The executive chairman of Cyan Holdings (LON:CYAN), John Cronin, has snapped up more shares in the smart meter specialist.
He has bought shares worth more than £36,000 through the exercise of warrants at 0.5p each, which were issued in a recent placing.
A month ago, Cronin bought just under £30,000 in shares as he lent his weight to the Cyan investment case.
This was backed up by non-executive directors John Read and Simon Smith, who both also bought into the story.
The AIM-listed company is still waiting on the award of the Tamil Nadu tender to its Indian manufacturing partners, which it believes will be transformational.
The company’s manufacturing partners are bidding to win a contract to install smart meters across the southern Indian state of Tamil Nadu, but the decision has taken longer than expected to the detriment of Cyan and its partners.
Cronin previously said he believes Cyan’s partners are in good shape to win the contract, which in turn will put Cyan in a strong position for the second and larger tender, shortly after.