--- title: "Trade Alert: Independent Non-Executive Chairman Of Pan African Resources Keith Spencer Has Sold Stock" type: "News" locale: "en" url: "https://longbridge.com/en/news/283771998.md" description: "Keith Spencer, the Independent Non-Executive Chairman of Pan African Resources PLC, sold shares worth approximately UK£1.6m, reducing his total holding by 33%. This sale, the largest insider transaction in the past year, occurred at an average price of UK£1.61, close to the current price of UK£1.54. Overall, insider sales have outnumbered purchases in the last year, raising some caution among shareholders, although the company remains profitable and growing. Insiders own 0.5% of the company, suggesting some alignment with shareholder interests." datetime: "2026-04-23T05:55:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283771998.md) - [en](https://longbridge.com/en/news/283771998.md) - [zh-HK](https://longbridge.com/zh-HK/news/283771998.md) --- # Trade Alert: Independent Non-Executive Chairman Of Pan African Resources Keith Spencer Has Sold Stock We wouldn't blame **Pan African Resources PLC** (LON:PAF) shareholders if they were a little worried about the fact that Keith Spencer, the Independent Non-Executive Chairman recently netted about UK£1.6m selling shares at an average price of UK£1.61. That sale reduced their total holding by 33% which is hardly insignificant, but far from the worst we've seen. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. ## The Last 12 Months Of Insider Transactions At Pan African Resources In fact, the recent sale by Keith Spencer was the biggest sale of Pan African Resources shares made by an insider individual in the last twelve months, according to our records. So what is clear is that an insider saw fit to sell at around the current price of UK£1.54. While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price. Given that the sale took place at around current prices, it makes us a little cautious but is hardly a major concern. In total, Pan African Resources insiders sold more than they bought over the last year. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Pan African Resources If you like to buy stocks that insiders are buying, rather than selling, then you might just love this **free** list of companies. (Hint: Most of them are flying under the radar). ## Does Pan African Resources Boast High Insider Ownership? Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It appears that Pan African Resources insiders own 0.5% of the company, worth about UK£14m. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. ## So What Do The Pan African Resources Insider Transactions Indicate? The insider sales have outweighed the insider buying, at Pan African Resources, in the last three months. Despite some insider buying, the longer term picture doesn't make us feel much more positive. But since Pan African Resources is profitable and growing, we're not too worried by this. Insiders own shares, but we're still pretty cautious, given the history of sales. We'd practice some caution before buying! So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. To assist with this, we've discovered **2 warning signs** that you should run your eye over to get a better picture of Pan African Resources. Of course, **you might find a fantastic investment by looking elsewhere.** So take a peek at this **free** list of interesting companies. _For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests._ ### Related Stocks - [PAF.UK](https://longbridge.com/en/quote/PAF.UK.md) ## Related News & Research - [Insider Selling: Newegg Commerce (NASDAQ:NEGG) Director Sells 703 Shares of Stock](https://longbridge.com/en/news/287123213.md) - [Tikehau Capital: Disclosure of Shares Repurchases From 8 May 2026 to 14 May 2026](https://longbridge.com/en/news/286788898.md) - [Vinci Compass Investments (NASDAQ:VINP) CFO Sells $16,306.00 in Stock](https://longbridge.com/en/news/286349817.md) - [Lifeway Foods (NASDAQ:LWAY) Major Shareholder Sells $596,880.00 in Stock](https://longbridge.com/en/news/286877679.md) - [Artur Bergman Sells 31,848 Shares of Fastly (NYSE:FSLY) Stock](https://longbridge.com/en/news/287128730.md)