We’ve acquired a holiday-shortened week, and a fairly quiet week on the subject of the Actual Cash Portfolio… however we did get an fascinating replace from considered one of our long-time holdings, and I’ve acquired a number of different (temporary) ideas to share with these few of you who aren’t lolling on a seashore someplace and having fun with an prolonged Independence Day vacation.
It’s been an fascinating few weeks for Boston Omaha (BOC), no less than so far as SEC filings go — first due to fairly robust surge of insider shopping for, after which with their first proxy following the departure of co-CEO Alex Rozek.
Insiders have been shopping for repeatedly because the shares fall, which on common is an effective factor — although now that insider shopping for is so intently tracked, and reported by so many web sites, these items can be orchestrated amongst C-suite executives who’re attempting to cease a free-fall within the share value. The Chief Monetary Officer and Chief Accounting Officer have each been shopping for shares on the open market prior to now couple weeks, as have a number of board members, however most likely most notable is the truth that the remaining CEO, Adam Peterson, has been shopping for up shares for his private account, with a number of purchases in June because the inventory dipped beneath $14 — this doesn’t have a big influence on the shares he controls, since he votes the entire shares owned by his Magnolia hedge fund(s), too, however these have been all private buys, of about 59,000 shares in complete. That’s a complete private buy of roughly $800,000 price of shares lately, which must be a significant quantity to Peterson, and greater than a “token” purchase to get consideration.
He can afford it, in fact, not least as a result of he acquired that one big bonus in 2021 ($7.5 million), however that maxed out his potential bonus pool for a decade — his annual wage, the one actual compensation he’s been entitled to since that one-time bonus, was solely $600,000 in 2022 and $639,000 in 2023. Poor man.
So I used to be glad to see extra of that “pores and skin within the sport” shopping for from the manager group… however what I’ve actually been interested by as we transfer into this new period, with Adam Peterson because the solo CEO, was how the manager compensation may change, and whether or not they would reset the bonus pool to permit Peterson to once more to be …
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