Top Trades: Tracking directors' interests in their companies

By Nicholas Bryant

Friday 6th October 2000

Charles Bidwill reaps the benefits

As a shareholder in debt collection company Baycorp since the late 1980s, UK-based Charles Bidwill has seen the company's size and value grow at a staggering rate - and now he is reaping the benefits.

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.

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