LONDON (Alliance News) - The following is a summary of director dealings reported in London on Thursday.
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Bagir Group said it raised USD8.5 million through the placing of 183.2 million shares at 3.5p each, raising USD8.1 million in net proceeds. The proceeds will be used to repay USD6.3 million to the tailor's lenders, clear all outstanding bank debt, and for working capital purposes.
The fundraising is conditional on shareholder support at an extraordinary general meeting, the date of which is yet to be decided.
Hargreave Hale held 8.7 million shares in Bagir prior to the fundraising, equal to a 17.3% stake, but that will rise to a holding of 51.5 million shares and a stake of 20.26% stake on admission.
Miton Asset Management will push its holding up to 45.8 million shares from 7.5 million, lifting its stake to 18% on admission from the current 14.94% stake. Bairnboim Properties will hold 54.6 million shares in the company and hold a 21.49% stake, rising from the current holding of 6.4 million shares, or a 12.75% stake.
Chief Executive Eran Itzhak, Non-Executive Samuel Vlodinger and Chairman Tesser Laws all subscribed for 286,000 shares each for GBP10,000. Itzhak did not hold any shares prior to the fundraising and now holds a 0.11% stake, Vlodlinger holds 419,33 shares, equal to a 0.16% stake and Laws now holds 310,390 shares, giving her a 0.12% stake.
Non-Executive Fiona Holmes also acquired her first shares in the business and now holds 26,785 shares, eual to a 0.01% stake.
Shares in Bagir Group closed down 14% on Thursday, at 4.28p per share.
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TyraTech said Non-Executive Director Jim Hills bought 500,000 shares at a price of 2.5 pence per share on Wednesday.
Following this transaction, Hills now holds 3 million shares, which represents 0.83% stake in the group.
TyraTech Inc on Tuesday said its loss remained broadly unchanged in the first half of the year despite revenue experiencing a lift, and it warned that, although the second half should be a stronger period for the business, full-year results will be below expectations.
The company, which produces treatments for head lice, reported a a pretax loss in the first six months of the year of USD1.5 million, flat from the previous year, despite revenue and gross profit both seeing small rises during the period.
The stock closed up 14% at 1.99p Thursday.
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Modern Water said Financial Director Stephen Heaps bought 100,000 shares on Wednesday. Heaps bought 50,000 shares at 5.35p each, 45,000 shares at 5.375p each, and 5,000 shares at 5.34p each. General Counsel and Company Secretary Toby Schumacher also bought 100,000 shares at a price of 5.25p per share on Wednesday. The water and wastewater treatment company on Wednesday said a reduction in costs help to offset a fall in revenue during the first half of 2016 after its water monitoring division suffered from weak markets in China, which it is expecting to improve later this year. The stock closed up 4.8% at 5.50p Thursday.
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Headlam Group said newly appointed Chief Executive Officer Steve Wilson bought 50,000 shares at a price of 447.125p per share on Thursday. Headlam Group on Wednesday said incumbent Chief Executive Tony Brewer is stepping down after more than 25 years with the business, and 16 years at the helm. The floorcoverings distributor has appointed Wilson, formerly the finance director, to succeed Brewer with immediate effect. The stock closed down 2.7% at 444.50p Thursday.
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Hikma Pharmaceuticals said Darhold, a company in which some of its directors are interested, purchased 70,251 shares at a price of 2,122p per share on Thursday. Chairman and Chief Executive Said Darwazah is a shareholder in Darhold with an equity interest of 21.49%, Executive Vice Chairman Mazen Darwazah holds a 10.82% stake and Non-Executive Director Mohammed Al-Husry has a 7.95% stake. All three are directors of Darhold. Hikma did not reveal the stake held by the three directors or Darhold after the transaction. The stock closed down 0.4% to 2,132.83 pence per share on Thursday.
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Insurer Beazley said Non-Executive Director Catherine Woods bought 30,000 shares at a price of 403.07p per share Tuesday. The stock closed up 0.5% at 398.46p Thursday.
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Octagonal said Non-Executive Director Martin Davison bought 1.8 million shares at a price of 1.7p per share on Wednesday. Following this transaction, Davison now holds 16.8 million shares, representing a 2.99% stake in the firm. The stock closed down 5.3% at 1.56p Thursday.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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