CGT change sparks sales at Southern Cross
It was only a matter of time before the proposed upping of the CGT rate to 18% from an effective 10% sparked some owners to cash in and Southern Cross directors have made significant sales today to avoid paying the extra tax.
The care home operator said that in advance of the proposed changes to the capital gains tax legislation announced by the Chancellor in the November budget, William Colvin, Philip Scott, Graham Sizer and John Murphy all sold stakes worth between £6.6m and £11.1m. The shares were all sold at 550p, the company added.
The three executive directors- chief executive Philip Scott, finance director Graham Sizer and operations director John Murphy - intend to re-invest in the company's shares at the appropriate time to a level of at least three times their annual salary, the company added.
Top Director Buys
Atlantic Coal (ATC)
Director name: Mr Stephen Best
Amount purchased: 662,553 @ 150.00p
Value: £993,830
Dolphin Capital Investors (DCI)
Director name: Mr Miltos Kambourides
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Director name: Mr K Langrish-Smith
Amount purchased: 1,000 @ 5,900.00p
Value: £59,000
Redhall Group (RHL)
Director name: Mr Ian P Butcher
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Consort Medical (CSRT)
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Value: £32,137
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Director name: Mr Paul Nigel Withers
Amount purchased: 20,000 @ 149.25p
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Top Director Sells
Southern Cross Healthcare Group (SCHE)
Director name: Mr Philip Scott
Amount sold: 2,019,120 @ 550.00p
Value: £11,105,160
Southern Cross Healthcare Group (SCHE)
Director name: Mr John Murphy
Amount sold: 1,851,840 @ 550.00p
Value: £10,185,120
Southern Cross Healthcare Group (SCHE)
Director name: Mr Graham Sizer
Amount sold: 1,434,000 @ 550.00p
Value: £7,887,000
Southern Cross Healthcare Group (SCHE)
Director name: Mr Bill Colvin
Amount sold: 1,202,400 @ 550.00p
Value: £6,613,200
Norkom (NORK)
Director name: Mr Paul Kerley
Amount sold: 800,000 @ 136.48p
Value: £1,091,840
Workspace Group (WKP)
Director name: Mr Harry Platt
Amount sold: 22,377 @ 296.00p
Value: £66,236
Mothercare (MTC)
Director name: Mr Ben Gordon
Amount sold: 18,450 @ 358.00p
Value: £66,051
Robert Wiseman (RWD)
Director name: Mr Martyn Mulcahy
Amount sold: 11,500 @ 505.00p
Value: £58,075
