Avanti Comms directors show their faith

10th Oct 2012 16:30

It is fair to say that the market was not over the moon about the full year results from satellites operator Avanti Communications, but the directors believe the share price reaction has been overdone, a view they have been backing up with share purchases.David Williams, Chief Executive of Avanti, purchased 8,100 shares at 305p a pop, while another director, David Bestwick, bought 16,200 shares at the same price."We've been filling our boots, you might say," Williams told Sharecast.Non-Executive Director Paul Walsh purchased 10,000 shares at 298.60p for £29,860, while Chairman John Brackenbury added 5,000 shares at 292.50p for £14,625. The shares dipped as low as 290p in the first two hours of trading on Wednesday before recovering a little; the shares closed at 348.75p on Tuesday. They had lost 18% of their value by the close on Wednesday, equal to nearly 62p, ending that day at 287p.The dramatic share price fall was not caused so much by the full year results, which showed revenue in the year ended June 30th 2012 surged to £12.46m from £5.46m the year before, while the loss before interest, tax, depreciation and amortisation narrowed to £5.3m from £9.7m the previous year. Rather, it was the more conservative revenue guidance which spooked the market, with the big orders set to kick in later than the company had previously envisaged. Top Director BuysBHP Billiton (BLT) Director name: Mr Pat DaviesAmount purchased: 3,000 @ 1,946.69p Value: £58,401North Atlantic Smaller Companies Inv Trust (NAS) Director name: Mr Christopher H B MillsAmount purchased: 71,089 @ 1,067.00p Value: £758,520CLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount purchased: 13,559 @ 713.50p Value: £96,743PureCircle Ltd. (DI) (PURE) Director name: Mr Tan Boon SengAmount purchased: 30,000 @ 210.00p Value: £63,000Avanti Communications Group (AVN) Director name: Mr David J BestwickAmount purchased: 16,200 @ 305.00p Value: £49,410Goldplat (GDP) Director name: Mr Russell LammingAmount purchased: 200,000 @ 15.65p Value: £31,300Avanti Communications Group (AVN) Director name: Mr Paul S WalshAmount purchased: 10,000 @ 298.60p Value: £29,860Avanti Communications Group (AVN) Director name: Mr David J WilliamsAmount purchased: 8,100 @ 305.00p Value: £24,705Avanti Communications Group (AVN) Director name: Mr F E John G BrackenburyAmount purchased: 5,000 @ 292.50p Value: £14,625CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount purchased: 1,800 @ 720.00p Value: £12,960Top Director SellsUnite Group (UTG) Director name: Mr Joe ListerAmount sold: 8,255 @ 263.76p Value: £21,773NR