Litigation Capital Management (LIT) had a rocky start to 2022. Shortly before Christmas, its executive vice-chairman, Nick Rowles-Davies, was sacked for gross misconduct after allegedly breaching the group’s expenses policies. Shares in the company – which funds legal cases and takes a portion of the winnings – fell by almost a quarter in response to the news.
Its shares are now on the way back up, but chairman Jonathan Moulds took the opportunity to buy when they were still at a relative low point. Moulds purchased 600,000 ordinary shares on 4 February, at a price of 90.6p each. This follows his Christmas Eve purchase of 725,000 ordinary shares for a total of £646,700. His holding now stands at 1.3 per cent of issued share capital.
Other directors, including chief executive Patrick Moloney and chief financial officer Mary Gangemi, have also increased their stakes in the company in recent months.