Alarmforce independent director Pavel Begun has been scooping up shares of the Canadian security provider for much of this month.
On Wednesday, Begun picked up 20,000 shares of Alarmforce at $10.05, adding to the 17,100 he bought at $9.99 the day before and several other open market purchases earlier this month.
Following a lengthy and unsuccessful search for a buyer, the board of Alarmforce announced it had fired CEO Matlin in late July. The board said it would begin a search to find a suitable successor, but in the meantime CFO Anthony Pizzonia would fill the role.
Matlin said the development was a complete surprise.
“I should not have been let go,” he told the Toronto Star. “I believe it was done not in the best interest of shareholders and it’s a political manoeuvre on the part of the board. It’s not something I anticipated at all, quite frankly. I’m as shocked as everyone else is.”
Matlin hinted at a return.
“If I can get the shareholders’ approval I expect to be back, obviously with a new board and a new mandate to grow the company,” he said.
Founded by Matlin in 1988, home security systems manufacturer AlarmForce has grown to more than a quarter-million subscribers in Canada and the U.S. In mid-June, AlarmForce announced its Q2 results. For the six-month period ended April 30th, the company’s revenue rose 9%, to $ 24.02-million.