The chairman was required - under the previous constitution and policy - to own 2,000 shares within 60 days of being appointed and the equivalent of a full year’s pay within 4 years which is the amount that Murray bought last year. He no doubt felt obligated to buy this amount in his first year before setting out to change this policy. He was doing the right thing by buying and I think the change in policy makes sense. My only objection is that he got to miss out out on impact of the realization of the loss on sale of the life business compared to those who held from when he was appointed.
While HUB24 comments generally belong there I will say......
1. The media comments were mischievous and consistent with the worst of the Royal Commission coverage about many players including AMP. The point is that you don’t want to have your investments on a platform or in super tied up in bank cash. The idea is to minimize the amount in bank cash on these things.
2. HUB24 is a good business but it’s value has run ahead of itself. It is now valued for a business about twice it’s fund size. It will get there but it hit the share price a while ago.
Everything you read on HC is opinion - well almost. Sometimes there are facts, but I do see opinions presented as opinions.
My comment about Murray buying shares is a mix of fact and opinion for example. Some will take it all as opinion, others as all fact.
AMP Price at posting:
$2.17 Sentiment: None Disclosure: Held
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