This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.


I am a great believer in skin in the game.

See for example my previous blogs

Edge is a problem case

Readers will be aware of our concerns about Edge and our recent proposals to remove 3 of the directors and propose Richard Roth as a new director. So I thought I would work out the skin in the game of the directors. The data (which is from the most recent annual report) is as follows

This shows how few shares the three B’s hold. It also shows that Robin Goodfellow has more than 3 times as much skin in the game currently, but previously had much more than this. As does Richard Roth.

One of our criticisms of the three B’s is that they have not acted in the best interests of Shareholders. Their skinny shareholdings would indicate to Charlie Munger how they think “You show me the incentives and I will show you the behaviour”.

Please note these important caveats:

  1. Back and Goodfellow have recently bought more shares (see latest RNS for latest purchases).
  2. I class share price has been much higher and directors will have bought in at higher prices. However if one looks at the numbers of shares held, ourpoint remains that the three B’s have skinny shareholdings and Goodfellow has three times as much as the average of the three B’s.

This blog has been written by Cliff Weight, Director, ShareSoc and ShareSoc Edge Campaign leader (one of them).

Disclaimer: I own Edge H and I Class shares.

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