Norseman non-exec buys on weakness

5th May 2011 16:11

Gary Steinepreis, a non-executive director at Norseman Gold, has splashed out £165,000 building up his stake in the miner.He bought 1m shares at 16.5p a time through his company Ascent Capital and now has 5.03m shares, which is about 2.3% of the company.Shares in Norseman have slumped since the middle of April when the company, which runs Australia's longest continuously running gold mining operation, said slow progress at some of its operations means it will make an operating loss this year.Steinepreis also serves on the boards of Avalon minerals, which mines for copper in Sweden, and Australian tin miner Monto Minerals. Ascent Capital is involved in the reconstruction and recapitalisation of existing stock exchange quoted companies, the establishment of new business and the listing of new companies on stock exchanges such as the Australian Stock Exchange and AIM.Top Director BuysNorseman Gold (NGL) Director name: Mr Gary C SteinepreisAmount purchased: 1,000,000 @ 16.50p Value: £165,000Polo Resources Ltd. (DI) (POL) Director name: Mr Neil Lindsey HerbertAmount purchased: 2,000,000 @ 5.75p Value: £115,000Senior (SNR) Director name: Mr Mark E. VernonAmount purchased: 10,000 @ 149.96p Value: £14,996Top Director SellsMandarin Oriental International (Singapore) (MDO) Director name: Mr Edouard EttedguiAmount sold: 1,000,000 @ $2.15 Value: $2,150,000Premier Farnell (PFL) Director name: Mr Laurence BainAmount sold: 540,274 @ 288.00p Value: £1,555,989Premier Farnell (PFL) Director name: Mr Mark WhitelingAmount sold: 227,648 @ 288.00p Value: £655,626