Cambrian Mining plc - A Quality Play on Coal & Gold

The UK Financial Services Authority, or FSA, said today that it's fined Jonathan Malins £25,000 for committing market abuse by misusing relevant information to buy shares in Cambrian Mining, an AIM company.
Malins, the finance director of Cambrian, bought 50,000 shares ahead of the announcement of a new share placing and 20,000 shares before the company's interim results in March 2005.
The FSA investigation found that Malins, the only executive director of Cambrian based in the UK, had committed market abuse by buying shares in Cambrian during a close period based on his inside knowledge of the company's financial condition and business performance on Mar. 23 and Mar. 31.
Malins chaired a meeting on the morning of Mar. 23 to discuss a new share placing by the company - at a premium to the share price - following which he bought 50,000 shares in Cambrian, the FSA said.
The order was filled in two tranches by 1514 GMT with the announcement being made at 1610 GMT. He did not seek permission to buy the shares, as is required during a close period, and knew that the placing had not been announced when he made his purchase, the FSA said.
Malins, who continues to hold the shares, would have made £6,000 had he sold his shares following the market's positive reaction to the announcement.
On Mar 30 Malins chaired a board meeting to finalise the accounts and interim results, which showed an increase in profitability ahead of market expectations.
He sought permission to buy 20,000 shares in Cambrian and was granted this on the basis that the purchase would take place following the announcement of the interim results. He bought the shares at 0922 GMT on Mar 31 before the interim results had been published. The shares, which he continues to hold, would have netted him a profit of £400 had he chosen to sell following the announcement, the FSA said.