Griffin Mining director shows hope in the group buying more shares

9th Feb 2015 15:47

A non-executive director in Griffin Mining increased his stake, showing confidence in the group a week after it said its full-year results will be disappointing.Trellus Management Company, an equity hedge fund where Adam Usdan has an interest, purchased 250,000 shares at an individual price of 26.5p, spending a total of £66,250 in the transaction.Usdan holds now, 29.79m direct and indirect shares in the mining group.The company said last week delays in new mining licences and permits are expected to impact negatively its full-year results for 2014.Chairman Mladen Nonkov said: "The additional time taken to complete the expansion of the processing facilities at Caijiaying will inevitably cause disappointing financial results in 2014."Shares in Griffin were down 0.57% to 26.35 on Monday at 15:16.Top Director BuysDiageo (DGE) Director name: Mr Ivan MenezesAmount purchased: 34,400 @ 1,910.89p Value: £657,346Griffin Mining Ltd. (GFM) Director name: Mr Adam Usdan Amount purchased: 250,000 @ 26.50p Value: £66,250RM2 International S.A. (DI) (RM2) Director name: Mr Jan DekkerAmount purchased: 100,000 @ 48.00p Value: £48,000Top Director SellsSThree (STHR) Director name: Mr Alex SmithAmount sold: 16,214 @ 323.03p Value: £52,376