Phoenix IT founder's stake nudges 6%
Phoenix IT boss and founder Nick Robinson has spent almost £1m on shares in the IT services group less than a week after announcing his intention to step down in the new year.
Robinson, who bought 300,000 shares at 308p each at a cost of £924,000, will give up the chief executive's role and become non-executive deputy chairman from 1 January.
"I have decided that it is now time to take a less involved role," Robinson, who now owns 4.46m shares, or nearly 6% of the company, said Thursday.
"I remain very confident in the prospects of the group and believe that we have a team of people well suited to developing the group in this next phase," he added.
Chief operating officer Jeremy Stafford is expected to take over on 1 October 2008, subject to his performance in the interim period.
The move came as Phoenix said pre-tax profit fell to £7.5m in the six month to 30 September from £9.2m previously.
Robinson, who oversaw the recent acquisition of ICM Computer for £107.8m, said he will not sell any shares in Phoenix at any time in the next 18 months.
Executive chairman Peter Bertram also got in on the act today, although his £31,000 acquisition was small fry in comparison.
Top Director Buys
Phoenix IT Group (PNX)
Director name: Mr Nick Robinson
Amount purchased: 300,000 @ 308.00p
Value: £924,000
BKN International AG (BKN)
Director name: Mr Allen Bohbot
Amount purchased: 59,335 @ 226.90p
Value: £134,631
Jupiter European Opps Trust (JEO)
Director name: Mr Alexander F C Darwall
Amount purchased: 50,000 @ 206.00p
Value: £103,000
Jupiter European Opps Trust (JEO)
Director name: Mr Alexander F C Darwall
Amount purchased: 50,000 @ 205.50p
Value: £102,750
Mondi (MNDI)
Director name: Mr Paul Hollingworth
Amount purchased: 20,000 @ 394.85p
Value: £78,970
Renew Holdings (RNWH)
Director name: Mr Brian May
Amount purchased: 50,000 @ 100.00p
Value: £50,000
T Clarke (CTO)
Director name: Mr L J D Arnold
Amount purchased: 20,000 @ 173.00p
Value: £34,600
Phoenix IT Group (PNX)
Director name: Mr Peter Bertram
Amount purchased: 10,000 @ 308.00p
Value: £30,800
Vectura Group (VEC)
Director name: Ms Anne Hyland
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Amount purchased: 50,000 @ 61.00p
Value: £30,500
Vectura Group (VEC)
Director name: Dr Chris Blackwell
Amount purchased: 50,000 @ 61.00p
Value: £30,500
Top Director Sells
CLS Holdings (CLI)
Director name: Mr Sten A Mortstedt
Amount sold: 689,427 @ 600.00p
Value: £4,136,562
CLS Holdings (CLI)
Director name: Mr Bengt F Mortstedt
Amount sold: 109,215 @ 600.00p
Value: £655,290
Addax Petroleum (AXC)
Director name: Mr Jean Claude Gandur
Amount sold: 14,400 @ 1,971.00p
Value: £283,824
Hornby (HRN)
Director name: Mr Frank Martin
Amount sold: 72,000 @ 245.00p
Value: £176,400
Addax Petroleum (AXC)
Director name: Mr Jean Claude Gandur
Amount sold: 7,200 @ 1,972.00p
Value: £141,984
RM Group (RM.)
Director name: Mr Mike Greig
Amount sold: 33,340 @ 197.39p
Value: £65,810
CLS Holdings (CLI)
Director name: Mr H O Thomas Lundqvist
Amount sold: 3,276 @ 600.00p
Value: £19,656
CLS Holdings (CLI)
Director name: Mr Thomas J Thomson
Amount sold: 3,132 @ 600.00p
Value: £18,792
CLS Holdings (CLI)
Director name: Mr Steven Board
Amount sold: 2,257 @ 600.00p
Value: £13,542
