Develica Deutschland co-founder Grant N Tromans has been adding to his stake in the German property investor.
The non-executive director bought 540,000 shares on New Year's Eve at 3.18518 eurocents a share. This €17,200 investment took his stake to 4.22%.
Just before Christmas, Tromans bought 2,250,500 shares at 3 eurocents each. That cost €67,515.
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
Tromans also controls the company's manager, Devilica Deutschland Management, which added 1.2m shares to its holding at the same price. That took its stake to 12.9%.
On Christmas Eve, chairman Derek Butler invested €9,250 taking his stake to 0.18%, while non-exec John Hallam invested €27,375 making his stake equivalent to 0.44%.
These directors believe the share price is too low and that there is potential for recovery in Germany.
Develica reported negative net liabilities for the end of September 2009. That was partly due to the negative effect of interest rate swaps. The company admitted that it might be in breach of some property loan to value covenants but they have not been tested.
Develica hopes to announce a restructuring of its bank facilities.
Top Director Buys
Develica Deutschland (DDE) Director name: Mr Grant N TromansAmount purchased: 540,000 @ € 0.03 Value: € 17,226
Huntsworth (HNT) Director name: Mr Eugene P. BeardAmount purchased: 25,000 @ 64.00p Value: £16,000
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
