Bet on a bounce at International Personal Finance

Another bigger worry, as broker Numis Securities points out, is a discussion paper that's looking at changing the interest rate cap to a cost of credit or APR cap. Taken together, believes Numis, these two issues could "fundamentally impact the Polish business". That backdrop leaves chief executive Gerard Ryan's decision to buy 100,000 shares on 27 December at 451.5p, worth £451,500, looking brave.

It's a move, however, that has already left Mr Ryan in the money given that the shares have since recovered to 524.5p. But they're still trading 15 per cent lower than prior to news of the fine and are rated on 13 times Numis' end-2013 earnings estimate. That's inexpensive compared to the historic rating. Yet it's entirely possible that the group could win its appeal. While, longer term, the Polish authorities may yet conclude that regulating away the legitimate provision of sub-prime credit isn't necessarily so wise when demand remains robust. Sure, there are risks. But, with a little luck, there could be quite a share price bounce coming. Buy.

Mondi's boss bags half a million

David Hathorn, chief executive at paper and packaging giant Mondi (MNDI), had every reason to toast the new year with a satisfied grin. Just hours earlier, he had sold 50,000 shares in the dual-listed blue chip at 1,045p, bagging over half a million pounds in the process.

Of course, the temptation to book profits would have been great. Despite the recession, a sector-leading return on capital has driven compound annual earnings growth of 20 per cent since its demerger from Anglo American in 2007, and a €1.6bn (£1.3bn) spending spree has increased exposure to more lucrative consumer packaging and emerging markets. Mondi's share price has risen sharply, too - up 38 per cent since June - and this was the last chance for management to trade before the close period ahead of full-year results, currently slated for 28 February and hotly tipped to meet expectations.

"All good," Mr Hathorn told Investors Chronicle following November's third-quarter update. Further acquisition benefits and cost-cutting are on the cards and the global economic recovery should drive further earnings growth in 2014. Already up 57 per cent since our buy tip (651p, 11 October 2012) to 1,021p, we think the share price has further to run. Buy.

*Placing **Buyback/tender offer †Spouse/connected party

Key to abbreviations: ch = chairman; ce = chief executive; cfo = chief financial officer; fd = finance director; coo = chief operating officer; cs =company secretary; md = managing director