30th Dec 2015 17:24
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Wednesday.
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Watchstone Group said Non-Executive Chairman Richard Rose bought shares on Wednesday, the first he has acquired since taking the role with the business, formerly known as Quindell, earlier this year. Rose bought 100,000 shares at 257.879 pence, giving him a 0.2% stake.
The purchase comes after Watchstone Chief Executive Indro Mukerjee and Finance Director Mark Williams each bought 55,550 shares at 196p each last week, while Non-Executive Director Michael Howard, the former leader of the Conservative Party, bought 12,608 shares at the same price.
Those purchases were made after the company resumed trading following court approval of a share capital reduction and return of cash to shareholders, made following the sale of Watchstone's professional services division to Australian law firm Slater & Gordon.
Watchstone is an insurance technology company. Rose, also the chairman of online electrical appliances retailer AO World PLC, joined the group earlier this year following a series of scandals whilst it operated under the Quindell name, concerning accounting policies and controversial share dealings by its founder and other directors.
Rose's appointment was part of a complete overhaul of the board which took place over the course of the year, in addition to the name change, designed to restore its reputation following the controversy which marred the previous 18 months.
Shares in Watchstone closed up 6.8% at 266.68p Wednesday.
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Surveillance, security and safety video services provider Digital Barriers said four of its directors acquired shares issued by the company to back its acquisition of US surveillance services company Brimtek. Digital Barriers agreed to acquire Brimtek earlier this month for a total of GBP29.6 million, with GBP25.8 million of the funding coming from the issue of 80.6 million shares at 35.00 pence per share.
Among the directors, Chairman Tom Black acquired the most shares in the issue, buying 4.5 million shares to increase his total holding to 9.3 million shares, or a 5.6% stake in the business. The transaction was worth around GBP1.6 million.
Chief Operating Officer Colin Evans bought 800,000 shares, doubling his total holding to 1.6 million shares, or a stake of around 1.0%. Sharon Cooper, the finance director, bought 28,571 shares, taking her holding up to 96,138 shares, while Non-Executive Director Paul Taylor acquired 42,857 shares, taking his holding to 118,651 shares.
Shares in Digital Barriers closed up 6.6% on Wednesday at 49.30p.
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Electra Private Equity said Edward Bramson acquired more shares and more convertible bonds in the company over the course of the past week. Electra said Bramson, through his Sherborne Investors vehicles, bought 5,300 shares at an average price of 3,691.00 pence per share, plus 228 convertible bonds for GBP1,838 per bond. The transactions, worth GBP614,687, took place between December 22 and 29, Electra said.
Bramson had been engaged in a battle with the Electra board until November this year, when he emerged the victor and was granted a place on the company's board. He has become chairman of Electra's management engagement committee, which is responsible for reviewing the performance of Electra Partners, the firm which manages Electra Private Equity.
Bramson had previously heavily criticised the running of Electra Private Equity, suggesting the firm had underperformed for some time and that its performance had only improved since Sherborne starting building its stake in 2014.
Following the transactions over the Christmas period, Bramson and Sherborne hold a stake of around 31% in the private equity fund. Electra shares closed up 0.7% at 3,728.00p Wednesday.
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BGEO Group said Chief Executive Irakli Gilauri sold 28,812 shares in the company at GBP19.30 each on December 23 and 24 and on Wednesday. Following the sale, worth GBP556,072, Gilauri continues to hold 539,819 vested and unvested BGEO shares, representing approximately 1.4% of the share capital of the company, formerly known as Bank of Georgia Holdings. Shares in BGEO Group closed down 0.9% at 1,912.00p Wednesday.
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Life insurer Prudential said Adair Turner bought his first shares since joining the board in September as an independent non-executive director. Lord Turner, the former head of City regulator, the Financial Services Authority, the body which preceded the Financial Conduct Authority, bought 2,000 shares at 1,551.00 pence on Wednesday. Prudential shares closed down 1.0% at 1,544.98 pence on Wednesday.
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Hochschild Mining said Non-Executive Director Graham Birch bought 20,000 shares in the company at 48.925 pence each on Tuesday. Following this, Birch holds 30,000 shares in the company. Shares in Hochschild closed up 1.6% at 49.26p Wednesday.
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Investment company Octagonal said Non-Executive Director Martin Davison acquired his first shares in the company between December 21 and 24. Davison bought a total of 7.5 million shares last week at an average price of 0.86 pence per share, giving him a 1.3% stake in the business. Octagonal shares closed up 10% to 1.01p Wednesday.
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Ceramic and carbon products manufacturer Morgan Advanced Materials said Peter Blausten, its director of human resources, bought 1,200 shares in the company at 248.00 pence per share on December 21. The company did not disclose Blausten's overall holding following the transaction. Morgan shares closed down 3.6% to 254.80p.
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By Sam Unsted; [email protected]; @SamUAtAlliance
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