You are currently browsing the daily archive for October 27, 2008.

Sports Direct’s Mike Ashley has been having a tough time ‘New Pain for Ashley’ (Evening Standard 23rd October). Sports Direct International floated in February 2007 at 300p and has headed one way since then.

Are Sports Directs (SPD, 38.25p) shares now cheap?

Ask David Singleton, a non executive director. He bought on October 23rd 150,000 shares at 37.6p, taking his holding to 153,000 shares.

‘Dave Singleton was appointed a Non-Executive Director of the Company on 25th October 2007.  He spent 25 years with Reebok International Limited.  He stepped down in April 2007 he helped successfully to integrate Reebok following its acquisition by adidas Group in January 2006.  For eight years he was Vice President, Northern Europe Region & UK and since 2003 he was Senior Vice President Europe, Middle East & Africa’  (Sports Direct website).

Maybe the Sports Direct share price has been inextricably linked to the price of England shirts.

England shirts went on sale on 6th February 2007 at GBP 39.99. They are now for sale at GBP 4.49. That is 11.2% of the original price. Sports Direct shares are trading at 12.7% of the original floatation price.

Let’s hope the price of England shirts starts to go up !

 View on Sports Direct: Positive- Director buying

Strength of Signal: WEAK- only one director buying.

Shirt prices:

GBP 39.99 (http://www.anfield-online.co.uk/store/new-england-home-shirt-2007.html)

Ad above for GBP 4.49 (http://www.sportsdirect.com/)

IMI plc’s (IMI, 268p) CEO MJ Lamb has started to buy back shares in his company (co website).

Martin Lamb sold 105,000 shares at between 513p and 517p back in May this year. IMI are now trading at almost half that level now, in the 260p’s.

Lamb is dripping his money back in: Mrs Lamb bought 10,000 shares at 288.5p on October 14th. Lamb himself bought 5000 shares at 260p on October 24th.

Lambs colleague, CFO Douglas Hurt, has also been putting a few $ to work, with his wife buying 6500 shares at 288.5p, also on October 14th.

If you take a look at the IMI fact sheet (1MB download) you’ll see a group with a geographically diversified sales profile, which could presumably be a longer term beneficiary from weak Sterling.

View on IMI plc: Positive, directors buying

Signal strength: MEDIUM – requires a larger $$ amount to be invested, as well as more directors, to warrant a Strong rating.

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