On Thursday, Spruce Bluff Resources, connect to non-executive director Robert Stan, bought £11,800 worth of shares, which follows some significant director buys in recent weeks.
Spruce Bluff acquired 7,266 shares on the market at a price of 162p per share to take its holding to 272,000 APF shares, around a 0.15% interest in the company.
This caught the attention of analysts at broker Shore Capital, who pointed out in a note to clients that towards the end of last month that APF was “very encouragingly” reporting significant purchases from a number of directors.
Buys included 10,000 shares picked up by chief executive Julian Treger at 158p, chairman Patrick Meier buying 12,400 at 158.2p, chief financial director Kevin Flynn and Louise Flynn buying 2,850 shares at 159.5p, and non-executive directors Rodney Dacomb and James Rutherford buying 10,000 at 158p and 25,000 at 157p, respectively.
The Shore Cap analysts noted that APF reported a total portfolio contribution of £12.6mln in the first quarter, essentially in-line with the fourth quarter of 2019, with the quarterly dividend increased to 1.75p per share, following the proposal of a final dividend for 2019 of 4.875p.
APF said at the time that it is in a “strong position” given the mining sector is currently capital constraint and given liquidity in excess of US$75mln should allow it to “respond rapidly should the right opportunities arise”.