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WHAT ARE THE BOSSES BUYING AND SELLING? Ben Cobley reveals all

If, as is generally agreed, director buying is a good thing, Liberty International's chairman Donald Gordon should qualify as a benefactor of the highest degree. For Gordon has been hoovering up Liberty shares over the past few months, picking up 880,500 shares during the first three weeks of November to add to his many purchases in the preceding months. On 30 June shopping centre owner Liberty's NAV per share was £8.12. Gordon has been picking up his shares at around the £5 mark, which is where the shares currently sit.

Liberty, of course, is not alone amongst property firms sitting at a big discount to NAV, and it is not alone in attracting directors. Little Rugby Estates is another, having attracted five directors to add to their holdings, even though reports have suggested an increasing number of vacancies around Covent Garden, where Rugby is weighted. Rugby sits at a 34 per cent discount to NAV of 387p.

Fledgling Aim-listed business space provider Bizspace has been engaging its directors too, with chairman Larry Lipman picking up 20,000 shares for £49,000 and Neil Corderey buying 60,000 at 21p apiece. The deals followed interim results released on 12 November.

Another mini buying frenzy has been evident at Irish construction firm Heiton following a profit warning on 6 November. As well as the company itself buying back nearly 1.2 million shares, directors Philip Lynch, Vincent O'Doherty and Richard Keatinge have all opened their wallets to pick up 10,000 shares each at prices ranging from E2.25 to E2.37.

These buys have helped stabilise the price (now E2.42) after Allied Irish Bank's decision to sell off 603,750 shares. Merrill Lynch expects 39 cents of earnings for 2001-2 (making for a p/e of 6.2), rising to 44 cents in 2002-3.

Activity, but of the selling variety, was also evident at a number of British-based construction concerns as directors exercised options for profit. Barry Luckett of Galliford Try did so over 31,000 shares, getting 32.75p for them compared to exercise prices of 16p and 20.8p; Kier's David Homer more than doubled his money from a share price at 498p. Crest Nicholson's directors have also been busy tucking away profits.

Tech buying

Like virtually all technology stocks, power protection group Chloride has endured a torrid time over the past year or so, with its shares slumping to just a quarter of their 52-week high, and difficult trading conditions forcing a profit warning in September. But chief executive Keith Hodgkinson has moved to augment his stake, buying up nearly 33,000 shares at 52p-55p. The shares then bounced all the way up to 87p, at which point financial director Neil Warner decided to exercise options and sell 500,000 shares. Both men have good track records, selling substantial quantities of shares at handsome profits last winter; Chloride now trades at around 76p.

Superscape's David Harmes has not, so far, been as successful, after buying 20,000 shares at 26p on 2 November (the shares are now 23.5p) but Eric Meyer of Riversoft has done better, with the 750,000 shares he bought at 13p and 14p rising to 20p. The 6,000 shares that Compel's Richard Measelle bought at 73p have risen to 87.5p since he purchased them on 2 November. Meanwhile Brian Emmerson, the chief executive of Aim-listed electronics firm Elektron has bought his first holding, picking up 222,222 shares at 9p apiece. Systems Union's John Pemberton decided to cash in on a strong recent run though, selling 400,000 shares at 85p apiece. He retains nearly 5 million.

Media dealers

A battered media sector offers rich pickings according to some bullish types, as several managements seem to agree.

However, one of the more intriguing stories was at I Feel Good, the magazine publishing group headed by erstwhile 'lads mag' doyen James Brown. Shares in the company have halved in value since July and it now transpires that this drop coincided with the gradual reduction of non-executive director Hayden Evans' then 3.7 per cent stake in the business. Since Evans' resignation on 2 November shares in IFG have rallied from a 12-month low of 12p to their recent 13.75p.

In contrast the directors of Profile Media have been buying in force, with a pride of board members headed by chairman John Webber, chief executive David Ellingham and finance director Martin Thorneycroft all upping their stakes. The purchases accompanied the signing of two new contracts, plentiful positive media comment, and a 45 per cent rise to 28p. Sterling Publishing's chief executive Simone Kesseller and its financial director Derek Watson have also been taking advantage of a sunken share price, buying up 24,600 and 100,000 shares respectively, at prices of 20p and 17.5p. Sterling now resides at 21.5p.