Saturday, July 08, 2000
What's the Buzz?
k Cinergy, AmFin execs major insider buyers
By Cliff Peale
The Cincinnati Enquirer
Executives at Cinergy Corp. and American Financial Group Inc. still retain faith in their companies' stock, ranking among the top insider buyers in the country during the first six months of 2000.
Cinergy insiders bought 1.04 million shares of stock for $25.8 million through June, ranking the company No. 5 on the list compiled from federal filings, according to Bloomberg News Service.
In February, 80 of Cinergy's top 100 executives purchased more than $40 million in company shares in an effort by CEO James Rogers to align the interests of shareholders and management. Cinergy arranged loans for the executives to buy the shares in a program believed unique in the utility industry.
American Financial officers or directors bought 745,531 shares for $16.6 million in the six-month period, ranking No. 18.
Almost all of those purchases came from American Financial chairman Carl Lindner, who has said he regards depressed American Financial stock as a bargain. Mr. Lindner, also owner of the Cincinnati Reds, bought 742,866 shares for $16.5 million, ranking No. 13 on the individual list.
Cinergy stock closed Friday at $26.25, up 371/2 cents, while American Financial shares closed at $25.561/4, up 371/2 cents.
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