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Findel (FDL, 244p) directors have accelerated their buying activity this month. Chapman (Exec Chairman) and Craig (non exec) this week bought almost 130,000 shares between them, investing over £300k.

Over the course of May six directors out of a total of nine have increased their positions by an average of 58% by investing over £1m between them.

The consistency of purchases across the board, the amount of money invested, and the average % increase in directors shareholdings means that the signal given by these directors is a STRONG signal.

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 or direction, an intensity of director interest indicated by volume and speed, and a sentiment change within a sector.

Stocks that satisfy one or more of these criteria are

  • Wolfson (WLF)
  • Aegis (AGS)
  • Findel (FDL)
  • Enodis (ENO)
  • Segro (SGRO)
  • Hammerson (HMSO)
  • Great Portland (GPOR)
  • Yell (YELL)
  • Michael Page (MPI)

Look in the archives or via the tag list for my reasoning on these stocks.

Real estate stocks are overweighted here, which I suppose shows a tendency to ‘value’, by me and company directors. If I look at the real estate sector overall though, I find that over the last month director buys outnumber sells by about 4:1 (source www.digitallook.com). Interestingly the bank directors seem to have gone a little quiet recently, after a flurry in early November (see RBS) !!

You’ll also notice a preponderence to midcap or ftse250 stocks in this list. This is not intended, but a result of the criteria. I don’t look at stocks smaller than the ftse 250.

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.

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