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Directex Realisations

  • BY: Andrew Hore |
  • POSTED: 05/11/2010 |

Lionel Thain and Jonathan Lander have sold their entire shareholdings in shell company Directex Realisations, which could trigger activity at the company.

This sparked a 1p rise in the share price to 3.12p, which values Directex at £1.58m.

Lander sold 6m shares at 3.8p a share and Thain sold 1.86m shares and 5.79m voting rights. The combined stakes account for 23.4% of the votes.

Lander had acquired 1m shares in July for 1.4p each. The other 5m shares were bought in January. The share price has not hit 3.8p this year.

Earlier in the week, Colin Szwed reduced his stake from 3.09m shares to 1.83m shares (3.63%).

Directex has paid Barclays £24,000 for a warrant instrument that gave the bank the right to subscribe for 3m shares at 0.4p a share

Net assets were £1.4m (2.77p a share) at the end of June 2010. They included £992,000 of cash. Directex also owns 12.2% of profitable marketing services provider Web-clubs but that has not been given a value. Directex has sold its Wembley Stadium debenture.

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