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Back in December I got all excited about Patrick Jollys lone purchase of 25,000 shares at 585p in Findel (FDL, 280p) (see my December article here). Since then the retailing economy in the UK has turned down, and Findel warned about an increase in bad debts. The share price is now £3 lower.

Just last week we had a reassuring set of results from Findel.

And since then four members of the board have been buying shares:

Patrick Jolly (CEO) has invested £21k at prices between 283 and 288p.

Anthony Johnson (Non exec director) has invested £58k at 292p.

Keith Chapman (Exec Chairman) has invested £740k at 296p, and

Ivan Bolton (Co Secy) has invested £33k at 272p.

All these purchases were made between the 15th and 19th of May, after the company declared results on the 15th of May.

I think four investors buying is a better signal than one.

Investing six times the money between them that Jolly did in December.

At half the price too!!

This reminds me a little of EMI and Enodis, where takeover talks failed, directors piled in, then the takeover talks were resumed, this time successfully.

Fiberweb (FWEB, 51p) however is tiny, with just a £60m market cap.

Takeover talks collapsed on April 23rd (see Independent comment here).

Between the 8th and the 15th of May, the CFO Abrams, CEO Dayan, and Non exec Stillwell all increased their positions substantially:

Abrams (CFO) bought 108,000 shares at 45.6p, investing £50k. He now owns 108,000 shares.

Dyan (CEO) bought 760,000 shares at 45.6p, investing £347k. He now owns 960,000 shares.

and Stillwell, a non exec director of Fiberweb, bought 60,000 shares at 40.5p, investing £24k. he now owns 87,000 shares.

So £370k invested between them, increasing existing positions substantially, with the potential now that capital markets are recovering for the bidder to come back again.

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May 2008