IG Group (IGG) CEO to step down immediately

[OLTB]

Should make for an interesting share price movement today as it's also ex-div date. Link here https://www.ft.com/content/f34861fa-c21 ... 6dfef1b89a

Cheers, OLTB.

[idpickering]

Should make for an interesting share price movement today as it's also ex-div date. Link here https://www.ft.com/content/f34861fa-c21 ... 6dfef1b89a

Cheers, OLTB.

Aye, certainly is. Down 8%! Anyone thinking of grabbing a seeming bargain top up/purchase? Not me tbh.

Ian.

[vrdiver]

Should make for an interesting share price movement today as it's also ex-div date. Link here https://www.ft.com/content/f34861fa-c21 ... 6dfef1b89a

Cheers, OLTB.

For non FT subscribers: https://financefeeds.com/peter-hetherin ... -ig-group/

No reason is given for his sudden exit, but it is confirmed he will remain with IGG for a while longer, so it's not a sudden termination.

VRD

[Arborbridge]

This could be interesting -whether in a good or bad way, we'll see. IGG has always been one of my best investments - but then I could have said the same of Interserve at one time.
IGG fell off a cliff at the beginning of September, so the market knew something was going on, but then we had a big drop at the end of December 2016, from which it recovered. I've actually has to trim once as the price rose so much, and there a few companies I've had to do that with.

Dividends keep flowing, however.


Arb.

[fisher]

IGG fell off a cliff at the beginning of September, so the market knew something was going on

They dropped nearly 10% last week because of their disappointing 4th quarter update. I don't think that drop was related to the market knowing anything about the CEO leaving in advance.

I still hold.

[absolutezero]

-13% today!
That's made a little bit of a painful hole in my HYP.

[Arborbridge]

-13% today!
That's made a little bit of a painful hole in my HYP.

True, and the worry with all these events - and there have been quite a few - is that it isn't temporary. It is a trap or a buying opportunity? is always the question. For my part, my IGG holding is big enough that I'm in worried mode rather than in wanting to buy more, mode!

Arb.

[absolutezero]

Currently 3.8% of my holdings, so not worrisome but painful.
However, I think I've had enough dividends to cushion the worst of it.

[monabri]

The value of your portfolio would have dropped by 0.13 X 3.8%...about half a percent...and some of the drop was because IGG went XD today.

I'd be more concerned why there has been no view expressed as to why there was an unexpected fall beyond that of the effect of the share going XD.

[CryptoPlankton]

-13% today!
That's made a little bit of a painful hole in my HYP.

On the upside, about 4.6% of that can be put down to it going ex-dividend - which should help refill the hole a little when it gets paid. It's always disappointing when shares take a tumble, but I'm still up 50% in capital terms and, more importantly, the dividend growth rate has been excellent (c. 13%) over the past five years. The fact that their revenues are down (and that may, in turn, have an impact on mine) is of more concern than the SP itself, but I think it's a little early to rush into taking any action. Definitely worth keeping an eye on though...

(Actually, I had been thinking about trimming my holding, but the recent price action means I don't need to bother! )

[absolutezero]

The value of your portfolio would have dropped by 0.13 X 3.8%...about half a percent...and some of the drop was because IGG went XD today.

I'd be more concerned why there has been no view expressed as to why there was an unexpected fall beyond that of the effect of the share going XD.

RNS

IG Group Holdings Plc ("IG", "the Group" or "the Company"), a global leader in online trading, today announces that Peter Hetherington will step down as CEO of the Group. Whilst Peter will continue in IG's employment and will help with the transition to his successor until the end of the financial year, he will step down as Group CEO and from the Board with immediate effect.



The Board is well advanced with its search for a new CEO. During the interim period Paul Mainwaring, IG's CFO, will assume the additional role of Interim CEO until a successor is appointed.

[absolutezero]

(Actually, I had been thinking about trimming my holding, but the recent price action means I don't need to bother! )

Optimist!

[Arborbridge]

Back in May IGG was at the 1.4-ish times median size. Today it is at x1.07 and the XIRR which was 17% is now still a respectable 11%.

However, there is also the general drop in HYP shares over the summer, my unit price having moved from 141.38 in May to 133.58 today. IGG is only one factor.

Browsing through the share charts today (on playing around with the new v11.55 of HYPtuss) I notice many, probably a majority, of HYP shares have lagged the FTSE over two years.

However, it's important to note that my forecast for dividends has improve. The 12 month look ahead in May stood at 6.87p per unit, and is now 7.12p. It's not all bad news.

Arb.

[monabri]

There's a short article in the DT today

https://www.telegraph.co.uk/business/20 ... herington/

- badly timed CEO exit after a 5% drop in 1st Quarter revenues
- concerns about the effects of regulation and news laws on CfD (Contracts for Difference) - betting on price movements