Serial investor Nigel Wray has taken a 5 per cent stake in Aim-listed residential property developer Propan Homes (PPH) at a 25 per cent discount to the market value, writes Ben Cobley.

Already a director of eight Aim companies, Wray has added to his 450,000 shares in Propan by picking up a further 2.99 million at 12.25p – against yesterday's price of 16.5p. The move comes after a batch of stock was freed by a trust in which chief executive Christopher Johnson's children, Alex and Louise Johnson, were joint beneficiaries. After selling 6 million shares to satisfy Wray and other Seymour Pierce (SYP) clients, the two of them still hold 51 per cent of the company's shares. The discount to the market price was apparently part of the deal. Wray is a non-executive director of Seymour Pierce and chairman of fellow Aim companies WILink.com (WLK) and Electric Word (ELE). He also holds non-executive positions at Chorion (COR), Safestore (STO), Dominos Pizza UK & Ireland (DOM), Invox (INX) and Watford Leisure (WFC). Propan shares today climbed another 9 per cent to 18p on vigorous trading. They were trading at 13.5p at the time of yesterday's announced acquisition of property company Sitemaster for £1 million in shares valued at 17p. Sitemaster, in which some Propan directors had an interest, has net assets of £2.7 million. Propan's interim results, released in November, showed pre-tax profits up 22 per cent to £800,603 on turnover 33 per cent up at £3.6 million.

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