Geong share placing - that's what I call management support
Geong International announced its placing at the end of last week which raised £3.4 million to principally support the development, sales and marketing of its SmartBoxTM product range for SMEs across China and internationally.
It is very pleasing to note from the announcement the material share purchases by Directors and most encouragingly by management in general.
Chief Exec Weidong Wang applied for 62,051 shares £40,333), Chairman Henry Tse applied for 100,000 shares (£65,000) and Non Exec Peter Williamson applied for 38,461 shares (£25,000).
Members of the Company's Management (all Chinese remember!) acquired an eye watering 870,214 shares raising approximately £0.57 million. I consider this to be a material sum, and not just because they are Chinese and clearly earn substantially less than us overpaid folk in London and the South East, but for management in any small cap £22m market cap business.
That’s what I call a vote of confidence!
It is very pleasing to note from the announcement the material share purchases by Directors and most encouragingly by management in general.
Chief Exec Weidong Wang applied for 62,051 shares £40,333), Chairman Henry Tse applied for 100,000 shares (£65,000) and Non Exec Peter Williamson applied for 38,461 shares (£25,000).
Members of the Company's Management (all Chinese remember!) acquired an eye watering 870,214 shares raising approximately £0.57 million. I consider this to be a material sum, and not just because they are Chinese and clearly earn substantially less than us overpaid folk in London and the South East, but for management in any small cap £22m market cap business.
That’s what I call a vote of confidence!