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The beauty of the directors’ dealing table is it’s open to interpretation. Always. Do we give the founding directors of Famous Brands [JSE:FBR] the benefit of the doubt when they continue to offload their shares at prices still near the share’s best trading levels? Or do we deduce this franchise is nearing those levels the market euphemistically terms “ex-growth”? Does our hopeful pondering about pennystock permutations take flight when we see a director of SacOil hurling some petty cash around the open market? Do we look on cynically, feigning – apologies to Pete Townshend – that “won’t get fooled again” air?
For challenging interpretations, let’s take a look at the trading by Finbond directors Willie van Aardt and Ina Wilken – who bought shares through the rather quaintly named Kings Reign Investments. Not too many punters carry a candle for Finbond, which had to augment its fast depleting bond origination business with plain old micro-lending activities. While the share price suggests nobody’s tagging Finbond as the new Capitec, the Kings Reign duo seemed awfully determined to pick up available scrip. Seemingly so determined they bought 6 700 shares at 13c in a transaction worth R871. That’s not the most economical way to accumulate shares – considering small sums attract a basic charge, brokerages, Strate settlement costs, the investor protection levy and VAT.
Van Aardt has basically been scooping up shares since Finbond’s listing in 2007 – initially paying a heck of a lot more than 13c for that privilege.
By now Kings Reign is by far the biggest shareholder in Finbond Group [JSE:FGL]. Instead of faffing around on the open market, Finweek’s not sure why Van Aardt and Wilken don’t just approach the handful of institutional shareholders with an offer, extend it to minorities and take Finbond private.
For challenging interpretations, let’s take a look at the trading by Finbond directors Willie van Aardt and Ina Wilken – who bought shares through the rather quaintly named Kings Reign Investments. Not too many punters carry a candle for Finbond, which had to augment its fast depleting bond origination business with plain old micro-lending activities. While the share price suggests nobody’s tagging Finbond as the new Capitec, the Kings Reign duo seemed awfully determined to pick up available scrip. Seemingly so determined they bought 6 700 shares at 13c in a transaction worth R871. That’s not the most economical way to accumulate shares – considering small sums attract a basic charge, brokerages, Strate settlement costs, the investor protection levy and VAT.
Van Aardt has basically been scooping up shares since Finbond’s listing in 2007 – initially paying a heck of a lot more than 13c for that privilege.
By now Kings Reign is by far the biggest shareholder in Finbond Group [JSE:FGL]. Instead of faffing around on the open market, Finweek’s not sure why Van Aardt and Wilken don’t just approach the handful of institutional shareholders with an offer, extend it to minorities and take Finbond private.
