You are currently browsing the daily archive for November 25, 2007.

On November 16th we saw Gt Portland director Peskin buying £1.6m worth of shares (see ‘Another buy by Real Estate sector director’). Since then he has continued to buy, investing a further £1.1m at prices between 458p and 477p.

Gt Portland CEO and CFO Toby Courtauld and Tim Drakesmith have also pulled their chequebooks out. The CEO and Executive Director of Derwent (DLN) too have been active, investing over £500k between them, as have directors at Minerva (MNR) and Real Estate Investors (RLE).

However not all insiders believe the sector is cheap. Note Robert Bowden of British Land (BLND), selling 100,000 at 840p, about 1/5th of his total holding.

The jury is clearly still out, but as I noted on November 19th, I needed one more director to buy shares, and we’ve seen that in Silver and Burns of Derwent London.

Disclosure: I have a position in GPOR

Last Thursday, November 21st, the three amigos at Michael Page International (MPI), CEO Ingham, CFO Puckett and MD Dumon, stepped in to buy back shares they had sold only 7 1/2 months earlier at twice the price.

Steve Ingham, CEO of MPI Stephen Puckett, CFO of MPI

They each bought 170,000 shares at 280p. Puckett and Ingham sold on April 10th around 147,000 shares at 560p each. Dumon sold 428,000 shares on April 10th and May 4th at between 560p and 580p.

I suggested in my post on November 14th that, following the move by Nelson, CFO of SThree (STHR), who bought £100k worth of shares at 211p having sold in November 2006 at 372p, we were likely to see a positive share price move in the sector.

Look for more news from SThree next Thursday, when they give us a ‘pre close trading update’. This is likely to be positive for the Recruitment Sector overall.

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