17th Sep 2014 15:44
LONDON (Alliance News) - ProPhotonix Ltd Wednesday said Chairman and Chief Executive Officer Tim Losik bought 47,200 shares at a price of USD0.0467 per share.
Following this transaction, Losik holds 197,200 shares.
The company's shares closed down 13.3% at 3.25 pence Wednesday, after The 600 Group PLC said ProPhotonix recently adopted a rights agreement to discourage the purchase of further shares without the approval of the board. 600 recently acquired a 26.3% stake in the Delaware-registered LED and laser diode array manufacturer and distributor. 600 added that it thinks the acquisition of a substantial minority shareholding in ProPhotonic via an exchange of shares with major UK shareholders, would offer "potential value to our shareholders in the medium term."
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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