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Serica Energy (SQZ, 58p) announced yesterday September 29th that six directors had bought shares in the company on September 26th at prices between 49p and 53p. They also announced that they had the same day (September 26th) received a written share offer from Salamander valuing the shares at 70p. Link to both announcements here.

I’ve a few questions of Serica management:

1. Did you buy shares on the 26th September before or after you had received the wriiten offer from Salamander (valuing the share offer for Serica at 70p using the September 26th closing prices of Salamander and Serica)?

2. Had you received a verbal offer from Salamander prior to the written offer? And was that before or after you bought shares for yourselves?

3. Were you in discussions which may or may not have led to an offer for the company at the time you bought shares on August 15th (see my post of  August 16th ‘Serica – Three directors invest GBP 440k’) ?

My view of August 16th was

‘I consider Fridays purchases to be more significant as three directors are buying, investing significant amounts, and increasing their positions by an average of 20%. Signal strength: STRONG’.

With now 6 directors of a board of 8 buying shares, and an offer on the table, my view remains positive based on the value of directors share dealings in Serica Energy.

Signal Strength remains STRONG.

Disclosure: I have a position in Serica Energy.

Three directors of Serica Energy (SQZ, 69.5p) have been buying shares.

Serica Energy (link to company website) announced on Friday August 15th that:

Anthony Walker, Non Exec Chairman, bought 360,000 shares at 69p to increase his position to 5.6m shares,

Paul Ellis, CEO, boughtt 200,000 shares at 69p, to take his holding to 650,000 shares, and

Christopher Hearne, CFO, bought 75,000 shares at 69p to take his holding in Serica Energy to 675,000 shares.

Between them they have invested £440k.

In March 2008 directors Ellis and Cartwright bought shares at between 71p and 83p. Subsequently the shares reached a recent high of 108p in May. They then only bought 110,000 shares between them.

I consider Fridays purchases to be more significant as three directors are buying, investing significant amounts, and increasing their positions by an average of 20%. Signal strength: STRONG


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