LONDON (ShareCast) - It is fair to say that the market was not over the moon about the full year results from satellites operator Avanti Communications, but the directors believe the share price reaction has been overdone, a view they have been backing up with share purchases.

David Williams, Chief Executive of Avanti, purchased 8,100 shares at 305p a pop, while another director, David Bestwick, bought 16,200 shares at the same price.

"We've been filling our boots, you might say," Williams told Sharecast.

Non-Executive Director Paul Walsh purchased 10,000 shares at 298.60p for £29,860, while Chairman John Brackenbury added 5,000 shares at 292.50p for £14,625.

The shares dipped as low as 290p in the first two hours of trading on Wednesday before recovering a little; the shares closed at 348.75p on Tuesday. They had lost 18% of their value by the close on Wednesday, equal to nearly 62p, ending that day at 287p.

The dramatic share price fall was not caused so much by the full year results, which showed revenue in the year ended June 30th 2012 surged to £12.46m from £5.46m the year before, while the loss before interest, tax, depreciation and amortisation narrowed to £5.3m from £9.7m the previous year. Rather, it was the more conservative revenue guidance which spooked the market, with the big orders set to kick in later than the company had previously envisaged.


Top Director Buys

BHP Billiton (BLT)
Director name: Mr Pat Davies
Amount purchased: 3,000 @ 1,946.69p
Value: £58,401

North Atlantic Smaller Companies Inv Trust (NAS)
Director name: Mr Christopher H B Mills
Amount purchased: 71,089 @ 1,067.00p
Value: £758,520

CLS Holdings (CLI)
Director name: Mr Sten A Mortstedt
Amount purchased: 13,559 @ 713.50p
Value: £96,743

PureCircle Ltd. (DI) (PURE)
Director name: Mr Tan Boon Seng
Amount purchased: 30,000 @ 210.00p
Value: £63,000

Avanti Communications Group (AVN)
Director name: Mr David J Bestwick
Amount purchased: 16,200 @ 305.00p
Value: £49,410

Goldplat (GDP)
Director name: Mr Russell Lamming
Amount purchased: 200,000 @ 15.65p
Value: £31,300

Avanti Communications Group (AVN)
Director name: Mr Paul S Walsh
Amount purchased: 10,000 @ 298.60p
Value: £29,860

Avanti Communications Group (AVN)
Director name: Mr David J Williams
Amount purchased: 8,100 @ 305.00p
Value: £24,705

Avanti Communications Group (AVN)
Director name: Mr F E John G Brackenbury
Amount purchased: 5,000 @ 292.50p
Value: £14,625

CLS Holdings (CLI)
Director name: Mr H O Thomas Lundqvist
Amount purchased: 1,800 @ 720.00p
Value: £12,960


Top Director Sells

Unite Group (UTG)
Director name: Mr Joe Lister
Amount sold: 8,255 @ 263.76p
Value: £21,773

NR

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