News blog
Directex Realisations
- BY: Andrew Hore |
- POSTED: 08/11/2010 |
It appears that cash shell Directex Realisations could be about to become a mining company as two funds run by Tom Winnifirth, including his gold fund, have taken a combined stake of just over 21%.
Last week, Directex director Jonathan 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.
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.
News of the sale of shares sparked a 1p rise in the share price to 3.12p and the announcement of the new shareholder has added a further 0.5p to 3.62p, which values Directex at £1.83m.
Directex’s 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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