3599 days ago
This just looks all wrong. Even based on the numbers in the latest paid for PR piffle (I mean in-depth research note) from Edison, shares in Volex (VLX) are at 80p ludicrously overvalued. The very odd behaviour of the directors makes this smell even worse.
My pal Paul Scott has noted for a while that Volex commissions all sorts of research from folks like Edison and GE&CR urging mug punters to buy and that the research really is very fourth rate. Anyone who had followed the advice of the prostitutes of the analyst’s world (give us the money and we will say BUY) would have lost out. The company is right now half way through a $32 million rescue placing and open offer.
The placing is underwritten but the directors seem keen that the open offer at 75p is taken up. And so we have seen a raft of directors proud to announce to the market in recent days that they have bought shares at 80p and above. WTF?
