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@Fedagari Technically not as the Dir could sell their own shares and the transactions are public.
The situation here is that he sold shares he didn't perform to get and all of them in the day they were awarded just a month after he started. This is unheard off to have a 0 invested CEO, but it is technically the blunder of the remuneration committee which approved his request. He even was not supposed to get any shares as in 30 days didn't perform anything. Those shares should have been deserved by the previous CEO.
I would encourage everyone to keep pressure on BOD as technically DN is under PROBATION., his contract should e terminated ASAP on the probation
@papucel Could it not be construed as insider dealing if a CEO where to sell a large quantity of tax free shares he has been awarded, then downplay the companies prospects, crashing the price and then to use his money from the sale to buy back shares cheap and then announce a much more optimistic forecast in the next quarter? sounds like an easy way to make money to me?
@Adastra well done to write to BOD about the selling ALL his shares and having a CEO totally uninvested who state that the market is worse than his plans. No wander that the analysts freckled up.
I will follow up again in a couple of weeks that I have holdings where the CEO's bought millions when the SP went down. Now we are at 2014 level and DN is still not betting his own money on his "expertise"
Also I considered that DN had mislead the investors saying the market conditions are not manageable therefore he can not promise to achieve his targets (but cashing in 1.2mill) I gave the example of the US Intuitive Surgical which does the same but they are well above pre covid
So DN not only he is not inspiring and credible, but he is neither strategic nor driven but bitten up by circumstances
I am in disbelief that he hasn't bought yet at least 1mill . Any credible CEO has 2-3 years salary in shares but DN sold them all and haven't bought any back despite SP is 8 years low.
It will be great if any of you will follow up as well and it is beyond outrageous
Well Bless me....I received a reply from Helen Barraclough the Company secretary today as well! Exactly the same reply as the previous ones so that's 3 of us on this site alone receiving a clone copy. As you state, it's obviously not an isolated letter to the Company. If we think this then the Insto shareholders will also be 'communicating' and probably working out how best to resolve the status quo. A combined-holding approach from disgruntled Instos could light fireworks.
Incidentally, I replied to Helen that the niaievety of the remuneration committee in agreeing to pass the share sale was incomprehensible!! There were numerous legally acceptable ways of resolving the issue rather than giving options to be sold within 30 days of his appointment. The BoD must have been living in cuckoo land.
Heinrich, I wonder what price he would be paying to build his 300% over base salary? Maybe he's planning to do that at £7.50 a share? :-)
I received an e-mail from the Company Secretary today in response to my e-mails and it read exactly along the same lines.
It would be interesting to know how many responses they have had to send out, if any of the concerns were raised by big institutional holders, and whether they got the same reply or a more detailed response on how things will be moving forward.
Well in the hope that it may do some good, I've sent a polite request to Helen with a request that the loss in confidence in the City, and resulting significant drop in share value is addressed by the Non Exec Board. Will be interesting to see what response I get.
Thank you for all those who responded to my previous post seeking clarity on a hypothetical take over bid
helen.barraclough@smith-nephew.com
I se that many of you tried to contact S&N, However writing to the investor relations won't help a lot
It is better to write to the company secretary Helen Barraclough (dot between names) and put a formal request that your message should se sent to the Non-Exec BOD. If you formally request your message to be addressed to the Non-Exec then they have to discuss your messages; investor relations don't.
I am heavily invested as well as many of you and you may find it hocking that some of the Non-execs are less invested than you. I pray to God that ne of the 7 VC's I wrote to will take a position as DN is a disaster for S&N and NILL invested it which you may want to make the point as well. the SP is at the level of 2013 since DN drag it down from 14
I would encourage all of you to write to the company secretary with a formal request t address the Non Exec BoD as it is their job to protect shareholders value
GLA