Chesterfield Resources shares soared on Friday as a director’s family member added to their stake. The purchase follows a strategic investment by a UAE-affiliated group last week.
The firm announced that the spouse of Non-Executive Director Paul Ensor purchased 1,929,089 shares at 1.12 pence each, bringing their combined holding to 4,101,930 shares, or 2.18% of the company.
Chesterfield Resources shares were 50% higher at the time of writing on Friday.
The director’s deal follows a recent placing by a strategic investor, completed at a 50% premium to the closing share price the day before.
Kashif Afzal, Executive Chairman of Chesterfield, said at the time of the investment that the premium was evidence of the strategic investor’s “confidence and commitment to supporting a strategic transformation of Chesterfield.”
“The investors are led by an entity affiliated with Arowana, a leading B Corp investment group helmed by its founder, Kevin Chin, and includes a family office connected with a ruling family in the United Arab Emirates,” Afzal said.
“This group has previously co-invested in public companies with a view to transforming their future trajectories. A recent example is VivoPower International PLC which has experienced a share price increase exceeding 500% over the past 12 months.”
Chesterfield has also disposed of a proportion of their stake in Sterling Metals Corp to boost their cash pile to £900,000. They retain 400,000 shares in Sterling Metals worth around £380,000 at the current market price.
Something’s afoot at Chesterfield, and its low market cap is catching investors’ attention.