Helius Energy (LON:HEGY) has received a vote of confidence from its non-executive director Angus MacDonald, who has bought £82,500 worth of shares in the company at a premium to the current market price.
Over the past two days, MacDonald has purchased 500,000 shares at a price of 16.5 pence per share compared with Wednesday’s closing price of 15.75 pence to increase his total shareholding to 24 million shares, which represents an 18.13 percent stake in the company.
Last month, the company told investors that it expected the 7.2 MW Rothes project in Scotland to begin commercial operations in the first half of 2013.
It also said that its project pipeline was progressing well with contracts being finalised for the Avonmouth project on the Bristol channel, which would allow finance to be secured.
In Southampton, its proposed 100MW biomass plant is in the consent process.
The company booked revenues of £151,000 in the six months to March 31 this year, compared to zero in the comparable period.
It narrowed the loss before tax to £644,000 compared to a loss of £956k in 2011. As at the period end, it had cash of £4.3 million compared to £6.6 million a year earlier.