Larry Nestadt Continues His Blue Label Telecoms’ Shares Buying Spree

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Blue Label Telecoms
Blue Label Telecoms

Blue Label Telecoms’ chairman Larry Nestadt continues to be one of the most bullish backers of the JSE-listed telecoms firm, disclosed on the JSE on Monday that his trust has bought further shares in the business.

Nesdadt bought shares in the open market valued at more than R1,07 million.

On 14 November, the LM Nestadt Trust bought 100, 000 shares and last Friday snapped up another 100, 000 shares.

Blue Label Telecoms shares gained more than 12% in the past 30 days and dropped 34% in the past 90 days.

He is a co-founder and former executive director of Investec Bank Limited.

Last month Nesdadt, who joined the Blue Label Telecoms board upon its foundation in 2007, revealed reasons why Blue Label Telecoms’ shares have been tanking.

The stock has lost more than two-thirds of its value in the past year.

“The board and I are naturally concerned about the decline in the share price, which we believe is largely attributable to uncertainty with respect to Cell C’s turnaround strategy, current debt levels and requirements for further funding,” Nestadt wrote in the company’s annual report.

“These concerns will be largely negated on the proviso that Cell C delivers on its business plan.”

Last month, Nestadt and independent non-executive director Joe Mthimunye together bought more than R3 million worth of shares, after the stock has dropped more than 63.7 % year-to-date.

He is a co-founder and former executive director of Investec Bank Limited.

He has assisted in the creation and strategic development of a number of listed companies such as Capital Alliance Holdings, Super Group, Hosken Consolidated Investments, SIB Holdings, and Global Capital. He has served as board chair for each of these companies.

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