skin in the game

Recently a poster , who was disgruntled with what I was saying regarding the management of MHM said that as I no longer held I should nick off . It started me thinking of just how much 'skin' some of the management had in the game .

When this company started the board were granted the following ;

Frank Rogers 13,000,000 shares
Ben Mead. 2,000,000
Basil Conti. 200,000
Neil Allen. 200,000
Peter Robertson. 100,000

Since then there has been a rights issue at 1 for 4 , so you would expect the directors would have taken them up . Additionally options were awarded each year to the directors with Frank and Ben being the major recipients .

At the notice of the last AGM the board members were listed as holding ;

Frank Rogers 10,901,256
Ben Mead. 1,940,001
Basil Conti. 456,250
Neil Allen. 425,001
Simon Wells. 0
Peter Robertson. Retired

Between the notice of AGM and the AGM Ben Mead sold 376,000 shares at around $1.06 and converted 200,000 options with a $0.20 strike price . I was starting to feel a little shaky at this point .

Just prior to the roadshows in late Feb . Frank Rogers bought $25,000 shares .

From a post last year it appears Mark Rogers was also selling down his holding , perhaps someone else could give the latest on that .

I consider 'skin' as investing your 'hard earned' , not when they are gifted to you . I like to see directors actually buying and holding , it gives me confidence , especially in a project that still has runs to be put on the board ( if you'll excuse the pun ) , they don't have to , but it's comforting . HOWEVER
When the CEO and his family are selling down I get very uneasy . It is not as though they are not well remunerated in the first place .

A shame Joewolf will not be reading this , as it may help him understand why I no longer have any 'skin' in the game !