I wanted to start a thread that collates shares showing significant insider dealings (large size or significant cluster buys) as well as significant insider refinancings. There's nothing like increased "skin in the game" by management, founders or other insiders to indicate where there's value. And in a market like this where there's so much in flux, it's a particularly useful signal. Please do add comments where you've seen significant insider activity.
Significant Deals
Many of the best insider purchases happened earlier in the year - e.g. the huge cluster buys at Crest Nicholson between June and September.
Just some of the open market buys that have recently caught my eye include:
- Volex (LON:VLX) - Nat Rothschild is Chairman and has bought a lot of open market shares, as have other insiders. Mostly at lower prices, but a £250k purchase last week.
- Novacyt Sa (LON:NCYT) - CEO Mullis bought £500k in the open market at 817p a couple of weeks ago.
Significant Refinancings
As an investor, I generally don't like an increase in the float / number of shares on the market as it can create a headwind, but when a refinancing is led by an insider, or better a founder, it's generally a positive signal. Insiders know the businesses inside out and while they are biased, they generally don't put significant capital to work if they don't see value. A couple of refinancings that have hit my radar recently include:
- Saga (LON:SAGA) - where de Hahn (the founder's son) took up £100m out of £150m of equity in a recent October placing.
- N Brown (LON:BWNG) - where the founder Lord Alliance is underwriting a £100m December placing and will take up whatever isn't bought by others.
If you have spotted significant cluster buys or large size buys by insiders - either open market or in placings - please do add a comment below and I'll try to add them to the above lists.
