Buying Continues at MDN
Profitable Quebec gold miner MDN Inc. (yesterday's price 55¢) has been underperforming the market, but insider activity suggests the stock may be undervalued. According to insider filings, officers and directors have bought 79,000 shares during the past 90 days. Former Montreal Canadiens defenceman Serge Savard was a buyer, picking up 40,000 shares.
According to preliminary TSX marker data that anonymously tracks purchases and sales by insiders or significant shareholders, the buying continues. Since Sept. 1, data indicate that 183,000 shares were bought at an average price of 56 cents. This suggests either executives or institutional buyers are building their positions.
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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors about
Canadian markets. INK employees or directors may hold shares in investments profiled. Securities
referenced in this profile may have already appeared in recent reports distributed to INK Research clients.
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