LONDON (ShareCast) - Bosses at financial services firm Merchant Securities backed the firm’s recent £1.58m fundraising to the tune of £300,000, it was confirmed today.

Acting chief executive Patrick Claridge subscribed for 1m shares at 10p, taking his stake to 2.35m shares, or 5% of the company. Executive director John East now owns 9.6% of the business after he also boosted his holding by 1m shares.

Finance boss Christopher Hyde and non executive director David Worlidge both picked up half a million shares to take their interests to 1% and 5.5% respectively.

Polish group Dom Maklerski IDM Spa Akcyjna (IDMSA) is now the company's biggest shareholder with 17.06% of the business.

Merchant, fined £77,000 by the FSA last month for not adequately protecting its customers from the risk of identity fraud, said the placing would strengthen the capital resources of the group.

In May’s trading statement it said losses after tax for the year ended 31 March 2008 would be about £600,000, after taking account of non-recurring items of some £400,000.

It bought broker John East & Partners laste last year.

Top Director Buys

ARC Capital (ARCH)
Director name: Mr Christopher M Gradel
Amount purchased: 200,000 @ $1.30
Value: $261,000

Merchants Securities (MERC)
Director name: Mr Patrick Claridge
Amount purchased: 1,000,000 @ 10.00p
Value: £100,000

Edinburgh Worldwide Inv Trust (EWI)
Director name: Mr David E Reid
Amount purchased: 25,000 @ 236.00p
Value: £59,000

Edinburgh Worldwide Inv Trust (EWI)
Director name: Mr David E Reid
Amount purchased: 25,000 @ 234.00p
Value: £58,500

Inland (INL)
Director name: Mr Nishith (Nish) Motilal Meghji Malde
Amount purchased: 350,000 @ 14.50p
Value: £50,750

Merchants Securities (MERC)
Director name: Mr Christopher Matthew Hyde
Amount purchased: 500,000 @ 10.00p
Value: £50,000

Inland (INL)
Director name: Mr Stephen Desmond Wicks
Amount purchased: 250,000 @ 14.50p
Value: £36,250

Regal Petroleum (RPT)
Director name: Mr David John Greer
Amount purchased: 10,000 @ 180.50p
Value: £18,050

MS International (MSI)
Director name: Mr Michael J Bell
Amount purchased: 10,000 @ 180.00p
Value: £18,000


Top Director Sells

Fuller Smith and Turner (FSTA)
Director name: Mr M J Turner
Amount sold: 9,329 @ 410.00p
Value: £38,249

Fuller Smith and Turner (FSTA)
Director name: Mr Richard John Roberts
Amount sold: 6,539 @ 410.00p
Value: £26,810

Fuller Smith and Turner (FSTA)
Director name: Mr Timothy J M Turner
Amount sold: 5,624 @ 410.00p
Value: £23,058

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