Stellar Diamonds (AIM: STEL) informed investors that three of its directors have increased their stake in the company. Collectively the directors bought just over 68,000 at 14p per share.
Non-executive chairman Lord Peter Daresbury purchased 22,980 shares, taking his total holding to 2.6 million shares which represents 2.74%. Chief executive Karl Smithson bought 22,982 shares, taking his holding to 515,757, or 0.53%, and non-executive Steven Poulton bought 22,980 shares increasing his overall shareholding to 286,601, or 0.3%.
Stellar completed a reverse takeover of West African Diamonds in February. Last Month, The company said it has been harnessing operational and corporate synergies resulting from the merger, and also noted that it has benefited from a strong recovery in the rough diamond market.
Stellar is currently undertaking a programme to expand its producing mines and said it is very pleased with the accelerated progress being made as a newly quoted diamond producing company.
Post-takeover, the company has two producing Diamond operations in Guinea, Mandala and Bomboko. The Mandala mine began production mid-2009 and has produced more than 64,000 carats to date, realising sales in excess of US$1.7m. At Mandala, January and February’s production reached 16,400 carats at an average grade of 38.5 carats per hundred tonnes (cpht).