Money managers under the microscope
Directors buy at battered RAB
Directors’ dealings are widely seen as a sign that management are putting their money where their mouth is, so with RAB Capital’s shares just off a year low, shareholders may be encouraged by two small, recent purchases.
Director Adam Grant spent almost £12,200 on an initial holding of 92,400 shares at 13.203 pence each, while Amanda Moore, wife of non-exec Philip Moore, paid close to £5,000 for an initial stake of 38,674 shares at 12.8334 pence each.
Shareholders will be eager for every bit of good news they can get.
The shares, currently at 12.75 pence and around 100 pence at the end of 2007, dropped intraday to 11.5 pence on Thursday following the firm’s trading update on Wednesday, showing a fall in assets to just $1.26 bln. The firm also told Reuters of a hefty loss for its flagship Special Situations fund (the one that invested in Northern Rock) on Falkland Oil and Gas.