Quintain's Dwyer buys £50k stake

Property company Quintain Estates has soared over 1400% from record lows in March, but bosses think the shares have further to go.

Tonianne Dwyer, who joined Quintain in 2003 to head the fund management business, has spent £50,000 on 40,000 shares at 125p each.

That takes 45-year-old Dwyer's stake to 69,429.

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Others agree with her optimism. Finance boss Michael Marshall has had his buying boots on this month, buying 50,000 shares at 115p and another 25,000 at 110p. He now owns more than 300,000 shares.

Quintain shares plunged last autumn when it revealed a 24% slump in net asset value and half-year pre-tax loss of £51.6m.

But a rally began about four months ago when the company said it had no plans for an equity fundraising. It had previously agreed new banking facilities.

Then a fortnight ago it said the speed at which property prices are declining has slowed significantly since 1 April, while some sectors of the property market showing early signs of turning the corner.

Quintain shares now trade near 10-month highs.

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