Iofina Chairman shows confidence after profit warning

17th Dec 2013 16:16

Proving his confidence in the business on the day it published a profit warning, Iofina Chairman Chris Fay splashed the cash in two separate share purchases. Fay first bought £50,000 worth at 101p in the morning after the shares plummeted from Monday's 132.25p closing price.Later in the day he forked out another £100,000 at the price of 100p.The iodine explorer and producer blamed sales delays as the reason why 2013 revenue and underlying pre-tax earnings were likely to be flat, with expected 2013 shipments from its chemical division being delayed until 2014.Iodine prices dropped more than a fifth during the year, although Iofina said it was better placed than rivals to manage the fall due to lower costs.It also said it believed the price of iodine will stabilise and may begin to rise in the second half of 2014.Shares in the group have been as high as 247p this year.Elsewhere, Carpetright Chairman Lord Harris and Business Development Director Martin Harris sold 1,500,000 shares at 530p per share for what they said was "personal wealth management reasons". With the shares having fallen from near 700p to below 550p in recent months, as first-half results showed falling like-for-like sales, investors might not take too much confidence from that. Top Director BuysMar City (MAR) Director name: Mrs Margaret Anne RyanAmount purchased: 161,209,376 @ 8.00p Value: £12,896,750Mar City (MAR) Director name: Mr Patrick Anthony RyanAmount purchased: 161,209,376 @ 8.00p Value: £12,896,750Mar City (MAR) Director name: Mr Hamilton D. AnsteadAmount purchased: 13,468,493 @ 8.00p Value: £1,077,479Karelian Diamond Resources (KDR) Director name: Professor Richard ConroyAmount purchased: 31,325,000 @ 1.50p Value: £469,875Iofina (IOF) Director name: Dr Chris E FayAmount purchased: 50,000 @ 101.00p & 100,000 @ 100.00pValue: £150,500Bodycote (BOY) Director name: Ms Eva LindqvistAmount purchased: 5,000 @ 628.70p Value: £31,435Atlantic Coal (ATC) Director name: Mr Adam WilsonAmount purchased: 12,500,000 @ 0.22p Value: £27,500International Ferro Metals Group (IFL) Director name: Mr John BallardAmount purchased: 100,000 @ 10.23p Value: £10,230Top Director SellsCarpetright (CPR) Director name: Mr Martin HarrisAmount sold: 800,000 @ 530.00p Value: £4,240,000Eckoh (ECK) Director name: Mr Adam MoloneyAmount sold: 750,000 @ 28.12p Value: £210,900Victrex (VCT) Director name: Mr D R HummelAmount sold: 11,265 @ 1,650.06p Value: £185,879M. P. Evans Group (MPE) Director name: Mr James Derek ShawAmount sold: 12,000 @ 472.00p Value: £56,640Victrex (VCT) Director name: Mr Andrew Stephen BarrowAmount sold: 2,372 @ 1,650.06p Value: £39,139