Pendragon directors buy en masse
The top directors at Pendragon have boosted their shareholdings in the car dealer after shares fell by more than a quarter yesterday following a profits warning.
Chief executive Trevor Finn has bought 1m shares at 35.5p each to take his holding to 16.5m shares, or 2.5% of the company, while non-executive chairman Nigel Rudd splashed out £352,500 for 1m shares at 35.25p each, to raise his stake to 11m shares, or 1.7% of the company's issued share capital.
Finance director David Forsyth snapped up 280,000 shares at 35.5p each to take the number of shares he holds to 1.9m shares, representing a 0.28% stake in the company.
Chief operating officer Martin Casha also bought 280,000 shares at the same price as Forsyth, and now has a holding of 5.1m shares, representing 0.78% of the company's issued share capital.
Corporate services director Hilary Sykes bought 40,000 of the company's shares at 35.5p each to raise her stake to 1.8m shares (0.28%).
Pendragon's operating profits this year are £12m below target, the group said yesterday, while expectations for 2008 have been reduced by £18m.
The group blamed a very competitive new car market and the deflationary effect on transaction prices of new cars for its problems. Volumes have been boosted but at the expense of used car prices. Its California business has also been badly affected by the recent fires, it added.
Top Director Buys
Pendragon (PDG)
Director name: Mr Trevor Finn
Amount purchased: 1,000,000 @ 35.50p
Value: £355,000
Pendragon (PDG)
Director name: Sir Sir Nigel Rudd
Amount purchased: 1,000,000 @ 35.25p
Value: £352,500
Eurotrust A/S (EURO)
Director name: Mr Robert Skjodt
Amount purchased: 15,000 @ € 8.28
Value: € 124,200
Pendragon (PDG)
Director name: Mr David Robertson Forsyth
Amount purchased: 280,000 @ 35.50p
Value: £99,400
Pendragon (PDG)
Director name: Mr Martin Shaun Casha
Amount purchased: 280,000 @ 35.50p
Value: £99,400
Vislink (VLK)
Director name: Mr Oliver Ellingham
Amount purchased: 100,000 @ 55.25p
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Value: £55,250
Speymill Group (SYG)
Director name: Mr Ilyas Tariq Khan
Amount purchased: 100,000 @ 49.50p
Value: £49,500
Intec Telecom (ITL)
Director name: Mr John Hughes
Amount purchased: 100,000 @ 35.50p
Value: £35,500
ARM Holdings (ARM)
Director name: Mr Warren East
Amount purchased: 25,000 @ 122.50p
Value: £30,625
Small Comp Div Tst (SDV)
Director name: Mr William van Heesewijk
Amount purchased: 17,140 @ 172.25p
Value: £29,524
Top Director Sells
General Electric (GEC)
Director name: Mr Jeffrey R. Immelt
Amount sold: 31,613 @ 1,800.34p
Value: £569,141
Anglogold Ash (AGD)
Director name: Ms L Eatwell
Amount sold: 1,500 @ R315.00
Value: R472,500
Manganese Bronze (MNGS)
Director name: Mr Mark Fryer
Amount sold: 10,967 @ 602.00p
Value: £66,021
