LONDON (Alliance News) - Hargreaves Services PLC said Tuesday it is trading in line with revised expectations following the cessation of its supplier contract with Wolf Minerals Ltd subsidiary Wolf Minerals UK, as the chairman and chief executive officer also both purchased shares.
Earlier in October, Wolf Minerals UK ceased trading after being unable to secure the necessary funding to meet its short-term working capital requirements.
Speaking at the company's annual general meeting today, Hargreaves Services Chairman Roger McDowell said the industrial and property sector service provider has completed the sale of Brockwell Energy Ltd.
McDowell said the GBP15 million received from the Brockwell sale will be used to reduce the company's short term overdraft borrowings.
Hargreaves Services also announced that McDowell and Chief Executive Officer Gordon Banham both had purchased shares in the company.
McDowell purchased 300,000 shares at GBP3.40 each, for a total of GBP1.0 million. McDowell now owns 0.9% of Hargreaves Service's total issued share capital.
CEO Banham purchased 73,000 shares at the same price as McDowell for a total transaction of GBP248,200.
Shares in Hargreaves Services were up 3.1% Tuesday at 332.00 pence each.