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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’.
Where in the Retail sector do you see the CEO doubling his position and raising the interim dividend by 12% at what we must all see as times of great uncertainty for consumer spending in the UK.
Patrick Jolly was a non exec of Findel (FDL, 598p), previously known as Fine Art Developments, for five years. Jolly, now CEO as of May 2006, is clearly very confident having just last week announced outstanding interim results, and sees the level of Findels share price as an opportunity.
Jolly paid 585p for 25,000 shares on Monday.
The outgoing CEO Tony Johnson, has been selling down his holdings (presumably accumulated over his 16 year career at the firm), raising almost £1.9m when the share price was at 745p in May this year.
I think Findel goes on the buy list as a result of Jollys confidence. I wouldn’t be surprised to see other purchases from Jolly and his merry crew on any further weakness in the stock price.
See www.findel.co.uk for the Interim results.
followthedirectors... a study of directors share dealings 