You are currently browsing the daily archive for December 2, 2007.

CFO of Next (NXT, 1740p) David Keens increased his holding in the group by 10,000  shares to 145,000 shares this week, at 1711p, investing around £171k.

David Keens, CFO of Next

Is this significant? Maybe. If you assume that Shirley Keens and David Keens speak with each other, and their finances are related, then this purchase partly reverses a sale by Shirley Keens of 45,000 shares at 2245p on April 17th this year, raising £1m. However the press release at the time claimed that Shirley Keens ‘manages her assets independently’ of Mr Keens.

Simon Wolfson, CEO, in March raised over £3.5m by selling 160,000 shares at prices between 2303p and 2309p.

Another recent buyer is Christos Angelides (exec director), who was credited with being a ‘weather forecaster’ in the last week of July, investing £180k ahead of a desperately needed sunny weekend. Next shares rallied by £3 to £22 in the three months after his purchase.  Last week Steve Barber (non exec) also stepped up, but invested only £8,000.

Why am I not totally convinced? Because Keens has only increased his holding by about 8%, and I’d like to see a little more commitment from both him and other directors in the sector, where we’ve seen purchases by directors of WHSmith, Lookers and Pendragon in the last week.

Enodis (ENO, 172.5p) is a nice little mover, and not new to bid rumours. Its directors seem to consistently take advantage of any setbacks in the share price.

To see if a pattern has been established, let’s go back a couple of years, to January 2006:

Jan ’06- Mike Cronk (non exec) and David McCulloch (ceo) both buy 50k shares each, at prices between 133p and 136p.

June ’06- Enodis reaches 215p (on news of discussions with Manitowic ticker: MTW)

August ’06- Peter Brooks(non exec and chairman) and Mike Cronk buy 38k shares between them at 171-172p

Jan ’07- Mike Cronk buys another 50k at 208p

Feb ’07- Enodis trades up to high of 223p (despite co rejecting AGA bid approach in Nov 06)

Sept ’07- Peter Brook buys 30k shares at 175p

Oct ’07- Enodis trades up to 215p on more bid rumours (supposedly Manitowoc again)

Nov ’07- Joseph Ross (non exec), David McCulloch (ceo), Mike Cronk (non exec) all buy shares between 166p and 186p.

In my opinion these recent purchases are not significant in terms of the number of existing shares held, but they do show a continuation of a significant behavioural pattern, from which you and I should be able to benefit.

Maybe sufficiently to be able to buy a new kitchen!

Enodis Kitchen

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December 2007