https://www.copyright link/rear-window/modern-slavery-for-magellan-talent-20220508-p5ajjo
"
It’s also notable that this cohort of 128 Magellan employees also own 2.8 million ordinary Magellan shares between them. As at December 31, around 1.6 million of those shares are secured against loans provided by the company.
Under Magellan’s loan-funded share scheme, a whopping $15 million of staff loans were provided to buy Magellan stock in the six months to December 31, when the stock slid from $47 to $26 then collapsed to $19. That’s a heady chunk of the total outstanding staff loans of around $37 million."
Another Joe Aston article - has some interesting info in it this time.
By my sums - those employees who borrowed against their stock are underwater about $12m with 1.6m shares worth $25m against $37m in borrowings. Might it be a bit of a toxic workplace for HD?
Ann: Sale of shares in Guzman y Gomez, page-10
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