By Nicholas Bryant
Friday 6th October 2000 |
Text too small? |
Mr Bidwill, who resigned from the board of directors last week, has sold down over half of his shareholding in Baycorp in the past two years, netting him $31.5 million.
But Mr Bidwill is still active in the company, according to Baycorp chief executive Keith McLaughlin, an assertion borne out by two purchases valued at $131,000 last year and his continuing to hold 5.77 million shares or 7.2% of the company.
Mr McLaughlin also indulged in a little profit taking - "so as to enjoy the fruits of my labour" - making a scratch over $1.2 million for selling 200,000 shares in September last year.
Fletcher Challenge director Hugh Fletcher, or those close to him, showed questionable judgment in hocking off 50,000 Fletcher Energy shares at $6.13 last July.
Despite some recent pressure, the stock has traded above $9 a share this year.
And of course there is Pacific Retail Group director Mark Dotchin, who breached Securities Commission guidelines on insider trading.
The breach was admitted at the company's annual meeting after questions were asked by analyst Brian Gaynor, although it was not investigated by the Securities Commission.
Directors said Mr Dotchin had no "ill intent" in selling down three parcels of his shares for a profit of $40,000 outside periods recommended by the commission.
PURCHASES IN OWN COMPANIES
Company | Director's name | Shares | Value ($000) |
Eldercare | David Lowry | 5,750,182 | 855.6 |
FCL divisions | Kerry Hoggard * | 390,000 | 635.1 |
Baycorp | Rosanne Meo | 5000 | 37.31 |
Baycorp | Charles Bidwill | 12,000 | 131.2 |
Baycorp | John Wells | 5000 | 28.25 |
Pacific Retail | Nick Gordon | 1,500,000 | 2520 |
Pacific Retail | Mark Hotchin | 4,304,667 | 7100 |
Pacific Retail | Stefan Preston | 235,250 | 414.8 |
Pacific Retail | Richard Reilly | 15,000 | 26.55 |
SALES IN OWN COMPANIES
Company | Director's name | Shares | Value ($000) |
Eldercare | David Lowry | 2,091,055 | 199.9 |
Fletcher Energy | Hugh Fletcher | 50,000 | 306.5 |
Baycorp | Charles Bidwill | 3,100,000 | 20610 |
Baycorp | Keith McLaughlin | 200,000 | 1260 |
Pacific Retail | Mark Dotchin | 400,000 | 70.8 |
* As Mr Hoggard's purchase breached FCL directors' rules over share trading, he compensated sellers for any gains made in the days immediately after his purchase.
No comments yet
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report
June 26th Morning Report
Devon Funds Morning Note - 25 June 2025
June 25th Morning Report
NWF - NZ Windfarms shareholders approve Meridian acquisition
GMT - GMT and GMT Bond Issuer Limited 2025 Annual Report