Buy the dip: Tamawood founder dives into the housing market’s ‘perfect storm’
Some people like a bit of wet weather. Pic: The Perfect Storm/Warner Bros
Three days after house builder Tamawood blamed a “perfect storm” for another profit downgrade, the founder bought a large chunk of stock.
Lev Mizikovsky used the 6 per cent share price dumping to pick up $307,920 worth of stock for the rock bottom price of $3.57.
He owns 49 per cent of the Queensland house builder he founded, with this being the sixth time he’s bought in since the end of November.
The buying opportunity, as Mr Mizikovsky saw it, came after Tamawood (ASX:TWD) blamed the weather, politics, and over-zealous regulators for its 27 per cent half year profit plunge.
These include the continued fall in house prices, wet weather, and the change in prime ministers which chairman Robert Lynch swore did in fact affect major, long term buying decisions like building a house for at least a couple of weeks.
Tamawood shares were, broadly speaking, doing okay until November when they fell after a dire chairman’s speech at the AGM that first launched the “perfect storm” theory.
The stock was flat on Friday at $3.59, only a few cents off 52-week lows.