Director dealings: Centamin chairman sells £5.6m shares
Centamin founder and executive chairman Josef El-Raghy has sold disposed of 5m shares not long after they hit their highest levels for five years.
Centamin (DI)
139.60p
16:40 14/11/24
FTSE 250
20,522.81
16:38 14/11/24
FTSE 350
4,459.02
16:38 14/11/24
FTSE AIM All-Share
729.38
16:54 14/11/24
FTSE All-Share
4,417.25
16:54 14/11/24
Hunters Property
70.00p
15:24 19/03/21
Mining
10,475.37
16:38 14/11/24
Real Estate Investment & Services
2,354.65
16:38 14/11/24
Software & Computer Services
2,485.46
16:38 14/11/24
Stilo International
3.00p
16:55 07/10/19
The chairman of the Egyptian gold miner offloaded shares in his Nordana fund between 8 June and 10 June at an average price of £1.11 per share, pocketing £5.55m.
Following the sale El-Raghy's holdings and his family still hold around 54m shares in the FTSE 250 company.
Last month, Morgan Stanley initiated coverage of the stock at ‘overweight’ with a 130p price target, saying it was its top pick within the European gold space.
Its Sukari mine, the investment bank's analysts said, "provides a solid foundation from which to grow the business with a 7% free cash flow yield in 2017".
This cash be invested either at Sukari, or elsewhere, or alternatively returned to shareholders if no viable project is identified.
"Valuation does not reflect this optionality in our view.”
Top Director Buys
Hunters Property (HUNT)
Director name: Jones,Edward ("Ed") Anthony
Amount purchased: 72,793 @ 75.00p
Value: £54,594.75
Volex (VLX)
Director name: Morris,Daren
Amount purchased: 40,000 @ 32.50p
Value: £13,000.00
Top Director Sells
Centamin (di) (CEY)
Director name: El-Raghy,Josef
Amount purchased: 5,000,000 @ 111.00p
Value: £5,550,000.07
Stilo International (STL)
Director name: Burnham,Les
Amount purchased: 2,600,000 @ 5.25p
Value: £136,500.00
Euromoney Institutional Investor (ERM)
Director name: Osborn,Neil Frank
Amount purchased: 2,251 @ 950.00p
Value: £21,384.50