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I do hope non exec Malcolm Le May is adding more value at IGG than he did at VANQ.
As CEO of VANQ he inherited a £775m market Cap. Added £330m through a rights issue. Exited with a market cap of £325m ( £130m+ disappeared on his last day at the office) ie £780m of shareholder value disappeared on his watch. Less than a month later and VANQ shareholders are down a further £55m.
Within days of MLM being replaced as CEO the CFO was gone ‘for personal reasons’.
At VANQ Le May never committed to anything but bluffed his way with reassuringly positive statements mainly designed to meet the criteria of plausible deniability.
His record shouts LOSER.
Meanwhile over at VANQ it has been confirmed that ex CEO MLM was as much use as a turnip.
It never ceases to amaze me how far one can get by simply having a plummy voice.
Another inside sell declared.
If it turns out that the next update is poor, some of these people need to be fired, IMO.
This is a terrific business. We just need a strong CEO to harness the potential.
Which means scaling back pay in some areas and far better target-driven incentives, where the current high levels of remuneration in some quarters are predicated on a far higher SP, for one thing.
And another name to add to the list of people to try and get rid off, should the next update be poor.
Should be buying not selling. After all, as global head of strategy and corporate development, surely they are confident that they have justified their remuneration to date, and that their performance means we are going to see a much higher SP soon...meaning they are giving away their golden tickets for much less than they are worth?
Getting pretty fed up with this now.
Are insiders short sighted and want to take the money now, rather than waiting for a couple of years and double it? Answer: insiders are not short sighted, they know the time to sell has come, and for a good reason.
Truth is we are in a falling market. People are losing their taste for trading and sticking their money in saving accounts, even locking them away for a good one year or more. IGG revenue will be impacted for 1-2 financial years due to capital outflow (lower interest on capital) and lower trading activity. Lower revenue will impact earnings, which will still need to be interest-discounted by a solid 5% (vs. near zero interest just over a year ago). I can see the share price continuing on its downward trajectory, unfortunately.
Not sure I entirely agree - increased volatility should be good for us - and I think the bulk of our clients are professional traders, not the meme-stock crowd (who I agree probably are starting to put cash into savings, rather than trading now...for those who have not blown up their p/f anyway).
But if you are right that revenue and earnings are going down for a year or two, then all the more reason to make significant cuts to the headcount here right now.
Along with far less generous remuneration, from the top down. Until revenue and profits have returned to where they should be. Basically far fairer performance-related pay.
And while we are at it, put a stop to that foolish 1% post tax charity donation that I think June initiated.
Let shareholders make such decisions on an individual basis.
IG is a professional platform. It is not so much impacted by "punteres" who put money into savings instead.
The geopolitical upheaval pretty much nails it for IG. Revenue is rolling in - and trading is not going to stop.
This is not a RETAIL PUNTER outfit like cmcx. Alexxandro, you seriously need to study the markets a little bit more, IG don't work like that. You don't seem to know what you talking about. But best of luck to you and keep your money out of here if you think it's not right. I see this as a real-safe heaven for now, even if capital gains are low, dividend is now 7.3% and safe. It's likely to rise in the future too. I beg to differ on your post, professionals are not losing taste for trading, you talking about ignorant folks who trade for a year at best then leave. Pros thrive on volatility - which is only set to increase. I am looking forwards to have egg on your face.
Largely agree, CSB, although I stand by my previous comments regarding trimming the fat at the same time.
As I keep saying, this is a great outfit, but to unlock its full potential, needs a strong leader, as we had with the founder.
As to the question of the next dividend, not sure it has been announced yet.
The share price could be doubled so easily.
Just need a CEO from USA who knows how to cost cut and run it efficiently.
I am just not sure it's gonna happen.
They'll just hire another one who can do the "job" and that's about it.
Clueless! If the CEO had a clue - she would embark on a drive to double protitablity right now.
If you get the right guy - that would be so so easily done. I just don't think it's gonna happen.
Most UK companies are content on a stalemate - rather than progress. Sad because this company is literally a cash machine and could be double so.
Well, not sure how the market will take that RNS, but personally I am quite pleased to see that the opinions of some of us here are not falling on deaf ears.
Will buy a few more if we see a dip, but IMO, this update should drive the SP to a higher range, meaning I should not get the chance. GLA.
I don't like the RNS. They want to grow and reach more customers by reducing staff in big numbers? The quality of customer service will go down, same for product upgrading and servicing. It feel like a shortsighted move and it tells me that IGG is struggling to meet earning targets. Which ties up nicely with insiders selling their shares.
Exactly what we wanted cost cutting
Good news
I do not think they are going to sacrifice those people who make the business work well, such as the customer service staff.
I am confident that they can find a lot of those savings in some of the (underperforming) senior management.