BSkyB Non-Executive Directors Dinner

It’s probably an irrelevant detail but just in case it isn’t: I’m told by a usually reliable source that last week was the BSkyB Directors dinner, a quarterly event which is about the only time all the non-executive directors actually get together. The next morning several NEDs suddenly increased their shareholdings. See the list here:

British Sky Broadcasting Group plc : Director/PDMR Shareholding

This is despite the share price being artificially high because of the buyback brought about by hackgate, in fact it’s only just below the 850p that was the highest price News Corp made as their final offer.

If they’d heard something at a board meeting and acted on it that would be insider trading and illegal. I understand that a dinner for NEDs isn’t legally a board meeting and they aren’t legally “discharging managerial responsibilities” as defined by the FSA.

I’m sure its just a case that they have been blown away by the verve and ambition of the company and decided they wanted a bigger part of it.

I’ll be watching future activities of the company with great interest, particularly as James Murdoch has been released from hiding in recent weeks. According to the FT he sees the BSkyB issue as “unfinished business”.

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