SMALL CAP MOVERS: Patrick Soon-Shiong buys stake in Directa Plus
Summary
Patrick Soon-Shiong, the South African-born billionaire who made his money through the cancer drug Abraxane (and, more importantly, is part owner of the LA Lakers), has become the latest member of the financial super-elite to go bargain hunting on AIM by snapping up a stake in graphene-based products maker Directa Plus. In December, another US biotech magnate (and reportedly major Scientology donor) Bob Duggan ploughed around £19million into antibiotics specialist Summit Therapeutics for a stake of around 49 per cent, paying a premium for the shares to boot. Firestone Diamonds lost some of its shine after unscheduled repair work at its Liqhobong mine cut production to 224,000 carats in the final three months of 2018 from 241,000 the year before, with shares dropping 5 per cent, or 0.14p, to 2.6p in response. There was more grim news from the mines as Fox Marble shares crumbled around 10 per cent, or 0.9p, to 8p after a disappointing operations update in which it admitted sales for 2018 were not as high as expected due to lower production from its Maleshevë quarry in Kosovo. Caution wasn’t paying off for data synchronisation specialist Maestrano, with shares plunging 38 per cent, or 3p, to 5p after it said its adjusted loss for 2019 would be ‘materially behind market expectations’ due to a much more cautious approach to the ramp-up of end-user subscription revenue.
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