors have less skin in the game?? Yes a BOD with less than £10k in shares....
Make your own minds up but this makes me feel uneasy and leans me into believing that the board is aligned with creditors rather than with shareholders as a few contributors here have already predicted.