My observation in the previous post is incomplete. It is worth to note that Mr Douglass is 'set to become further enriched when his 10.2 million Class B unlisted shares (its origin goes way back to the days when MFG was a start-up) convert to ordinary shares this year...It is believed Mr Douglass stake means he will earn $20 million annually from dividends alone'.
He absolutely deserves this award although it is not a minor dilution(around 6.3% maybe). So his on market trade $8.7m cash spent now is more of confidence fix in my eyes than pure undervalue investing.
But this fix is no doubt generous and significant. Considered his frugal and excellent history in managing the business, he remains one of my heroes in this greedy corporate world. He said:''If I start selling down my holding I would do an immense amount of damage to other shareholders of the company.'' If what he said is true, I think Mr. James Spenceley, former Director of Vocus must have done a wonderful job in damaging other shareholders by selling down two third of his holding.
To get to know a CEO having track record of being friendly to small shareholders could be a way to stay away from being burnt.
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