Gerry Harvey has committed another $100 million to mining accommodation.
Gerry Harvey has committed another $100 million to mining accommodation. Brisbane Times/Ben Rushton

Harvey sees bargain in Harvey Norman

GERRY Harvey has put his money where his heart is, spending $1 million to buy more shares in his retail baby Harvey Norman Holdings when the shares hit an historic low on Monday.

In his first substantial shareholding notification in almost a decade, Mr Harvey revealed that he bought 550,000 shares at an average price of $1.82.

Harvey Norman shares dipped under $1.80 on Monday as retailing stocks were dumped in the wake of Billabong International's shock earnings downgrade, and were recently trading 5 cents higher, or 2.8 per cent, at  $1.865.

Harvey Norman director and company secretary Chris Mentis said Mr Harvey had showed support by dipping into the market because the net tangible asset backing of Harvey Norman stock is $2.15 - making the shares ''a great buy'' at these levels.

It is not the first time Mr Harvey has stepped in to shore up his company's falling shares. The filing today reveals that he spent almost $8 million buying 2 million shares at the beginning of March in 2008 when Harvey Norman shares dived from just short of $5 each to $4.

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