Morning Trading August 1, page-114

APE results today..Nick earns $50 mill a year in dividends now

Billionaire businessman Nick Politis appears to be paying close attention to the rapid fall in the share price of Eagers Automotive following its dismal trading update on May 22 – if his $3.2m buy-in since then is any indication.

Mr Politis is the biggest shareholder in Eagers Automotive via his WFM Motors Pty Ltd and NGP Investments businesses.

He has acquired 300,000 additional shares since the automotive dealership giantflagged a 15 per cent drop in underlying profit for the first halfon May 22, citing cost of living pressures on consumer spending and inflationary strain on business costs.

Mr Politis didn't waste too much time, buying 200,000 shares on the day in two separate transactions, shelling out $2.1m when most investors appeared to be bailing out as its share price crashed 19 per cent. Another 100,000 shares were bought on May 28 for $1.1m, a notice to the ASX on Thursday shows.