11th May 2016 16:07
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Wednesday.
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Vertu Motors said Non-Executive Director Ken Lever bought 40,800 shares at a price of 61.23 pence per share on Wednesday.
The purchase is Lever's only holding after joining the board last June.
Vertu Motors on Wednesday reported growth in profit in its recently-ended financial year as it grew revenue in each of its divisions, boosted by acquisitions it made during the year.
Vertu said its pretax profit in the year ended February 29 grew to GBP26.0 million from GBP21.0 million the year before, as revenue rose to GBP2.42 billion from GBP2.07 billion. It also acquired 16 dealerships in the year, including Audi, Honda, Volkswagen, Mercedes-Benz, Jaguar and Land Rover.
Shares in the AIM-listed car dealer closed down 4.6% at 57.75p Wednesday.
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Cyber defence and intelligence provider Falanx Group said it has won a new contract with British charity The Health Foundation, and it is trading in line with expectations as it reduces its cash burn.
Under the contract, Falanx will provide managed cyber security services for the core networks of the Foundation. Financial details of the contract were not disclosed.
The company said that, as a result of recent UK government contract wins, its growing client base and recent fundraising, it now has net cash of GBP1.5 million. It has also been managing its costs downward, and has reduced its burn rate to around GBP100,000 a month.
"Falanx continues to build a growing pipeline and is in contract negotiations with a number of further prospects, though the lead time for securing large corporate and Government sales can be significant," said Chief Executive Officer John Blamire in a statement.
"The key is to have in place the correct infrastructure, a skilled team, accreditations and an established reputation of working successfully with major government bodies. Having these building blocks in place will position Falanx as a provider of choice to organisations as they start to properly understand and define the cyber defence services that they require," Blamire added.
Separately, the company said it had issued 2.1 million shares to Non-Executive Chairman Mike Read and Non-Executive Director Desmond Carr at a price of 4.00 pence. Shares in Falanx closed down 5.9% at 4.00 pence Wednesday.
Of that, 1.3 million shares were issued to Read, raising GBP50,000 for Falanx, as well as warrants over a further 2.1 million shares exercisable at 6p each through to May 2019. This is Read's only holding in the company, representing a 1.2% stake.
Carr was issued 875,000 shares in lieu of GBP35,000 of accrued directors fees owed to him, and subsequently has 1.1 million shares or a 1.1% stake.
Falanx will report its results for the year to end-March July 18.
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Miner Rio Tinto said Non-Executive Director Michael L'Estrange bought 1,000 shares at AUD44.59 each on Tuesday. The purchase takes L'Estrange's holding to 2,003 shares in Rio. The stock closed up 1.5% at 2,031.50 pence Wednesday.
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Jupiter Fund Management said Company Secretary Adrian Creedy sold 100,000 shares at a price of 418 pence per share Tuesday. Following the transaction, Creedy holds a beneficial interest in 1.4 million shares in the investment manager. Jupiter's shares closed down 0.2% at at 416.90p Thursday.
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Scottish Oriental Smaller Companies Trust said Vinay Agarwal has bought a total of 8,900 shares. Agarwal bought 3,816 shares for 780 pence per share last Friday and 5,084 shares were purchased for 775p per share last Thursday. The purchases are his only holding. Last month the trust appointed Agarwal as interim lead portfolio manager, effective from 20 July. The stock closed up 0.2% at 780.00p Wednesday.
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CLS Holdings said Chief Executive Officer Fredrik Widlund bought 860 shares at 1,608 pence each on Wednesday. Following this transaction, Widlund's interest is 21,694 shares. The stock closed up 0.9% at 1,575.00p Wednesday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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