Binary options technology provider TechFinancials’ directors have reported another round of share purchases as the stock price hovers around its post IPO lows. Among the directors making an acquisition were Asaf Lahav, Jeremy Lange and Hillik Nissan who purchased 19,549, 20,000 and 20,000 shares respectively at a purchase price of 12.0p today.
Like several other purchases, the buy was made from the NetMavrik entity. An Israeli based holding company that has provided services to TechFinancials, the company is controlled by a group of TechFinancial shareholders, which include directors. Having provided services to TechFinancials until October 31st 2014, the NetMavrik operation was replaced by TechFinancials Israel as a wholly owned subsidiary prior to the firm going public in March 2015.
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Nonetheless, legacy shares in TechFinancials have been owned by NetMavrik which has slowly been purchased by the public company’s stakeholders. According to today’s filing, with the purchase, NetMavrik no longer owns shares in TechFinancials with shares fully transferred to directors and other shareholders.
In addition to the NetMavrik sale, also reported was an open-market purchase by Asaf Lahav of 10,000 shares at 11.5p. With the additional shares, Lahav’s total ownership in the company is 13.34%, or 9,154, 546 shares, while Jeremy Lange’s holding is 10.68% of shares. Overall, the purchase continues a trend of directors and major shareholders to be buyers of the stock as it has declined due to the binary options firm reporting slower growth in 2015 compared to their 2014 figures. In this regard, TechFinancials has become more active in Asia to spearhead new growth in the future.