Ashmore's canny co-founder Booth sells down stake further
Company directors were in bargain-hunting mode on Thursday, with the exception of emerging market investment management group Ashmore, where one director and one departed founder both sold shares.
Ashmore Group
186.80p
16:50 23/04/24
Kofax Limited (DI)
735.00p
16:35 30/03/15
Synthomer
255.00p
16:40 23/04/24
Watchstone Group
52.10p
08:36 06/07/21
With the company already trading around four-year lows, finance director Tom Shippey strangely sold £169,897-worth of shares at 291p.
Moreover, Dr Jerome Booth, co-founder of the company and former head of research at Ashmore Investment Management, sold down his stake below 5% for the first time, although it was not stated at what price he sold.
Booth has a reputation as a canny market-timer after leaving the company he co-founded last year, shortly before its markets and then its share price tanked as it was downgraded by Goldman Sachs.
Moreover, the Saffron Walden man, who was part of the management team at the company when it was spun out of the Australia & New Zealand Banking Group in 1999, last sold down his stake in July with the company trading around 370p.
Since then, the shares have dwindled more than 20% to below 290p.
Citi on Wednesday said it was neutral on the stock with its flow expectations "not yet that negative" and suggesting there "might be an opportunity". Analysts admitted the poor investor sentiment towards emerging markets and "a lack of identifiable
positive catalysts for the share price on a 12-month view".
Buyers were led once again by Malaysian plantation magnate Dato' Lee Hau Hian, a director of FTSE 250 chemicals group Synthomer.
Lee, the managing director of Malaysian rubber and palm plantations company Batu Kawan Berhad, continued his buying spree with a further near-£0.3m purchase at 192.15p after sizeable spending earlier in the week at slightly lower prices.
Elsewhere, Quindell was 9% higher after non-executive director David Currie, the former head of Investec's investment banking division, dipped into his pocket for close to £25,000 of shares in the volatile company.
Top Director Buys
Synthomer (SYNT)
Director name: Mr Dato' Lee Hau Hian
Amount purchased: 155,000 @ 192.15p
Value: £297,832
Jupiter European Opportunities Trust (JEO)
Director name: Mr Alexander F C Darwall
Amount purchased: 45,000 @ 392.00p
Value: £176,400
Jupiter European Opportunities Trust (JEO)
Director name: Mr Alexander F C Darwall
Amount purchased: 25,000 @ 392.00p
Value: £98,000
Kofax Limited (DI) (KFX)
Director name: Mr Christopher J Conway
Amount purchased: 25,000 @ 375.00p
Value: £93,750
Keller Group (KLR)
Director name: Mr Paul Withers
Amount purchased: 10,000 @ 754.92p
Value: £75,492
Telecity Group (TCY)
Director name: Mr Eric Hageman
Amount purchased: 10,000 @ 675.00p
Value: £67,500
Epwin Group (EPWN)
Director name: Mr Christopher (Chris) Anthony Empson
Amount purchased: 39,200 @ 101.95p
Value: £39,964
Quindell (QPP)
Director name: Mr David Scott Currie
Amount purchased: 19,500 @ 127.50p
Value: £24,862
BlackRock World Mining Trust (BRWM)
Director name: Mr Anthony W (Tony) Lea
Amount purchased: 6,000 @ 351.50p
Value: £21,090
BlackRock World Mining Trust (BRWM)
Director name: Mr Colin Buchan
Amount purchased: 5,000 @ 353.60p
Value: £17,680
Top Director Sells
Ashmore Group (ASHM)
Director name: Mr Tom Shippey
Amount sold: 58,384 @ 291.00p
Value: £169,897