The voting and engagement guidelines of the ASA minimum shareholding requirement (page 7) suggests:
“...... After three years on a board, a director should own or have invested at least one year’s worth of base cash fees in the company’s ordinary shares…… . As a guideline, the CEO should own or have invested a minimum of 100% of his or her fixed annual remuneration (including vested incentive awards but excluding any unvested awards) in the company’s shares after five years of their appointment, with lower shareholding levels applying to the other executives.”
A number of directors are approaching their 3-year or 5-year appointment. Going by the 2021 FY annual report, Page 34 - Directors’ Interests in the Shares and Options of the Company and Page 47 - Key Management Personnel Remuneration, they will need to top up their holdings soon to meet the guideline. It is probably a good time to buy while the company is undervalued. Hope they will do more than just the bare minimum.
Source: Market Index
(20min delay)