Paul Cronan, chief executive and founder of Adriatic Minerals (ADT1), has sold shares in the company with a nominal value of just over £4.5 million. The transaction was made on Monday 1st October with 3 million shares being sold at a price of £1.52.
Cronan is a major shareholder who owns 6.7% of the company that is focused on developing precious and base metal mining projects in The Balkans, with a particular focus on Bosnia and Herzegovina.
This region has a business friendly environment with a 10% corporate tax rate and a favourable royalty regime. Serbia also has an attractive 15% corporate tax rate.
During the last six months the share price has risen from a level of 126.p, to reach a recent peak of 178.5p, on October 12th, before retracing back to its current level of 148.5p. This equates to an increase of 17.3%.
TOP SLICING
Richard Martin, non independent and non-executive chairman of Property Franchise Group (TPFG) has sold one million shares worth £3 million. This leaves Martin with 7.04 million shares representing 22% of the current issued share capital.
In September the group presented first half results for the period ended 30th June which were particularly strong, due to the increasing activity in the sales and letting market.
The share price has benefited from commentary provided by management, that looking forward, they anticipate the full year to be ahead of expectations.
Over the last six months, shares have increased from 230p to the current level of 296p. This is equivalent to a 28.6% gain, and perhaps partly explains the rationale for Richard Martin’s decision to sell shares.
