Potash mine developer Emmerson (LON: EML) non-executive director Edward McDermott has bought 775,000 shares at 5.12p each. That £39,680 investment takes his stake to 1.25 million shares.
Since February, when £5.5m was raised at 5.75p a share and the subsequent announcement of a move from the standard list to AIM the share price has declined. Management believes that AIM offers more flexibility when it comes to funding and other transactions.
The share purchase appears to be taking advantage of that share price decline and it appears to have helped the share price recover from 5.15p to 5.7p in recent days – even though trading volumes have been low.
This is not a huge investment by Edward McDermott, but it does highlight the potential attractiveness of the shares at this level.