Ferro-Alloy Resources Limited (LON:FAR) chairman Christopher Thomas has topped up his holding in the Kazakhstan-based vanadium miner following yesterday’s investment by former Xstrata boss Mick Davis.
Thomas is stepping aside as chairman in favour of Davis but is staying on as a non-exec and today bought a further 965,000 shares at 14.03p to take his holding to 5.7mln or 1.76%.
Shares in Ferro-Alloy rocketed 57% today to 23.8p as investors mulled just what Davis intends to do with the main market listed business, where his new vehicle Vision Blue Resources has also invested US$12.6mln.
Thomas said: "Yesterday's announcement of the strategic investment by Vision Blue Resources and the appointment of Sir Mick Davis as my successor in the role of Chair of Ferro Alloy Resources shortly is a true endorsement of the potential of the business.
"I am excited about FAR's near and long term prospects and I am pleased to add to my share interest in the Company as I continue my journey on the board of directors."