Jim Armitage: As Rupert Murdoch says - take the money and run!
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Saturday 13 October 2012
Global Outlook If you ever thought Rupert Murdoch might be humbled by his experiences in the UK over the last year or so, forget it.
Next week in Los Angeles, News Corporation holds its annual shareholder meeting.
Glass Lewis – one of the biggest shareholder advisory groups in the world, has urged investors to vote against the re-election of six directors, including Lachlan and James Murdoch. ISS, another adviser, is telling shareholders to vote against Rupert's $8.1m (£5m) base salary.
But what does he have to say on Twitter about the whole thing? "Any shareholders with complaints should take profits and sell!"
In other words: "Get lost."
But perhaps, unintentionally, he's hit on something. With the share price now at nearly $25 compared with the $16 low in December, it could be time to head for the hills.
Pundits say there's still another couple of dollars to go, and they may be right. But investors have had a hell of a run already. Much of the demerger value is surely in the price now and at these levels, a fall would not be at all surprising. Perhaps we should take Rupert at his word. There can't be that many without "complaints".
Additional reporting in Tbilisi by William Dunbar
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