Non-executive director Guy Elliott bought 7.45m shares in mining investment company Polo Resources the day after they went ex-dividend, having sold his entire holding the previous week.
Polo is paying a 3p a share special dividend on 27 August from the proceeds of its stake disposals. The shares went ex-dividend on 18 August.
Elliott bought 5m shares at 3.58p each and 2,450,005 shares at 3.5p each. This is his total shareholding. The shares cost a total of nearly £265,000.
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
However, Elliott sold 38m shares the week before. Most of the shares were sold for 6.3p each. These disposals raised £2.28m, although Elliott did not receive the dividend. That means that he has effectively paid a higher price to buy the shares than he did to sell them.
Elliott was previously non-executive chairman of Polo.
Weiss Asset Management reduced its stake in Polo by 18.15m shares on Wednesday. It owns just over 241.8m shares, or 9.94% of Polo.
Top Director Buys
Polo Resources (POL) Director name: Mr Guy ElliottAmount purchased: 5,000,000 @ 3.58p Value: £179,000
Bank Of America (BAC) Director name: Mr Donald E. PowellAmount purchased: 10,000 @ $13.10 Value: $131,000
Polo Resources (POL) Director name: Mr Guy ElliottAmount purchased: 2,450,005 @ 3.50p Value: £85,750
Avon Rubber (AVON) Director name: Ms Stella J PirieAmount purchased: 12,000 @ 116.50p Value: £13,980
Top Director Sells
PZ Cussons (PZC) Director name: Mr G A KanellisAmount sold: 21,099 @ 338.00p Value: £71,315
PZ Cussons (PZC) Director name: Mr John PantelireisAmount sold: 13,082 @ 338.00p Value: £44,217
PZ Cussons (PZC) Director name: Mr Brandon Howard LeighAmount sold: 12,658 @ 338.00p Value: £42,784
PZ Cussons (PZC) Director name: Mr Chris DavisAmount sold: 10,552 @ 338.00p Value: £35,666
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
