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Raymarine (RAY, 129p) is ‘the world’s leading designer and manufacturer of integrated marine electronic navigation systems for recreational boats’.

So you can imagine what’s happened/happening to their order book as leisure boat sales take a tumble. See this Times article today for a [negative] view on yesterdays results.

So why then are directors buying? Between June 25th and yesterday, five out of the six directors have bought stock:

Peter Ward, Chairman, bought 32,000 shares at between 126p and 132p, taking his holding to 83,000 shares,

James Webster, Non exec, bought 10,000 at 126p, now holding 20,000 shares,

Stephen Day, also non exec, bought 10,000 at 128p, now holding 10,000 shares,

Malcolm Miller, CEO, bought 100,000 shares at 147p, now holding 567,000 shares, and

Tony Osbaldiston, CFO, bought 31,000 shares at 135p, now holding 240,000 shares.

In total 184,000 shares bought at an average just shy of 140p.

I’m torn between viewing these purchases as a STRONG or a MEDIUM signal. I’d like to see a greater commitment in terms of % of existing shareholding by the execs (roughly 14-21% increase in holdings), as well as a greater ££ spend.

I’d disagree with the Times recommendation of a Sell on Raymarine, as I think having 5 of the 6 directors buying is a positive signal.

Signal strength: MEDIUM

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August 2008