North Atlantic non-exec buys big

The independent non-executive director of North Atlantic Smaller Companies Investment Trust, Enrique Foster Gittes, has purchased his first stake in the company - and it was a big one at £947,500. The seventy-year-old American lawyer bought 100,000 shares at 947.5p per share, taking his total 0.71%. Gittes, who is also president of Bodega Foster SA in Argentina, has been on the firm's board since 1992, taking up the position of chairman six years later. Earlier this week, the group said that its diluted net asset value had dropped 1.8% in the six months to the end of July.This compared favourably with Standard & Poors Composite Index, which saw a 2% fall. The post-tax revenue return after tax for the half year saw a loss of £1.16m, lower than than the same period the previous year (2010: £1.88m). Top Director BuysNorth Atlantic Smaller Companies Inv Trust (NAS) Director name: Mr E F GittesAmount purchased: 100,000 @ 947.50p Value: £947,500Lancashire Holdings (LRE) Director name: Mr Neil William McConachieAmount purchased: 50,000 @ 630.00p Value: £315,000Alterian (ALN) Director name: Mr Heath DaviesAmount purchased: 265,000 @ 74.50p Value: £197,425Top Director SellsBellzone Mining (BZM) Director name: Mr Simon FarrellAmount sold: 816,584 @ 32.20p Value: £262,940General Electric Co (GEC) Director name: Mr Michael A. NealAmount sold: 8,630 @ € 11.16 Value: € 96,321General Electric Co (GEC) Director name: Mr Keith S. SherinAmount sold: 8,630 @ € 11.16 Value: € 96,321General Electric Co (GEC) Director name: Mr John G. RiceAmount sold: 8,490 @ € 11.16 Value: € 94,759General Electric Co (GEC) Director name: Ms Kathryn CassidyAmount sold: 1,439 @ € 11.16 Value: € 16,061NR North Atl.smlr