DIRECTOR DEALINGS SUMMARY: 7digital Chairman Buys After eMusic Tie-up

LONDON (Alliance News) - The following is a summary of director dealings reported in London on Friday.
----------
7digital Group said Chairman Donald Cruickshank increased his shareholding on the same day the digital music and radio services company revealed a deal to power the re-launch of eMusic's service.

Cruickshank bought 653,000 shares at a price of 6.125 pence per share on Thursday.

Following the deal, Cruickshank is a beneficial holder of 943,000 shares, meaning he controls about 0.87% of the company.

7digital on Thursday said it was on track to achieve profitability by the end of 2016, with its 2015 results set to meet market expectations despite sales being broadly in line with the previous year, as it announced the contract win with streaming service eMusic.

eMusic is a music discovery and download-to-own destination and was acquired by cloud computing group Triplay in October 2015. The deal, "will allow eMusic's new owners to build new features into the service through use of 7digital's technology and content management system," 7digital said in a statement.

Shares closed up 26% at 7.73p Friday.
----------
IT services company Pinnacle Technology Group said it has raised GBP4.6 million to help fund its acquisition of Ancar-B Technologies and Weston Communications, as it reported a narrowed pretax loss for its most recently ended financial year.

Pinnacle raised GBP4.6 million through the placing of 108.4 million shares at a price of 4.2 pence. Shares in the company were down 26% at 8.75 pence Friday afternoon.

Following the conclusion of this placing the company will now launch an open offer to raise up to a further GBP250,000 by issuing up to 5.9 million shares at the same price.

Chairman Gavin Lyons, along with Chief Executive Officer Nicholas Scallan, and Non-Executive Directors James Dodd and Simon Duckworth all subscribed for shares in the placing. Lyons, Black and Duckworth each subscribed for 4.0 million shares, while Dodd subscribed for 1.0 million.

Proposed chief financial officer and chief operating officer Ian Winn also subscribed for 1.4 million shares in the placing, and following admission with have a less than 1.0% stake in the company.

Shares closed down 28% at 8.50p Friday.
----------
Vianet Group said Chairman James Dickson bought a total of 30,000 shares in a series of purchases through his pension fund. Dickson bought 10,000 shares at a price of 92p per share and an additional 10,000 shares at a price of 92.4p per share on Thursday. The remaining 10,000 shares were bought at a price of 90p per share on Monday. Following these transactions, Dickson holds a total of 4.6 milion shares, representing approximately 16.37% of the issued share capital. The stock closed up 2.4% at 96.80p Friday.
----------
City Natural Resources High Yield Trust Friday said two non-executive directors bought shares on Thursday. Adrian Collins bought 25,000 shares at 67.25p each and Richard Prickett bought 14,000 shares at 67.5p each. They now hold 100,000 and 39,000 shares respectively in the trust. The stock closed up 3.1% at 70.12p Friday.
----------
Action Hotels said its founder and chairman, Mubarak Al-Sabah, bought 1.5 million shares at a price of 48.0p per share from Development Director Rawaf Bourisli on Thursday. Following this transaction, Al-Sabah holds 97 million shares, giving him a 65.74% stake and Bourisli holds 1.1 million shares, or a 0.77% stake. Shares in the Middle East and Australian hotel operator closed up 5.1% at 46.00p Friday.
----------
Tangent Communications said Non-Executive Director Nigel Kissack sold 2,428 shares at a price of 1.315p per share Thursday. The sale of the shares was an automatic transaction triggered by a stockbroker service charge in relation Kissack's shareholding, Tangent said in a statement. Following this transaction, Kissack holds 337,744 shares, representing 0.12% of the voting rights. Shares in the digital marketing business closed down 3.3% at 1.45p Friday.
----------
Banknote printer De La Rue said Chairman Philip Rogerson bought 8,000 shares at 422.20p per share on Friday. The purchase takes Rogerson's holding to 13,000 shares. The stock closed up 1.6% at 419.25p Friday.
----------
First Derivatives, which supplies software and consulting services to financial institutions, said Chairman Seamus Keating bought 10,000 shares at 1,550p per share on Friday. Following the deal, Keating has an interest in 25,314 shares, meaning he owns about 0.1% of the company. Shares in First Derivatives closed up 1.0% at 1,550.00p on Friday.
----------
North River Resources said Martin French, the resource company's former managing director, has cut his shareholding in the company to below the 3.0% disclosure threshold, following a series of share sales. According to the company's website, French owned 3.59% of the company as recently as October 2015. French resigned from his position after more than two years in the role in January 2015. Shares in North River Resources closed up 13% at 0.0760 pence on Friday.
----------
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun

Copyright 2016 Alliance News Limited. All Rights Reserved.