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Putting your money into a hole in the ground – Ennstone

At 52p this time last year the Telegraph tipped Ennstone (ENN, 27.5p) as a possible bid candidate. It compared the valuation of Ennstone, the ‘last London listed aggregates company left in Britain’ with the then recent acquisition of Hanson at 12.5x ebitda (vs Ennstone at the time at 8.5x ebitda). They went on to comment […]

Fiberweb directors pile in after takeover talks collapse

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, […]

Headlam- top three directors invest £600k BEFORE results

I’m astounded. CEO Brewer, Chairman Waldron, and CFO Wilson each bought around £200k in shares at 393p on 13th or 14th May. Then today, the 15th May, Headlam (HEAD, 396p) announce Interim results. I’m not a regulator or a lawyer, but shouldn’t these guys wait until after the results before buying shares? Enough said. Floor […]

Consumer stocks at risk? Not TRG according to directors

The Restaurant Group (RTN, 135p) keeps hitting the radar screen. This is the owner of Garfunkels, Frankie and Bennys, Chiquito, as well as many other brands and concessions, owning over 300 restaurants in the UK. It hits the screen on director purchases, but also because these purchases are in a sector highly vulnerable to a […]

Burman starts buying back Signet shares

Terry Burman, CEO, has started to buy back some of his Signet (SIG) shares. on Jan 16th he invested £60k at 61p per share to buy 98,000 shares. This is a mere drop in the ocean, and needs to be substantially reinforced through further investing before it becomes a buy signal. Why? Well, Tel boy […]

Happy New Year to you all

I want to wish you ‘good investing’ in a period of huge uncertainty. I suppose (is ‘hope’ a more appropriate word) the brave will be there to buy when everybody is panicking, which is why I’ve allowed myself to have a list of buys. When I look at directors dealings I’m looking for a change of pattern […]

Emap- directors believed emap worth more than the market

I missed this clear signal from the Emap directors. I noticed two of them (Cathcart and Griffiths) buying up stock on the 11th of December, and missed announcements of further director activity which strongly reinforced the signal… 7th December Emap announces ‘ has terminated all discussions with parties interested in Emap Communications’. Share price falls […]

Pearson (PSON) directors buying, Reed (REL) directors selling.

I’ve been looking at Glen Moreno (Non exec Chairman) of Pearson (PSON, 705p) share purchases. Moreno appears to be a pretty cautious guy, buying 5000 shares at a time, so he hasn’t really hit my radar. But looking back, he has invested about £360k in 45,000 shares in Pearson since August 2007, increasing his holding by almost 50% to […]

Arredondo, non exec, adds to Experian holding

Fabiola Arredondo clearly believes in this story. Enough to commit to Experian (EXPN, 414p) a further £232k last Friday at 416p, on top of £176k invested at similar levels back on the 16th and 20th of November. I said in my post on Experian of 29/11 that I would like to see Fitzpatrick, another non […]