Central Asia Metals founder drops 640,000 shares

A founder and Non-Executive Director of Central Asia Metals, Robert Cathery, together with his wife, sold a total of 640,000 shares at 96.00p in the exploration and development company.

The £614,400 transaction takes the Catherys' collective stake to 3,631,445 shares.

The sale comes about a month after the company posted a reduction in full-year losses for 2011 at $5.9m (2010: $6.7m).

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

Revenue fell from $1.4m to $1.2m year-on-year, but a reduction in the cost of sales resulted in a gross profit of $0.15m compared to $0.05m the previous year. Basic loss per share rose from 0.11c to 0.13c.

Copper production is "imminent" and the company has forecast production in 2012 to be 5,000 tonnes, rising to 10,000 tonnes in 2013. The firm said it hopes to generate enough cash from these amounts to enable it to invest in new projects and potentially start paying a dividend.

Group cash at the end of the year was $16.6m compared to $47.4m at the end of the previous year.

The share price has remained stable during the past year, climbing just 1.4%, or 1.25p in twelve months. The share price has lost 8.0% in the last month, equal to 8.00p.

Top Director Buys

Bank of America Corp. (BAC)

Director name: Mr Charles O. Holliday, Jr

Amount purchased: 43,078 @ $7.73

Value: $332,993

Bank of America Corp. (BAC)

Director name: Mr Mukesh D. Ambani

Amount purchased: 20,698 @ $7.73

Value: $159,996

Bank of America Corp. (BAC)

Director name: Mr Susan S. Bies

Amount purchased: 20,698 @ $12.47

Value: $258,036

Bank of America Corp. (BAC)

Director name: Mr Robert W. Scully

Amount purchased: 20,698 @ $7.73

Value: $159,996

Salamander Energy (SMDR)

Director name: Dr Jonathan Copus

Amount purchased: 19,901 @ 174.93p

Value: £34,813

Sinclair Is Pharma (SPH)

Director name: Mr Jean-Charles Tschudin

Amount purchased: 87,880 @ 26.52p

Value: £23,306

Top Director Sells

Central Asia Metals (CAML)

Director name: Mr Robert Cathery

Amount sold: 640,000 @ 96.00p

Value: £614,400

Home Retail Group (HOME)

Director name: Mr Terry Duddy

Amount sold: 79,476 @ 76.24p

Value: £60,593

Home Retail Group (HOME)

Director name: Mr Richard Ashton

Amount sold: 40,708 @ 76.24p

Value: £31,036

Bank of America Corp. (BAC)

Director name: Mr Mukesh D. Ambani

Amount sold: 3,919 @ $12.47

Value: $48,857