Globe says Tricon CEO a big buyer of company shares
2013-01-14 06:07 ET - In the News
The Globe and Mail reports in its Saturday, Jan. 12, edition that last year, Tricon Capital Group ($6.84) expanded into the market for management of distressed United States residential rental properties. The Globe's Ted Dixon writes in the Who's Buying and Selling column that investors have had an appetite for the strategy with the stock up more than 75 per cent in the past 12 months. Chief executive officer David Berman also appears to have literally bought into the business move. Since last June Mr. Berman has spent over $1-million buying shares in the public market. His most recent buying took place on Jan. 7 when he purchased 30,500 shares. Mr. Dixon has often noted in this column that insider buying could be a bullish indicator. Tricon made its market debut on May 21, 2010 where Tricon sold shares at $6 each. It planned a quarterly dividend that would payout 4 per cent or 24 a share monthly. The Globe reported on Nov. 16, 2012, that Tricon, among others, was hoping to ride a rebound in housing in the United States. It shares were then trading at $5.62. The shares have a 52-week range of $3.92 to $6.85.