Shares in instrumentation and electronics supplier Elektron took a tumble last Thursday following a profts warning, and have continued falling since, prompting company chairman Keith Daley to whip out his cheque-book and snap up some cut-price shares.
Daley, who has been a shareholder in Elektron since 1996, topped up his holding with a purchase of 300,000 shares at 21.25p each, putting a £63,750 dent in his bank balance.
Daley owns 8.54m Elektron shares, representing just over 8% of the issued ordinary share capital of the company.
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As profits warnings go, last Thursday's announcement from Elektron was a relatively mild one.
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"The group is on track to deliver operating profits before exceptional items for the year to 31 January 2012 at a level similar to last year's performance. This is a reduction in management expectations for the current financial year but matches last year's record profits," the statement said.
Market expectations had been for a pre-tax profit of £5.46m in the year to end-January 2012, up from £3.55m last year.
The group's dependence on Europe for much of its business is proving a weak point as the continent goes through its current economic tribulations. Performance of the company's Carnation Genisys and Henson brands remain strong in the UK.
The company is looking to reduce its dependence on Europe by building up its business in the Asia Pacific region. It has already opened a new office in Shanghai and is currently searching for an office in New Delhi to accommodate expansion of its existing facility.
Top Director Buys
Glencore International (GLEN)
Director name: Mr William Macaulay
Amount purchased: 1,875,000 @ 412.57p
Value: £7,735,688
Fenner (FENR)
Director name: Mr Mark Abrahams
Amount purchased: 138,673 @ 360.00p
Value: £499,223
Fenner (FENR)
Director name: Mr Richard John Perry
Amount purchased: 100,300 @ 360.00p
Value: £361,080
Fenner (FENR)
Director name: Mr Nick Hobson
Amount purchased: 94,385 @ 360.00p
Value: £339,786
Fenner (FENR)
Director name: Mrs Debra Bradbury
Amount purchased: 53,796 @ 360.00p
Value: £193,666
Capital & Regional (CAL)
Director name: Mr Louis Norval
Amount purchased: 497,920 @ 33.70p
Value: £167,799
Gable Holdings Inc. (GAH)
Director name: Mr William Dewsall
Amount purchased: 300,000 @ 22.00p
Value: £66,000
Elektron Technology (EKT)
Director name: Mr Keith Anthony Daley
Amount purchased: 300,000 @ 21.25p
Value: £63,750
Royal Bank of Scotland Group (RBS)
Director name: Mr Stephen Hester
Amount purchased: 318,678 @ 19.83p
Value: £63,194
Avocet Mining (AVM)
Director name: Mr Brett Allan Richards
Amount purchased: 25,000 @ 220.00p
Value: £55,000
Top Director Sells
Glencore International (GLEN)
Director name: Mr William Macaulay
Amount sold: 1,875,000 @ 412.57p
Value: £7,735,688
Fenner (FENR)
Director name: Mr Mark Abrahams
Amount sold: 72,110 @ 360.00p
Value: £259,596
Fiberweb (FWEB)
Director name: Mr Daniel Dayan
Amount sold: 426,829 @ 52.70p
Value: £224,939
Fenner (FENR)
Director name: Mr Richard John Perry
Amount sold: 52,156 @ 360.00p
Value: £187,762
Fenner (FENR)
Director name: Mr Nick Hobson
Amount sold: 45,147 @ 360.00p
Value: £162,529
Fiberweb (FWEB)
Director name: Mr Daniel Abrams
Amount sold: 237,127 @ 52.70p
Value: £124,966
Fenner (FENR)
Director name: Mrs Debra Bradbury
Amount sold: 27,974 @ 360.00p
Value: £100,706
Sierra Rutile Ltd (SRX)
Director name: Mr Franois Colette
Amount sold: 250,000 @ 30.00p
Value: £75,000
