Difficult to say...21 Oct 2020 09:40
let me say at the outset I have no idea where this is going, up or down, what is going on behind the scenes, if anything.
2 things that strike me is that 1, the amounts of Director buying are actually quite small and does not have the same oomph the last big purchase did and 2, it does not change the background story.
If there is some sort of boo complicity in the allegations then just because some directors make fairly modest share purchases does not alter that.
To recap, great results, but an indifferent SP reaction, followed by regurgitating stories, with a drip, drip of new, old news constantly depressing the SP, culminating in some public shorts, causing more rapid sp decline.
Directors respond by buying shares to shore up the SP.
Its a concern that this is the 2nd time the family particularly, as they are the ones buying big, have had to step in by buying their own stock to stop the SP falling, and its on the same story. In other words almost all of the first purchase (at about 210p was it?), that allowed the SP to recover previously has been "wasted" in the sense it was down to 220p at 1 point yesterday.
The recovery from there is presumably on the knowledge this Director Share purchase was leaked prior to the official announcement yesterday afternoon.
So are we any the wiser on the allegations? No we are not. I guess if you did not trust that the issue has been fully aired then I don't think this will make new investors pile in.
It will be interesting day but it feels to me this has still to run a bit yet. I presume a more defining point might be, if and when we are told the shorts have closed their position?