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International Personal Finance (IPF, 137p) is an emerging markets small loans provider to 1.8m provident-mexico-customercustomers : ‘We pride ourselves in providing home credit in a responsible well managed way.  We provide, small, unsecured cash loans – typically sums equivalent to £200 – borrowed over a short period of between six months and two years'( Company website).

International Personal Finance KNOW THEIR CUSTOMERS which must be unusual nowadays, and something the US mortgage providers and banks wished they’d stuck to. You would therefore have to assume that they knew exactly what was going on in terms of default risk and loan performance.

So it is interesting to see the Non Executive Deputy Chairman Ray Miles doubling his holding by buying 100,000 shares yesterday at 135.7p, taking him to a holding of 211,000 shares.

Following an Interim Trading Statement on October 22nd, the Executive Chairman Christopher Rodriguez bought just over 30,000 shares at 163p taking his holding to 218,562 shares, and a Non Exec Director Nick Page doubled his holding by buying 24,539 shares at 163p. Charles Gregson, another Non Exec,  bought 6350 shares at 157p to take his holding to 58,000 shares.

The next catalyst on IPF is probably the pre close statement in mid December. Last year this was on December 12th.

View on Internatioal Personal Finance: Positive- directors buying shares.

Strength of Signal: Strong- Four directors buying, significant increase in shareholdings, near term catalyst.

Addendum Dec 11th 11.50am: Stock is up 10% today. I know of no new news, but then I wouldn’t as I am not ‘in the market’. A look at the company website shows that the pre close update is scheduled for December 17th, next Wednesday. This is likely to be a significant positive catalyst in view of the directors buying activity mentioned above.

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November 2008