Avation (LON:AVAP) chairman Jeff Chatfield has shown his faith in the company by spending just over £180,000 on stock in the aircraft leasing group.
He paid 129p for 139,635 shares. It brings his total to just under 10.4mln shares – the equivalent of 20.2%.
Executive director Roderick Mahoney has acquired 20,000 shares through the market at the same price paid by his chairman.
Purchases of this kind serve as a tangible and very public show of faith by the board in the prospects of the firm.
In the case of Avation, which has successfully completed a series of aircraft leasing deals recently and has ambitious growth plans, the potential of the company probably hasn’t been fully appreciated by the market.
This is fourth time since mid-November directors have bought in the market.
In the same announcement, Avation said it had bought back 784,544 shares that will be held in treasury.