Polo director buys after shares go ex-dividend

Aug 20, 2010

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Non-executive director Guy Elliott bought 7.45m shares in mining investment company Polo Resources the day after they went ex-dividend, having sold his entire holding the previous week.

Polo is paying a 3p a share special dividend on 27 August from the proceeds of its stake disposals. The shares went ex-dividend on 18 August.

Elliott bought 5m shares at 3.58p each and 2,450,005 shares at 3.5p each. This is his total shareholding. The shares cost a total of nearly £265,000.

However, Elliott sold 38m shares the week before. Most of the shares were sold for 6.3p each. These disposals raised £2.28m, although Elliott did not receive the dividend. That means that he has effectively paid a higher price to buy the shares than he did to sell them.

Elliott was previously non-executive chairman of Polo.

Weiss Asset Management reduced its stake in Polo by 18.15m shares on Wednesday. It owns just over 241.8m shares, or 9.94% of Polo.

Top Director Buys

Polo Resources (POL) Director name: Mr Guy Elliott Amount purchased: 5,000,000 @ 3.58p Value: £179,000

Bank Of America (BAC) Director name: Mr Donald E. Powell Amount purchased: 10,000 @ $13.10 Value: $131,000

Polo Resources (POL) Director name: Mr Guy Elliott Amount purchased: 2,450,005 @ 3.50p Value: £85,750

Avon Rubber (AVON) Director name: Ms Stella J Pirie Amount purchased: 12,000 @ 116.50p Value: £13,980

Top Director Sells

PZ Cussons (PZC) Director name: Mr G A Kanellis Amount sold: 21,099 @ 338.00p Value: £71,315

PZ Cussons (PZC) Director name: Mr John Pantelireis Amount sold: 13,082 @ 338.00p Value: £44,217

PZ Cussons (PZC) Director name: Mr Brandon Howard Leigh Amount sold: 12,658 @ 338.00p Value: £42,784

PZ Cussons (PZC) Director name: Mr Chris Davis Amount sold: 10,552 @ 338.00p Value: £35,666

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