Nortel Insiders Buy Shares; ARTICLE
by: sofossofos
Long-Term Sentiment: Strong Buy
Nortel Insiders Buy Shares; (Bloomberg article)
Chairman Takes 1 Million, Post Says
2002-07-12 08:22 (New York)
Toronto, July 12 (Bloomberg) -- Nortel Networks Corp.directors and officers bought 1.82 million shares of the company, with chairman Lynton Wilson acquiring 1 million
for his own account, the National Post said, citing a regulatory filing.
The shares in North America's second-biggest telephone-equipment maker were
acquired June 12 for $1.41 each according to insider trading reports filed with the
Securities and Exchange
Commission, the paper said.
Nortel spokesman David Chamberlin said there were no discounts, shares were not
set aside exclusively for insiders, and the company issued no loans to executives to
help them buy the shares, the Post reported.
The purchases should be viewed as a vote of confidence for the company, Thomas
Caldwell, chairman of Caldwell Securities Ltd,
told the Post.
Nortel shares rose 11 cents, or 8.3 percent, to $1.44 in New York yesterday. They
have fallen 82 percent in the past year.
(National Post 7-12 FP1)
For the National Post Web site see {NPST } |
