Director dealings: Rainbow Rare Earths CEO linked to £43k purchase
Rainbow Rare Earths Limited NPV
12.25p
16:50 27/12/24
Shares in Rainbow Rare Earths were rising on Tuesday afternoon, after the company disclosed the purchase of more than 0.4 million shares linked to its chief executive officer.
The firm said Pipestone Capital bought 435,000 shares on Monday, in a single transaction on the London Stock Exchange.
Pipestone paid 9.9p for each share, valuing the investment at a total of £43,065.00.
The Guernsey-domiciled Rainbow Rare Earths said in its disclosure that Pipestone Capital is beneficially owned by its CEO, George Bennett.
Bennett’s purchase came a week after the pre-revenue rainbow released its preliminary results for the year through June, reporting progress on its Phalaborwa project and the restart of its Gakara operations.
The firm’s shares declined in the ensuing days, from 11.75p before the results were released on 24 October, to reach a trough of 9.75p on Friday 28 October.
At 1547 GMT on Monday, they were up 3.2% at 10.16p.
Reporting by Josh White for Sharecast.com.
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