Directors dealings: Petra Diamonds chairman sells down after strong run for shares

Petra Diamond non-executive chairman Adonis Pouroulis sold 1,052,637 shares in the firm in two separate transactions, 752,637 shares at 170p each and another 300,000 at 171p, on 7th and 8th December, respectively.

His decision followed a recent sharp run-up in the value of the company's stock.

On 24 October, the mining outfit reported that production was up by 30% year-on-year during the first quarter to 30 September, reaching 1,097,523 carats.

In the following session, analysts at Citi bumped up their target price on the shares from 120p to 150p, telling clients they expected fiscal year 2018 to mark an "inflection point" for the company's free cash flows and that they expected Petra to reinstate its dividends from then on.

The drop in the pound also meant their estimate of net present value per share was boosted from 109p to 138p.

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Share Plc (SHRE)
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Share Plc (SHRE)
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Top Director Sells

Petra Diamonds Ltd.(di) (PDL)
Director name: Pouroulis,Adonis
Amount sold: 752,637 @ 170.02p
Value: £1,279,601.10

Ab Dynamics (ABDP)
Director name: Best,Anthony (Tony)
Amount sold: 250,000 @ 475.00p
Value: £1,187,500.00

Capital & Counties Properties (CAPC)
Director name: Das,Soumen
Amount sold: 208,153 @ 298.61p
Value: £621,563.18

Petra Diamonds Ltd.(di) (PDL)
Director name: Pouroulis,Adonis
Amount sold: 300,000 @ 170.61p
Value: £511,836.00

Capital & Counties Properties (CAPC)
Director name: Das,Soumen
Amount sold: 76,831 @ 297.68p
Value: £228,711.36

Jupiter Fund Management (JUP)
Director name: Carter,Edward Bonham
Amount sold: 3,092 @ 428.90p
Value: £13,261.59