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Director Dealings: Cornerstone FS, Iofina, Braveheart Investments

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In our new weekly series, James Norris looks at directors buying and selling shares in their own company over the last week.

  • Non exec buys shares in Cornerstone with shares down 36% this year
  • Iofina chairman adds 50k shares on share price surge
  • Braveheart Investments director increases holding with shares at 52 week low
  • Senior board members increase holdings in Balfour Beatty
  • Armadale Capital director buys as stock jumps
  • Non-exec director buys Spectris shares as Oxford Instruments bid is abandoned

Cornerstone FS (AIM: CSFS) non-executive director Gareth Edwards has bought 24,033 ordinary shares at a price of 16.9p per share. As a result, he now holds 389,721 shares, representing about 1.65% of the current issued share capital of the company. Cornerstone FS, a cloud-based provider of forex, payment and currency risk management services to SMEs, in February acquired Capital Currencies as part of a strategy to build market share, after seeing a substantial improvement in revenues and profit margins last year. Cornerstone FS shares are currently trading at 18.60p, down -36.4% YTD.

Iofina (AIM: IOF) Chairman Lance J Baller on 11 March bought 50,000 shares at a price of 19.49p per share. As a result, he now has a 2.8% in the company’s issued share capital. On 9 March, he bought 100,000 shares at 17.75p each and on 10 March another 50,000 shares at 17.5p per share. Iofina, a manufacturer of specialist chemical products, is the second largest producer of iodine in North America and operates Iofina Resources and Iofina Chemical. IOF shares, currently trading at 19.2p, have surged 36% in value over the past two weeks, giving a 1-year return of 60.7%.

Braveheart Investments (LON: BRH) director Trevor Brown on 11 March bought 490,000 shares, at an average price of 11.6p per share, for £56,761.60. As a result, he now holds a total beneficial interest in 4,466,013 ordinary shares, equivalent to 8.55% of the Company’s voting rights. On 8 March, he bought 100,000 shares at 11.5p, for £11,500. Brown has bought the stock at close to the 52-week low of 11p and with the 1-year return currently at -51.4%.

Balfour Beatty (LON: BBY) Chairman Charles Allen on 10 March bought 100,000 shares at £2.43 per share, while the following day Group Chief Executive Leo Quinn bought 78,740 shares at £2.39 per share. On 7 March, the shares saw an inflection point that saw the stock surge more than 21% over 10 days. The shares are currently trading at £2.62, some way off the 52-week high of £3.26.

Armadale Capital (AIM: ACP) Technical Director Matt Bull has bought 7,852,273 ordinary shares for a total of £172,750. Armadale owns and operates the Mahenge Liandu Graphite Project, one of the largest high-grade resources in Tanzania and a significant low-cost supplier to the graphite industry. It has a net present value of $430m and the potential to generate pre-tax cashflows of $985m over an initial 15-year mine-life. Armadale stock has jumped 27% over the past two weeks, reaching £4.39, though the stock’s performance is still -18% YTD, with a 1-year return of 5.44%.

Spectris (LON: SXS) non-executive director Alison Henwood on 9 March bought 947 shares at £26.39 each, for a total of £24,994. The transaction came after the decision by Spectris on 7 March to abandon its £1.8bn bid for Oxford Instruments (LON: OXIG). The stock had been trending down since hitting a 12-month high £40.83 last September, but as news of the Spectris bid emerged, the stock slumped to a low of £24.58. The stock is currently trading at £26.73, a return of -26.9% YTD and a 1-year return of -14.59%.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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