You are currently browsing the daily archive for December 21, 2007.

Take a look at this wise wise man. John Carey, Chairman of Wolfson Microelectronics (WLF 208.5p).

John Carey, Wolfson Chairman

In 1969 he founded Advanced Micro Devices.

In 2000 he became Chairman of Wolfson.

Last year, March to May 2006, he sold 400,000 shares in Wolfson at an average price of 488.25p. He even managed to sell half of these shares at a penny above the all time high close, at 557p!!

Between November 16th and December 18th 2007 he has bought them all back, at an average price of 205p. That is 58% below where he sold them.

Yes, he does own almost 4.4m shares. But this was such a good trade, and this guy is so knowledgable, I thought it worth mentioning.

Aegis logo

I was prompted to take a relook at Aegis (AGS, 115p) today after reading Questors thoughts. I had noticed in November unusual behaviour by three executive directors who were buying shares in their employer, in an industry I believe to be highly exposed to economic growth. I noticed then that this was a company well positioned to benefit from ‘digital media’.

Mainardo Nardis (CEO of Aegis Media division), Alicia Lesniak (CFO), and Robert Lerwill (CEO) all bought shares between 14th and 19th November, at prices between 116p and 118p, totalling £175k. This was a change in behaviour, as three other directors at Aegis (Chedore, Hicks and Verklin) had, over 12 months to May 2007, unloaded about 3.2m shares between them at prices between 126p and 145p.

It is rather brave don’t you think to buy shares and then, only one month later, issue a trading statement which results in a 6% upward move in the share price? Here is a brief extract: ‘Group organic revenue growth ….remained very strong, and significantly ahead of the market’.

I also agree with Questor ‘it looks like good value’.

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December 2007