The Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of Africa-focused gold miner Randgold Resources have both made sizeable investments in the company just two weeks after the firm's first-quarter results.
Mark Bristow, CEO, bought 13,480 ordinary shares in Randgold on May 18th at a price of $76.55 (4,840.34p) for a total of £652,478.
Bristow has held the lead role in Randgold since its incorporation when it was founded on his exploration work in West Africa. Bristow "has played a significant part in promoting the emergence of a sustainable mining industry in Africa," the company's website said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Friday's purchase brought his total shareholding to 737,730 ordinary shares, equal to 0.8% of it's the company's current issued share capital.
Meanwhile, Randgold's CFO Graham Shuttleworth spent £142,209 on Friday also, buying 2,938 shares at the same price as Bristow, taking his shareholding to 30,938 ordinary shares (0.03% stake). Shuttleworth has been CFO since July 2007 but has been associated with the company since its inception.
The firm revealed on May 3rd that it put in a 'robust performance' in the first quarter of 2012 in spite of the challenges it has faced in Mali, as a military coup in the country saw the stock lose around a quarter of its value in the last two months.
Compared with the first three months of 2011, the firm achieved strong growth in profits (up 126% and $104m) and production (up 19% at 165,443 ounces). However, in line with guidance, both elements were significantly down on the fourth quarter's record results, -28% and -13%, respectively.
Revenues jumped from $185.6m to $271.3m year-on-year in the first quarter, but were under the $311.5m recorded in the fourth quarter of 2011.
Top Director Buys
Randgold Resources Ltd. (RRS)
Director name: Dr D Mark Bristow
Amount purchased: 13,480 @ 4,840.34p
Value: £652,478
Reckitt Benckiser Group (RB.)
Director name: Ms Liz Doherty
Amount purchased: 7,000 @ 3,391.00p
Value: £237,370
Randgold Resources Ltd. (RRS)
Director name: Mr Graham Shuttleworth
Amount purchased: 2,938 @ 4,840.34p
Value: £142,209
Origo Partners (OPP)
Director name: Mr Chris Andre Rynning
Amount purchased: 204,032 @ 23.92p
Value: £48,804
Lavendon Group (LVD)
Director name: Mr Don Kenny
Amount purchased: 28,552 @ 104.49p
Value: £29,834
North Atlantic Smaller Companies Inv Trust (NAS)
Director name: Mr Christopher H B Mills
Amount purchased: 2,500 @ 950.00p
Value: £23,750
Sierra Rutile Ltd (SRX)
Director name: Mr Jan Alex Castro
Amount purchased: 35,000 @ 57.93p
Value: £20,276
Lavendon Group (LVD)
Director name: Mr John Standen
Amount purchased: 17,500 @ 103.00p
Value: £18,025
Sphere Medical Holding (SPHR)
Director name: Dr Anthony Francis Martin
Amount purchased: 20,000 @ 79.00p
Value: £15,800
Sphere Medical Holding (SPHR)
Director name: Mr Stephen H Mahle
Amount purchased: 15,000 @ 79.00p
Value: £11,850
BC
-
8 of the best properties for sale near ski slopesThe best properties for sale near ski slopes – from a luxury cabin in Geilo, one of Norway’s premier ski resorts, to a large chalet in Valais, Switzerland
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
