Investing in Africa is a risky business. We found that out when we tipped FastJet (FJET), sub-Saharan Africa's first low-cost airline, back in 2012. Fast-growing economies, an expanding middle class and terrible roads looked like a recipe for success. But progress has been slower than expected, held up by legal wrangling, legacy issues and questionable accounting. Continuous fundraising has had a dilutive effect on ordinary shareholders, too. Now they also have an opportunity to participate in the latest cash call. Should they?
Ed Winter, chief executive and stand-in chairman for the past 11 months, is prepared to put his money where his mouth is. Mr Winter, founder of budget carrier Go and former chief operating officer of easyJet (EZJ), has already subscribed for 31.25m shares as part of an £11m share placing at 1.6p, heavily backed by both the City and £1m from easyJet's Stelios Haji-Iannou. An open offer at the same price is looking to raise £4m.
Buys | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Abcam ♥ | Dr Jonathan Milner (ce) | 10 Apr 14 | 259,000 | 381.95 | 989,251 | 27,362,375 | 13.654 |
Abcam | Mike Redmond | 17 Apr 14 | 10,150 | 379 | 38,469 | 102,274 | 0.040 |
Abcam ♥ | Mike Redmond | 17 Apr 14 | 3,575 | 379 | 13,549 | 88,725 | 0.040 |
Baobab Resources | Jeremy Dowler (ch) | 11 Apr 14 | 100,000 | 10.98 | 10,983 | 8,840,169 | 2.582 |
China Growth Opportunities | Nicholas Brooke | 14 Apr 14 | 13,251,920 | 0.5 | 66,260 | 13,251,920 | 18.931 |
Elementis | Andrew Duff | 15 Apr 14 | 50,000 | 279.53 | 139,765 | 50,000 | 0.011 |
FastJet * | Ed Winter (ce & ch) | 15 Apr 14 | 31,250,000 | 1.6 | 500,000 | 31,300,000 | 2.242 |
FastJet * | Angus Saunders (fd) | 15 Apr 14 | 6,250,000 | 1.6 | 100,000 | 6,250,000 | 0.448 |
Frontier Developments | David Gammon (ch) | 16 Apr 14 | 25,000 | 260 | 65,000 | 254,720 | 0.813 |
Global Energy Development | David Quint | 15 Apr 14 | 15,000 | 68.5 | 10,275 | 135,000 | 0.374 |
Greenko | John Rennocks | 14 Apr 14 | 7,396 | 167.5 | 12,388 | 44,521 | 0.030 |
Haydale Graphene Industries | John Knowles (ch) | 16 Apr 14 | 13,000 | 185 | 24,050 | 72,454 | 0.644 |
Henderson Global Trust | RJ Hills | 10 Apr 14 | 10,000 | 352 | 35,200 | 25,000 | 0.063 |
HSBC Holdings | Rachel Lomax | 10 Apr 14 | 8,000 | 621.5 | 49,720 | 8,000 | <0.001 |
JPMorgan Mid Cap Investment Trust | RNL Huntingford | 15 Apr 14 | 1,500 | 800 | 12,000 | 1,500 | 0.006 |
Lookers | Nigel McMinn | 11 Apr 14 | 75,000 | 149 | 111,750 | 110,000 | 0.028 |
Micro Focus International | Kevin Loosemore (ch) | 16 Apr 14 | 7,549 | 804.34 | 60,720 | 736,289 | 0.531 |
Micro Focus International ♥ | Kevin Loosemore (ch) | 16 Apr 14 | 3,630 | 805.73 | 29,248 | 739,919 | 0.533 |
Monitise | Peter Ayliffe (ch) | 11 Apr 14 | 250,000 | 57.13 | 142,825 | 250,000 | 0.014 |
Namibian Resources * | Brian Moritz (ch) | 15 Apr 14 | 5,760,000 | 1.25 | 72,000 | 18,040,330 | 24.571 |
Nasstar | Nigel Redwood (ce) | 15 Apr 14 | 309,735 | 6.75 | 20,907 | 10,475,430 | 2.962 |
Nasstar | David Redwood | 15 Apr 14 | 309,735 | 6.75 | 20,907 | 10,112,193 | 2.859 |
New Europe Property Investments | JN Zidel | 14 Apr 14 | 6,615 | 519.95 | 34,395 | 2,220,817 | 0.996 |
New Europe Property Investments ♥ | A Morar | 14 Apr 14 | 4,661 | 505 | 23,538 | 1,271,292 | 0.570 |
Polar Capital Technology Trust | P Hames | 15 Apr 14 | 4,000 | 436.93 | 17,477 | 10,000 | 0.008 |
Real Estate Investors * | WP Wyatt | 14 Apr 14 | 50,000 | 49.5 | 24,750 | 98,500 | 0.088 |
Real Estate Investors * | Paul Bassi (ce) | 14 Apr 14 | 150,000 | 49.5 | 74,250 | 9,200,000 | 8.257 |
Real Estate Investors * | John Crabtree (ch) | 14 Apr 14 | 50,000 | 49.5 | 24,750 | 138,000 | 0.124 |
Real Estate Investors * | MHP Daly (fd & cs) | 14 Apr 14 | 150,000 | 49.5 | 74,250 | 885,000 | 0.794 |
RM2 International SA | Jan Dekker | 14 Apr 14 | 176,000 | 70 | 123,200 | 2,300,000 | 0.720 |
Science in Sport * | Dawson Buck | 15 Apr 14 | 111,112 | 45 | 50,000 | 418,677 | 1.700 |
Science in Sport * | Stephen Moon (ce) | 15 Apr 14 | 222,223 | 45 | 100,000 | 421,330 | 1.711 |
Sinclair IS Pharma | Stuart Swanson | 16 Apr 14 | 35,000 | 30.5 | 10,675 | 4,232,854 | 0.973 |
St Modwen Properties | Lesley James | 15 Apr 14 | 10,000 | 366.4 | 36,640 | 20,000 | 0.009 |
Stock Spirits | Andrew Cripps | 10 Apr 14 | 20,000 | 286 | 57,200 | 20,000 | 0.010 |
Tungsten Corporation | Edmund Truell (ce) | 14 Apr 14 | 5,000 | 218.25 | 10,913 | 14,824,739 | 14.825 |
Tungsten Corporation ♥ | Edmund Truell (ce) | 11 Apr 14 | 57,055 | 217 | 123,809 | 14,819,739 | 14.820 |
Xchanging | David Bauernfeind (cfo) | 11 Apr 14 | 50,000 | 162.6 | 81,300 | 400,000 | 0.164 |
Sells | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Craneware | Neil Heywood | 10 Apr 14 | 9,000 | 541.5 | 48,735 | 96,356 | 0.357 |
Frontier Developments | David Braben (ce) | 16 Apr 14 | 1,600,000 | 250 | 4,000,000 | 15,894,380 | 50.731 |
Good Energy | Garry Peagam (fd) | 14 Apr 14 | 42,500 | 287.85 | 122,335 | 158,500 | 1.081 |
Marechale Capital | Jon Pither | 10 Apr 14 | 681,818 | 2 | 13,636 | 4,050,502 | 7.022 |
Mattioli Woods | Mark Smith | 15 Apr 14 | 5,434 | 446 | 24,236 | 13,425 | 0.067 |
Robert Walters | Robert Walters (ce) | 11 Apr 14 | 215,187 | 330 | 710,117 | 2,235,618 | 2.904 |
Robert Walters | Giles Daubeney (coo) | 11 Apr 14 | 215,186 | 330 | 710,114 | 1,582,333 | 2.055 |
Signet Jewelers | Michael Barnes (ce) | 12 Apr 14 | 16,998 | 6,064 | 1,030,824 | 223,984 | 0.279 |
Signet Jewelers | Michael Barnes (ce) | 16 Apr 14 | 49,195 | 6,055 | 2,978,894 | 174,789 | 0.218 |
*placing/tender/open offer ♥ spouse/connected party |