News

O Twelve, a company set up last year to establish a property investment portfolio in the Thames Gateway, said today its non-executive chairman has increased his stake in the group.

Philip Rhodes picked up 75,000 shares at 82p each, making a total investment of £61,500 and a total holding of 100,000 shares.

Shares in the firm, which began trading in March 2006, have fallen more than 25% since February and remained unmoved today.

Last month, O Twelve said it has made strong progress since its AIM float, adding that it is confident it will establish a portfolio of over £300m by the autumn.

The group said consolidated net asset value stand at £120.2m, or 98.15p per share, on net profit of £3.7m.

"With the rise of Canary Wharf as the new City, and the Olympics acting as a catalyst for much of the area's improvements, we continue to believe that now is the right time to be investing here so as to enjoy the uplift in values in the run up to 2012," said David Tye of Rugby Asset Management, the group's property advisor.

Top Director Buys

Bankers Petroleum (BNK)
Director name: Mr Ford Nicholson
Amount purchased: 219,500 @ 18.31p
Value: £40,190

Pearson (PSON)
Director name: Mr Glen Moreno
Amount purchased: 5,000 @ 732.00p
Value: £36,600

O Twelve Estates (OTE)
Director name: Mr Philip B Rhodes
Amount purchased: 75,000 @ 82.00p
Value: £61,500

Old Mutual (OML)
Director name: Mr Christopher D Collins
Amount purchased: 25,000 @ 150.62p
Value: £37,655

Finance Ireland (FIRE)
Director name: Mr John Gunn
Amount purchased: 500,000 @ 7.13p
Value: £35,650

Renold (RNO)
Director name: Mr Robert Davies
Amount purchased: 16,000 @ 124.00p
Value: £19,840

Vertu Motors (VTU)
Director name: Mr Robert Forrester
Amount purchased: 22,250 @ 66.00p
Value: £14,685