Ashmore's canny co-founder Booth sells down stake further

16th Oct 2014 15:55

Company directors were in bargain-hunting mode on Thursday, with the exception of emerging market investment management group Ashmore, where one director and one departed founder both sold shares.With the company already trading around four-year lows, finance director Tom Shippey strangely sold £169,897-worth of shares at 291p.Moreover, Dr Jerome Booth, co-founder of the company and former head of research at Ashmore Investment Management, sold down his stake below 5% for the first time, although it was not stated at what price he sold.Booth has a reputation as a canny market-timer after leaving the company he co-founded last year, shortly before its markets and then its share price tanked as it was downgraded by Goldman Sachs.Moreover, the Saffron Walden man, who was part of the management team at the company when it was spun out of the Australia & New Zealand Banking Group in 1999, last sold down his stake in July with the company trading around 370p.Since then, the shares have dwindled more than 20% to below 290p.Citi on Wednesday said it was neutral on the stock with its flow expectations "not yet that negative" and suggesting there "might be an opportunity". Analysts admitted the poor investor sentiment towards emerging markets and "a lack of identifiable positive catalysts for the share price on a 12-month view".Buyers were led once again by Malaysian plantation magnate Dato' Lee Hau Hian, a director of FTSE 250 chemicals group Synthomer.Lee, the managing director of Malaysian rubber and palm plantations company Batu Kawan Berhad, continued his buying spree with a further near-£0.3m purchase at 192.15p after sizeable spending earlier in the week at slightly lower prices.Elsewhere, Quindell was 9% higher after non-executive director David Currie, the former head of Investec's investment banking division, dipped into his pocket for close to £25,000 of shares in the volatile company.Top Director BuysSynthomer (SYNT) Director name: Mr Dato' Lee Hau HianAmount purchased: 155,000 @ 192.15p Value: £297,832Jupiter European Opportunities Trust (JEO) Director name: Mr Alexander F C DarwallAmount purchased: 45,000 @ 392.00p Value: £176,400Jupiter European Opportunities Trust (JEO) Director name: Mr Alexander F C DarwallAmount purchased: 25,000 @ 392.00p Value: £98,000Kofax Limited (DI) (KFX) Director name: Mr Christopher J ConwayAmount purchased: 25,000 @ 375.00p Value: £93,750Keller Group (KLR) Director name: Mr Paul WithersAmount purchased: 10,000 @ 754.92p Value: £75,492Telecity Group (TCY) Director name: Mr Eric Hageman Amount purchased: 10,000 @ 675.00p Value: £67,500Epwin Group (EPWN) Director name: Mr Christopher (Chris) Anthony EmpsonAmount purchased: 39,200 @ 101.95p Value: £39,964Quindell (QPP) Director name: Mr David Scott Currie Amount purchased: 19,500 @ 127.50p Value: £24,862BlackRock World Mining Trust (BRWM) Director name: Mr Anthony W (Tony) LeaAmount purchased: 6,000 @ 351.50p Value: £21,090BlackRock World Mining Trust (BRWM) Director name: Mr Colin BuchanAmount purchased: 5,000 @ 353.60p Value: £17,680Top Director SellsAshmore Group (ASHM) Director name: Mr Tom ShippeyAmount sold: 58,384 @ 291.00p Value: £169,897