DIRECTORS' DEALINGS: The big movers and shakers on the 目的（とする）

When markets are as 予測できない as they are now, 投資家s need all the help they can get.

Company directors are forbidden from using 特権d （警察などへの）密告，告訴（状） to buy and sell 株 in their own companies ? that would be insider 取引，協定ing and is 厳密に 違法な.

Nonetheless, directors’ behaviour can いつかs 供給する 投資家s with useful 手がかり（を与える）s. The Midas Directors 取引，協定ing column 調査／捜査するs directors’ 貿易（する）s on a 年４回の basis and activity over the past three months has been illuminating.

Midas Extra 焦点（を合わせる）s on directors’ 取引，協定s on 目的（とする） and when we last looked, the biggest 買い手 was Andrew 黒人／ボイコット, a 非，不，無-(n)役員／(a)執行力のある director in oil-洗浄するing company Hydrodec. 黒人／ボイコット, an astute entrepreneur, who co-設立するd the 高度に-successful online gaming group Betfair, bought 5 million 株 in Hydrodec last summer at a price of 8p.

This autumn, he splashed out £922,000 buying 11 million 株 again at 8p. 明確に a fan of the 商売／仕事, 黒人／ボイコット’s 購入（する）s have 証明するd timely as the 株 are now 10.21p.

Had 投資家s followed 黒人／ボイコット’s lead in September therefore, they would be sitting on a tidy 利益（をあげる） so the 重要な question now is ? will 黒人／ボイコット’s winning streak continue?

Hydrodec has 開拓するd a way of 洗浄するing the oil used in transformers, 装置s that 減少（する） or 増加する electricity voltage when it leaves 力／強力にする 駅／配置するs and is used by 消費者s and 商売／仕事s.? The company has struggled in the past but its fortunes could be about to turn.?

In November, chairman Neil Gaskell 発表するd the 任命 of a new 長，指導者 (n)役員／(a)執行力のある, Ian Smale.

A career man at BP, Smale held several 最高の，を越す 役割s within the group so his presence at the 舵輪／支配 of Hydrodec is 安心させるing.

The company also raised £5.5 million through a 株 placing to 基金 its growth, 特に in Japan where it is developing a 約束ing 共同の 投機・賭ける with 地元の 商売／仕事 Kobelco Eco-解答s.?

黒人／ボイコット put his 手渡す in his pocket for the 株 placing too, buying 16.8 million 株 at the placing price of 10p. に引き続いて this £1.68 million 購入（する）, 黒人／ボイコット 持つ／拘留するs 13 per cent of Hydrodec so there is no 疑問ing his かかわり合い to the 商売／仕事.

Adventurous 投資家s could do worse than to follow his lead. 株主s who bought in September should almost certainly sit pretty with this one.

The most 最近の results? - for the six months to 30 June ? showed a 26 per cent 増加する in 歳入s to $10.1 million (£6.4 million) and a 25 per cent 増加する in 甚だしい／１２ダース 利益（をあげる） to $2 million.

Operating costs and other expenses meant the group is still loss-making at a pre-税金 level? - 配達するing a loss before 税金 of $5.3 million but Gaskell is 楽観的な about the 未来 and he is 明確に not alone.

黒人／ボイコット’s 株 購入（する）s are the largest made by a director on 目的（とする） by some 利ざや but others have splashed out too, 含むing Luciano Ramos, 長，指導者 operating officer of アイロンをかける 鉱石 鉱夫 London 採掘.

Ramos spent £553,000 buying 150,000 株 in London 採掘. He bought in three equal chunks at prices of 383p, 381p and 343p in late September and today the price is 319p.

London 採掘’s 旗艦 資産 is an アイロンをかける 鉱石 地雷 in Sierra Leone but it owns another アイロンをかける 地雷 in Greenland and a coking coal 事業／計画（する） in Colombia.

The 株 have 苦しむd from general market aversion to junior 採掘 在庫／株s but 仲買人s believe the price should 急に上がる as 生産／産物 in Sierra Leone moves into gear in 2012.

Ramos, a Brazilian by birth, is a 退役軍人 of the アイロンをかける 鉱石 産業 and evidently believes his 商売／仕事 is going places. 投資家s may want to follow his lead, 特に at 現在の, depressed prices.

Regenersis is another 目的（とする） company with strong support from a 確かな board director, this time chairman Matthew Peacock.

Peacock 設立するd Hanover 投資s, an 行動主義者 投資家 group that buys 株 in underperforming companies and tries to 改善する them.

Peacock has a mixed 跡をつける 記録，記録的な／記録する. He bought into and 議長，司会を務めるs 負債 商売／仕事 Fairpoint, whose 株 have risen 60 per cent to 51p since he moved in three years ago. But he also 議長，司会を務めるs chain-製造者 Renold, whose 株 have 崩壊（する）d during his five-year 任期.

Peacock is hoping to do 大幅に better at Regenersis, which 直す／買収する，八百長をするs 動きやすい phones, 始める，決める 最高の，を越す boxes and 類似の electronic 装置s.

Having 任命する／導入するd himself as (n)役員／(a)執行力のある chairman at the beginning of this year, Peacock has bought 株 in Regenersis on several occasions either 直接／まっすぐに or through 商売／仕事s, such as Hanover, with which he is connected.

Over the past three months, Peacock and these 関係のある 商売／仕事s have acquired a その上の 720,000 株 ? 650,000 at 84p and 70,000 at 74p.

Midas recommended Regenersis around the time Peacock was buying and the 株 were 77p. Today they are 71p.

A 貿易（する）ing update last month was 上昇傾向 and 投資家s may take 慰安 from Peac ock’s 最近の 購入（する）s.

On the sell-味方する, one 貿易（する） stands out over the past ４半期/4分の1 ? the sale by Dimitrios Koutras of 5.2 million 株 in European Goldfields for £31.2 million.

A 商売／仕事 with gold 資産s まず第一に／本来 in Greece, European Goldfields’ 最近の adventures are worthy of an epic poem.

For many years, the company struggled to 得る 採掘 licences in Greece. The 地雷s were there, the gold was in the ground but the group needed 許可 from 政府 to move into 生産／産物.

To help 達成する this 目的（とする）, Goldfields took a 地元の partner, Aktor, the largest construction company in Greece. Aktor acquired a 19 per cent 火刑／賭ける in Goldfield and its 大統領，／社長, Dimitrios Koutras, took a 6 per cent 株.

Licences were duly 認めるd last summer but, by this 行う／開催する／段階, Aktor 株 were 急落するing as 投資家s reckoned construction activity would be 厳しく constrained by the Greek 負債 危機.

By this 行う／開催する／段階 too, Goldfields needed 基金s to 財政／金融 the 開発 of its 地雷s. Enter Qatari 投資 基金, Qatar 持つ／拘留するing, which was keen to 投資する in gold and acquired half Koutras’s 株 and a third of Aktor’s 在庫／株 ? amassing a 10 per cent 火刑／賭ける in the 商売／仕事 at £6.15 a 株.

The 取引，協定 left Koutras with £31 million in cash and a personal 3 per cent 火刑／賭ける in Goldfields, with a その上の 12 per cent still owned by Aktor (a 名簿（に載せる）／表（にあげる）d company? in which he 持つ／拘留するs a 相当な 火刑／賭ける).

Yesterday however, Goldfields 発表するd it is 存在 法廷，裁判所d by several would-be suitors. The 株 price 発射 up to 755p and 仲買人s believe it will rise 大幅に more if a serious bidding war 爆発するs.

Any 投資家 who had followed Koutras in October would have been 本気で wrong-footed but the 詳細（に述べる）s behind that sale could have 供給するd 価値のある 手がかり（を与える）s that he still believed in the 商売／仕事.

For new 投資家s, buying 株 now may be high-危険 but 存在するing 投資家s should 支払う／賃金 の近くに attention to this story over the next few weeks. And watch what Koutras does next.