21st Dec 2015 17:18
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Monday.
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Watchstone Group said three of its board members bought their first shares in the company after it resumed trading.
Chief Executive Officer Indro Mukerjee and Finance Director Mark Williams each bought 55,550 shares at 196p each. The company also said Non-Executive Director Michael Howard bought 12,608 shares at the same price. The purchases are their only holdings.
Howard was formerly leader of the Conservative Party from 2003 to 2005.
Shares in Watchstone, the insurance technology company formerly known as Quindell, resumed trading on Monday, following court approval of a share capital reduction and return of cash to shareholders.
For every 10 shares held in Watchstone, shareholders will receive one consolidated share.
The group is planning to return 90.00 pence per share, or GBP414.0 million in total, from the sale of its professional services arm to Australian law firm Slater & Gordon.conreo
The stock closed up 179% at 195.00p Monday.
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Non-life insurer Gable Holdings on said it has agreed funding arrangements so that its Gable Insurance subsidiary meets the initial capital requirements under new Solvency II insurance rules governing capital set to come into force across the EU on January 1.
The funding arrangements comprise a combination of quota share reinsurance and the issue of a new convertible loan note instrument under which Gable has raised about GBP4.0 million. That money will be used to subscribe for CHF6.0 million of new shares in the Gable Insurance subsidiary, providing additional regulatory capital to that business.
The loan notes are convertible into shares at a minimum price of 10 pence. A coupon of 7.5% per annum will be paid on the instruments, and up to GBP10.0 million may be issued in total. Chief Executive William Dewsall invested GBP1.0 million in the loan notes already issued, while non-executive directors Kevin Alcock and Andrew Trott subscribed for GBP400,000 and GBP100,000 of the issue, respectively.
The funding arrangements are subject to approval by the regulator of the Gable Insurance subsidiary, which is the the Financial Market Authority Liechtenstein.
Shares in Gable closed down 33% at 13.04p on Monday.
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Conroy Gold and Natural Resources said it has raised GBP375,000 by issuing new shares and converting debt into equity.
The resource company, which is exploring and developing gold and other projects in Ireland, said it is issuing 769,230 shares through a subscription, with a further 384,615 to be issued under the debt capitalisation in connection to recent, unsecured, short-term funding, at a price of 32.50 pence per share, which was the closing mid-market price on Friday.
The money will be used for general working capital purposes and for the funding of the company's ongoing programme at its Clontibret and Clay Lake gold targets.
Existing shareholder Patrick O'Sullivan subscribed for the 769,230 shares, while Chairman Richard Conroy is converting GBP125,000 of debt into the 384,615 shares.
O'Sullivan's total holding will increase to 1.3 million shares, equivalent to a 23.1% stake in the enlarged company, while Richard Conroy will have about 1.3 million shares, equivalent to a 24.4% stake.
Shares in Conroy Gold and Natural Resources closed up 7.7% at 30.00p Monday.
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Hiscox said that J Masojada, a person connected to Chief Executive Bronislaw Masojada, sold 600,000 shares at 1,046 pence each last Friday.
Masojada retains an interest in 3.0 million shares following the sale.
Shares in the FTSE 250-listed specialist insurer closed down 0.5% at 1,034.86 pence Monday.
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Imagination Technologies Group said Chairman Bert Norberg bought 25,000 shares at a price of 131.98 pence per share on Monday. Following this transaction, Norberg now holds 60,000 shares. Shares in the technology company closed down 4.4% at 129.00p Monday.
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Laird said Non-Executive Director Christopher Hum bought 1,000 shares at 347.48p each. He now holds 8,000 shares. The company also said Martin Read bought 14,307 shares at 347.65p each and now holds 30,389 shares. Both transactions took place on Monday. The stock closed up 1.6% at 344.00p Monday.
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Infrastructure, managed services and smart building services company Coms said Chief Executive Mark Braund bought 2.4 million shares, through the JMC Trust, on Monday. The acquisition of the shares, for 1.06 pence per share, takes his total holding up to 8.8 million shares, or a 0.64% stake in the company. Coms shares closed up 2.5% to 1.46p on Monday.
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AFC Energy said two of its non-executive directors subscribed for shares as part of its share placing on Thursday. Eugene Shvidler and Mitchell Field subscribed for 579,104 shares and 250,000 shares, respectively. The acquisition takes their shareholdings to 14.4 million and 2.9 million shares, equating to 4.77% and 0.9% of issued shares, respectively. AFC Energy on Thursday said it had raised GBP2.5 million through a subscription and said it may raise a further GBP1.1 million through a further share offer. The fuel cell power technology company said it raised the GBP2.5 million by issuing 12.4 million new shares in the company for 20.0 pence each, representing a 29% discount to the company's closing share price Wednesday. AFC shares closed down 4.3% at 22.50p Monday.
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Symphony International Holdings said Chairman Pierangelo Bottinelli bought 50,000 shares at a price of USD0.679021 per share on Tuesday last week and now holds 8.8 million shares or 1.66% of the shares in issue. The healthcare and hospitality investment company stock closed down 5.2% at USD0.640 on Monday.
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Advanced Oncotherapy said Chairman Michael Sinclair bought 500,000 shares at a price of 6.25 pence per share on Friday. Following this transaction, Sinclair holds 90.1 million shares, which represents 6.35% of the issued share capital. The company also said Fairford Capital, a vehicle connected to Non-Executive Director Michael Bradfield, bought 750,000 shares at 6.75p each on Friday. He now holds 125 million shares, equating to a 8.78% stake. Shares in the medical technology group closed down 5.5% at 6.38p Monday.
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Management Consulting Group said Non-Executive Director Nigel Halkes bought 60,000 shares at a price of 14.75 pence per share on Monday, which is his only holding. Shares in the professional services company closed down 0.8% at 14.75p Monday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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