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I want to recap here posts that I wrote last month, with the absolute and relative performance of shares to today. To see the original posts I am referring to, look for the title to the left of here, or type the company name into the ‘Search’ box.
April 3rd Diageo DGE 1055p NEGATIVE CALL -1.6% absolute, -7% relative
Negative call based on the news that CEO Walsh had sold £1m of shares, and upon reviewing his historical sales, found him to have excellent market timing.
April 7th Cairn Energy 2915p NEGATIVE CALL +5.4% absolute, +1% relative
Negative call on news that Non Exec Chairman had sold half his holding in Cairn
April 25th AMEC AMEC 752p POSITIVE CALL +9% absolute, +7% relative
Positive call on news that CEO Brikho had increased his position by 50%. buying £483k of shares
April 25th EAGA EAGA 135p POSITIVE CALL -13% absolute, -19% relative
Positive call based on directors buying in a vacuum of information or market knowledge on Eaga.
April 25th Galiform GFRM 71p POSITIVE CALL +18% absolute, +12% relative
Positive call based on intriguing market timing, namely CFO buying shares for the first time since joining the board in 2005, in an environment of negative news from the housebuilders.
April 30th Connaught CNT Eaga EAGA -4.5% relative
Switch suggestion (long term ‘2-3 sets of results’) from CNT into EAGA based on director selling in former, and buying in latter, as well as significant valuation differences
There’s a plethora of information about directors share dealings in Cairn Energy ( CNE, 2915p) last week.
If you filter out the sales by executive directors of shares released under the Long Term Incentive Plan, and eliminate shareholdings sold and bought back before CGT changes, you are left with four notable changes in holdings:
1. CEO Sir Bill Gammall has sold 50,000 shares taking his holding to 377,000 shares.
2. Exploration Director Dr Mike Watts sold 40,000 shares taking his holding to 160,000 shares.
In my mind both of the above sales are interesting but not hugely significant.
Of greater interest are the sales by Non Executive Directors as follows:
3. Non executive Chairman Norman Murray halves his holding by selling 40,000 shares at £28.61, releasing £1.1m, and
4. Non executive Director Todd Hart reduces his holding by more than a third, selling 10,000 shares to leave him with 18,000.
I believe these sales to be significant, both in value terms, and as a proportion of the directors’ position (holding) in Cairn prior to the sales.
Source: http://www.Digitallook.com
