Telford quartet act on optimism

Telford Homes shares have rallied in recent weeks as the developer responsible for affordable homes in East London gave a "cautiously optimistic" view of its prospects.

Founder and chief executive Andrew Wiseman has topped up his holding with the purchase of 25,000 shares at 55p. Other directors James Furlong and David Durant bought similar amounts, while non-executive Robert Clarke picked up 40,000.

All four have decent-sized holdings already. Wiseman now owns 2.28m shares in total or 5.89%. Land director Furlong has a 3.35% stake, planning director Durant 3.04% and Clarke 0.42%.

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Telford's current optimism is built on the regeneration that will go alongside the 2012 Olympics.

"The regeneration of East London is ongoing, and we are confident in the prospects for the area, particularly as the slow down in open market residential construction will exacerbate the shortage of new housing," Wiseman said with Telford's last figures.

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