Guoco Leisure and Delek Group: Real Estate

   An insider at Guoco Leisure (a real esate group) invested GBP 2.5 mn last week to acquire nearly 9 mn shares of the Singapore-New Zealand group, the 2nd largest stock purchase by directors in any British-listed firm (after HBOS, a special situation where 15 directors together barely beat the GUORY level.). This is a singular mark of confidence. Directors now own GBP 30 mn worth of the shares. The price of the ADR has risen to $5.50 from below $5 partly as a result, but it is still only 40% of its12-mo high.

    Delek Group Ltd. (TASE. DLEKG) disclosed that Israel Development B ank has become "a party at interest" having acquired just over 5% of the stock; Delek added 3.9% in Sunday Tel Aviv trading and its real estate sub, Delek Real Estate Ltd. (TASE.DLKR) jumped 15% following a revaluation of its holdings by Giza Singer, a brokerage and consulting,  saying that its portfolio is sharply undervalued because of the property crisis.

   However, Israel Chemicals fell back (ISCHF.PK), still tracking its Canadian part owner Potash of Saskatchewan (POT). There is a problem with this copycatting however. POT is down because of a strike which, if anythng, will provide opportunities for ISCHF to sell more potash to America.