Slow off the mark
Trades yet to really stir in 2011
IT WAS A RATHER quiet week on the directors’ dealings front, with executives of scarcely a dozen listed companies trading shares. Even though the holiday mood is rapidly evaporating, there are probably quite a few (end-December/end-June) companies in closed periods, which preclude directors from trading in their shares.
But Assore’s technical director Phillip Crous left it quite late, snucking in 1 000 of these rather rare shares at R192/ share. Technical people can occasionally be absent-minded, which probably explains why Crous snapped up those shares on 30 December last year but only disclosed the trade on 12 January this year.
However, Crous doesn’t need to feel bad. Experienced director Rick Cottrell only disclosed this month small (very small) trades in Glenrand MIB that actually took place in May last year.
The transactions were undertaken by a broker, contrary to the instructions of Cottrell. Tsk, tsk…
But let’s move on to more meaningful matters. Perhaps the most telling bout of buying – especially for those hearing listed property (which had a vibrant 2010) will only trundle along this year – came from Frank Berkeley, a non-executive director at Acucap Properties. Berkeley grabbed 51 000 Acucaps at 3500c/share in a transaction worth almost R1,8m. A few more directors of real estate listings buying with that kind of vigour would present a fairly convincing argument for another pretty year for listed property.
Other smaller – but no less significant bouts of buying – included a trio of directors at Namibian financial services company Trustco, and William Battershill, chairman of BSI Steel, taking flutters.
The buying by the Trustco directors is rather intriguing, as the company’s shares – after an insipid start – have sparked on the JSE’s new Africa board. One might have thought the shares had already run a tad hard…
While the sight of directors’ buying is supposed to give investors positive pause for thought about value, Finweek suspects more than a few readers may draw less optimistic conclusions from two big sales in private healthcare group Netcare and specialist bank Capitec.
Victor Lithlakanyane offloaded 150 000 Netcare shares at 1560c/share to cash in a handsome R2,3m; while Merlyn Mehl disposed off 10 000 Capitec shares at R168,95/ share to realise around R1,7m.
Who could fault both for lightening their respective stakes, with both Netcare and Capitec hovering near their 12-month highs?