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What credibility do you give to this share purchase:
1. 40+ years exerience in the sector
2. Non exec Chairman
3. Sold around £750k of stock in May this year (great timing)
4. First purchase in 5 years (I don’t have the data before then)
5. Increased position in company by 300%
6. Bought £1.6m of stock at prices between 496p and 515p, having sold £744k’s worth in May this year at 708p.
Take a look at Richard Peskin of Great Portland Estates. He looks like a happy guy doesn’t he?
Gt Portland Estates Development Director Noel also put money to work, but only a measly £50k. This is the second purchase in the sector since Hammerson last week (Non exec Clare, who also bought back stock he had sold earlier in the year at prices 50% higher than today).
When we see the third director purchase in this sector then it is time for me to buy too.
Addendum: see FT Alphaville article on sector: http://ftalphaville.ft.com/blog/2007/11/19/8998/mid-season-stock-clearance-in-the-property-sector/
Addendum: 20 November- Peskin bought another 150,000 shares, taking his holding to 583,000, having spent £716,000.
