12th Sep 2014 10:24
LONDON (Alliance News) - Gable Holdings Inc Non-Executive Director Jost Pilgrim Friday became the third director to buy shares in the European non-life insurance company since its shares slumped early Thursday following a drop in first-half pretax profit.
In a statement, Gable said Pilgrim has bought 30,000 shares at 74.0 pence each, which constitutes the entirety of his 0.0002% stake in the company.
His acquisition follows share dealings by Chief Executive William Dewsall, who Thursday bought 100,000 shares at 75.5p each, cementing his place as the company's single largest shareholder, with about 18% of its equity, as well as Finance Director Mike Hirschfield, who acquired 13,150 shares.
Their dealings came after Gable Thursday said it made a GBP2.5 million pretax profit in the six months ended June 30, compared with GBP4.0 million in the corresponding period last year, as it opted to set aside an additional risk margin following a property fire claim.
"Our stock never seems to climb to the heights it should," Dewsall told Alliance News following Thursday's results. "I don't think the market gives us the respect we deserve."
Gable shares were Friday quoted down 2.9% at 73.76p.
By Samuel Agini; [email protected]; @samuelagini
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