Elgin-based Springfield Properties said on Monday that veteran Scottish investment banker Angus Grossart has spent £1 million to roughly double his shareholding in the firm.

Springfield Properties is building a number of new towns and villages throughout Scotland.

“Springfield Properties … announces that Sir Angus Grossart QC, a prominent Scottish businessman, has purchased from The Adam Settlement Trust, a trust in which Mr Sandy Adam (executive chairman of the company) is interested, 1,058,202 ordinary shares of 0.125 pence each in the capital of the company at a price of 94.5 pence per ordinary share, for a total purchase price of £1 million,” said Springfield Properties in a stock exchange statement.

“This increases the interest of Sir Angus Grossart, a non-PDMR of the company, to 2,362,400 Ordinary Shares, representing approximately 2.41% of the issued share capital of the company.

“In addition, The Adam Settlement Trust has transferred 2,560,000 ordinary shares to members of Mr Adam’s family.

“Following these transactions, Mr Adam holds 40,990,120 ordinary shares, representing approximately 41.9% of the issued share capital of the company.”