Directors’ Dealings

Wogen is a case in point. The AIM-listed metals and minerals trader issued a profits warning, caused by a significant reduction in metal prices and an increase in counterparty risk arising from lack of confidence in the financial markets, towards the tail end of 2008. Subsequent results for the year to September showed a reverse from profits of £4.1 million to losses of £1.6 million and the final dividend was suspended.

However, this hasn’t put off executive director Damian Brousse, who recently bought 387,000 shares at 16p, increasing his stake in the company to 3.7 per cent. Shares in Wogen have fallen from a 52-week peak of 90.5p and Brousse clearly spies value.

Looking to better health
Elsewhere on AIM, the executive chairman of health-care company Cryo-Save, Marc Waetershcoot, recently purchased 101,100 shares at 39p, taking his interest in the company up to 20.25 per cent.

Cryo-Save, Europe’s leading adult stem cell storage bank which came to market in late 2007 at an issue price of 210p, has fallen hard in share price terms. Management attributed earnings disappointment to a weakening in the company’s markets as a result of the current economic downturn.

However, Cryo-Save, which increased the total number of samples stored by 21 per cent to 25,169 in 2008, remains profitable and according to chief executive Robert Koremans, its good cash position and strong fundamentals lend much optimism for the future development of the business.

Alistair Rae, the chief executive of packaging graphics services counter Imagelinx, has splashed out on 100,000 shares at 1.25 pence per share, bang in line with the current market price. The company, valued on AIM at £3.6 million has seen its share price plummet from 10.63 pence in June 2006 to today’s lowly levels.

Over at media investment company Ludorum, January saw a veritable buying spree take place, with a number of key individuals snapping up 95,000 shares in total at 99p. They included chairman Richard Rothkopf, who purchased 40,000 shares and CEO Rob Lawes and company secretary Malcolm Paget, who both purchased 20,000 shares apiece, as well as COO Charles Caminada and non-executive director David Maloney, buying 10,000 and 5,000 shares respectively.

Elsewhere, Paul Simmonds, CEO of snack goods and confectionery group Glisten, demonstrated his belief in the business by gobbling up 10,000 shares at 109p, thereby increasing his stake to 6.5 per cent. The supportive measure followed a profit warning from Glisten, which has seen its share price fall from a 52-week peak of 383.5p, in which it outlined a period of satisfactory trading for the six months to last December. Though investors can expect six per cent interim sales growth however, first-half operating profits will be below those of 2007.

Glisten remains confident of coming through the downturn in good shape however, ‘given the breadth of our product range, manufacturing flexibility and cash-generative qualities’.

All that glitters
Mining sector mover and shaker John Teeling, who chairs a number of the sector’s constituents, has entered into an agreement in which his shares in six companies serve as collateral against personal borrowing. Persian Gold, which has a market cap of £3.17 million, has seen its share price sink to 4.25p from its high of 24.25p in August 2008.

In African Diamonds and West African Diamonds Teeling has pledged 4.32 per cent and 1.75 per cent respectively.

A further five per cent of oil and gas exploration firm Petrel Resources, 4.7 per cent of Pan Andean Resources and 6.59 per cent of Connemara Mining Company are also affected by the agreement.