Monday, 10 August 2009

Sanderson directors go a-buying

(By Richard Holway 5.00pm Monday 10th Aug 09) Further to my 5th Aug post - Sanderson rises - I see that the directors have been a-buying. Chris Winn and his wife have bought 615,000 shares taking their combined holding to 2.2m. David Gutteridge (senior NED) bought 25,000 and the CFO's wife bought 35,000.

Chris Winn called me late last week to recount his total frustration over the last year seeing the share price plunge from 35p last Aug to a low of 7p. And all the time Sanderson was in a Closed Period due to the negotiations with the bank - so the directors couldn't buy. Anyway, they have certainly corrected that now and I must admit this is quite a show of confidence in the future of Sanderson whose share price has more than doubled in the last week to close at 16p today.

Winn also recounted his total frustration at the banks (they bank with RBS...) In the end they had to ask for help (which they received) from the highest Lord in the Kingdom. It is good to see that the Lord does indeed move in mysterious ways, his wonders to perform!

I'm still of the view that Sandersons will end up as someone else's consolidation play. But with a bit of help from on high, hopefully at something a bit nearer the 2004 50p IPO price.
Note - As already declared, I am a long term shareholder in Sanderson.

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