House broker Northland repeated a 'buy' on Paragon Diamonds’ (LON:PRG) after recent "positive" changes in the mining group's shareholder register, which has seen Titanium Capital lift its stake and Obtala Resources (LON:OBT) reduce its holding.
Titanium is a private equity investment group controlled by Paragon's executive chairman Philip Falzon Sant Manduca.
He now holds 60.7mln shares, representing 22% of the firm, while Obtala how has an interest in 13.175mln shares - less than 5%, having held 20% previously.
Paragon is fully funded to move its Lemphane project to Stage 1 production by the second quarter of 2015 and looks undemanding at these levels, noted the broker.
Northland targets 12.9p a share on Paragon. The current price is 5.825p.