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Directex Realisations

  • BY: Andrew Hore |
  • POSTED: 10/11/2010 |

Plus-quoted Rivington Street Holdings’ finance director Russell Darvill has joined the board of cash shell Directex Realisations.

Two funds run by Rivington’s investment management subsidiary have bought just over 21% of Directex. SF T1ps Smaller Companies Gold Fund has bought 10.94% of Directex and SF T1ps Smaller Companies Growth Fund has taken a 10.16% stake.

Jonathan Lander is stepping down from the board on 16 November. Martin Kiersnowski has taken over as chairman.

Last week, Lander sold 6m shares at 3.8p a share and Lionel Thain sold 1.86m shares and 5.79m voting rights. The combined stakes account for 23.4% of the votes. Fortelus Capital Management sold nearly 5m shares.

Directex’s net asset value of 2.77p a share at the end of June 2010 does not include its 12.2% stake in profitable marketing services provider Web-clubs.

At 5.375p a share, up 1.125p, Directex is valued at £2.71m. The share price has more than quadrupled over the past month. Trading volumes continue to be high.

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