Xchanging Share Discussion Threads

[haroldthegreat] 27/8/2010 10:43

do you think fund managers know what they are doing? they guess like the rest of us . how many companies have gone bust with large fund managers holding ? i still think the large purchases by directors give a better idea of whats going on. if it was 20-30k one could be suspicious but these large amounts tell another story. imho.

[2magpies] 27/8/2010 07:48

Whoever bought those 5,000,000 shares at 110p is now dribbling them out at 129.5, 130 ...

How fab is that?

[2magpies] 27/8/2010 07:21

"pre - 27 Aug'10 - 08:07 - 254 of 254


think this is yet to be spotted by the masses - issued after market close yesterday....."


And a couple of days earlier Artemis reduced their holding by almost 8,000,000 shares.



It will take a lot of 'masses' to soak that up.

[pre] 27/8/2010 07:07

think this is yet to be spotted by the masses - issued after market close yesterday:

Director/PDMR Shareholding



TIDMXCH

RNS Number : 7281R
Xchanging PLC
26 August 2010


.
SCHEDULE 11

NOTIFICATION OF INTERESTS OF PDMR AND CONNECTED PERSONS

1. Name of company

Xchanging plc

2. Name of PDMR

David William Andrews

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

As in 2 above

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

As in 2 above

5. Please state whether notification relates to a person(s) connected with the
PDMR named in 2 above and identify the connected person(s)

Notification relates only to David William Andrews

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

Purchase of shares

7. Number of shares / amount of stock acquired

500,000 ordinary shares

8. Percentage of issued class

0.2089 %

9. Number of shares/amount of stock disposed

N/A

10. Percentage of issued class

N/A

11. Class of security

Ordinary Shares of 5 pence each

12. Price per share

122.8 pence

13. Date of transaction

26 August 2010

14. Date company informed

26 August 2010

15. Total holding following this notification

19,563,448 ordinary shares

16. Total percentage holding of issued class following this notification

8.17%

If a PDMR has been granted options by the company please complete the
following boxes.

17. Date of grant

N/A

18. Period during which or date on which exercisable

N/A

19. Total amount paid (if any) for grant of the option

N/A

20. Description of shares or debentures involved: class, number

N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

N/A

22. Total number of shares or debentures over which options held following this
notification

N/A

23. Any additional information

N/A

24. Name of contact and telephone number for queries

Gary Whitaker - 020 7780 6999


25. Name and signature of authorised company official responsible for making
this notification

Gary Whitaker
Company Secretary


This information is provided by RNS

[pre] 27/8/2010 07:05

blimey....director buy of 500,000...rns after mkt close....he means business and this will fuel extra confidence imo now...

[nellie1973] 27/8/2010 07:01

Broker upgrade

[2magpies] 26/8/2010 19:53

"haroldthegreat - 26 Aug'10 - 19:12 - 247 of 249


one only buys large amounts of shares in a company if you think they are sound. no director would buy the quantity they have purchased as a bluff. they think it is undervalued!!!!!!!!!!!!!"


As they say: you don't know what you don't know.

Yesterday someone sold 5,000,000 shares at 110p

Artemis have sold nearly 8,000,000 shares

Sad state of affairs when no one believes the story except the directors themselves.

Canute, tide, back, holding

[glasshalfull] 26/8/2010 19:50

Thanks for the updates Simon, much appreciated.

Regards,
GHF

[simon gordon] 26/8/2010 18:57

Cambridge cost £145m.

2010 1H for Cambridge
T/O - 74.6m
EBIT - 2.1m

Throw in the restructuring, all the other odds & sods and the whole deal has cost £180m to £200m.

They've yet to hold their hands up, apologise to shareholders and write it down.

Lesson for British business, if you think it's a curse to buy an American company, what the hell awaits you in India!

[simon gordon] 26/8/2010 18:49

Panmure Gordon - 26/8/10:

To some degree yesterday's conference call to clarify some accounting issues has eased some concerns, hence the share price appreciation we are seeing at present. However, questions remain, particularly on its largest customer BAE as well as its ability to grow in the short term, with the acquisition of Cambridge more problematic than first anticipated. As such we cut our 2010E and 2011E EPS estimates by c8-9%, which is now below current guidance, albeit this has sometimes been poor in the past. Xchanging no doubt looks cheap on current spot multiples, but the question is whether can it deliver value from here, where growth looks increasingly difficult to come by and with creditability still low. Trying to find value in growth stocks has not always been a successful strategy and therefore we stay cautious, cutting our target price to 140p (from 200p) equating to a 2011E P/E of 8x. With 14% upside from here the shares therefore remain in Hold territory for now.

=====

BAE is c.20% of revenues.

[haroldthegreat] 26/8/2010 18:12

one only buys large amounts of shares in a company if you think they are sound. no director would buy the quantity they have purchased as a bluff. they think it is undervalued!!!!!!!!!!!!!

[rathkum] 26/8/2010 16:28

Another 500,000 buy from Andrews? This is serious now, surely.

[simon gordon] 26/8/2010 15:35

Data Explorers chart showing the Bears went short at c.160p:

[2magpies] 26/8/2010 10:08

This should be in every 'Investment' textbook:


"RNS Number : 1342P
Connaught PLC
09 July 2010

?
Connaught plc
("Connaught" or the "Company")

Notification of Transactions of Directors, Persons Discharging Managerial
Responsibility or Connected Persons

The Company today announces, in accordance with DR3.1.4R, that on 9 July 2010,
Sir Roy Gardner, Chairman of the Company and a Person Discharging Managerial
Responsibility ("PDMR") acquired 50,000 ordinary shares of 2p each in the
Company ("Ordinary Shares") as set out below. The acquisition was made at a
price of 111.6 pence per Ordinary Share. "


The rest is history.

[pre] 26/8/2010 10:05

wouldn't surprise me if some of the institutions are buying in here...director buys should fuel further confidence plus the shorters closing will drive this back up imo..dyor etc..

[essentialinvestor] 26/8/2010 09:40

Watching Director dealings has been very helpful to me over the years.
However there are rules I stick to when looking at these.

If the purchase follows disappointing results/trading updates,director changes,
I discount these.

So the Buys at CNT, MCRO etc, would not have met my criteria.

Like any other selection methods/metrics, these need to be applied selectively.
And hopefully this is where judgement and experience comes in to play -
at least that is the idea.

[2magpies] 26/8/2010 09:13

salpara

" simon gordon - 25 Aug'10 - 21:08 - 236 of 239


Conference call highlights:



David Andrews: I am very confident in the future success of Xchanging. And it's my intention, and that of some of my Board members and management colleagues, to buy shares in the Company shortly."

That may explain this morning's action.

Perhaps sellers are taking this, very welcome, opportunity to exit, in size.

Or shorters are taking positions, --- with direcors on the other side??

Someone posted earlier regarding a possible re-audit by PWC. If true, that's is very strange.

It would certainly worry me, were I a holder.

[salpara111] 26/8/2010 08:56

How could anyone bring themselves to invest here given the level of uncertainty surrounding the business.

I guess that if you want to gamble then a punt here would be about as reliable as The old nag running in the 3.30 at Doncaster.

[2magpies] 26/8/2010 08:48

Lesson from 1929

"Some Wall Street financiers tried to inspire confidence by buying as many shares as they could. It worked -- temporarily .......... saw sales drop and a glimmer of hope return ..........the panic started again, and then came ......"

[simon gordon] 26/8/2010 06:02

Xplaining:



Andrews' response had all the subtlety of a riverbank megaphone. He summoned analysts to a conference call to explain, among other things, that PwC had been brought in to carry out a highly unusual re-audit of August 2's half-year results.

[simon gordon] 25/8/2010 20:08

Conference call highlights:

Victoria Prior - JPMorgan - Analyst: Hi. Just -- sorry, just a follow-up one from me, I think there's been some concerns in the market as well about your relationship with BAE Systems and that they're not happy with the service that you've been providing and that was the reason for the decline that you've seen in volumes. I just wondered if you have any comments on that.

David Andrews - Xchanging plc - Chairman & CEO: Thanks, Victoria. Well we don't comment on commercially sensitive matters regarding our relationships with our major customers that would be inappropriate. However, I do believe that to help clarify and give reassurance on the question that you just asked, we have -- we believe that the additional contracts that we've announced this year with Insyte, a BAE Systems subsidiary, and also the Ofsted award, that was the Grade 1 outstanding award for funded learning programs for the apprentice training that Xchanging delivers, are strong indicators of a highly valued relationship. And that's why we publish these approved customer announcements from time to time.

David Andrews: I am very confident in the future success of Xchanging. And it's my intention, and that of some of my Board members and management colleagues, to buy shares in the Company shortly.

=====

I don't understand all these accounting conventions, so I don't know what to make of it. I trust no management team, even if they are buying shares, I watched ERG fall to earth as the deluded top two loaded up: 350p to 0p.

When I first posted I was buying XCH a poster (forgotten his/her name) said that some BAE bods were unhappy with the XCH service, I think it was the HR function. Low and behold it was brought up as an issue in the conference call. No smoke, no fire. If BAE pulled that contract then hey ho down we go.

[rathkum] 25/8/2010 16:41

Another catch for the shorters along the likes of Yell and HMV to name a few

[simon gordon] 25/8/2010 16:32

5,000,000 dumped for 110p.

You couldn't buy or sell in the last 8.5 minutes of trading today.