Petrofac director sells before demerger

Mar 12, 2010

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Michael Press has raised £1.4m from selling shares in oil services provider Petrofac ahead of the proposed demerger of its oil and gas assets.

Press is the senior independent non-executive director on the board of Petrofac. He sold 120,000 shares at 1173.65p each. He retains 120,000 shares. This is the first major sale by a director for nearly 11 months.

Shares in Petrofac have been rising ahead of the demerger of its oil and gas assets.

Petrofac is spinning off its oil and gas assets in a new vehicle called EnQuest. Lundin Petroleum will also contribute its North Sea assets to EnQuest.

The Petrofac share price is around RBS's sum of the parts valuation of 1,230p a share.

Top Director Buys

Investec (INVP) Director name: Mr Ian Kantor Amount purchased: 2,000,000 @ 520.00p Value: £10,400,000

Nestor Healthcare (NSR) Director name: Mr Roger Dye Amount purchased: 100,000 @ 52.00p Value: £52,000

Nestor Healthcare (NSR) Director name: Mr John Rennocks Amount purchased: 81,500 @ 51.90p Value: £42,298

Amino Technologies (AMO) Director name: Mr Peter Murphy Amount purchased: 100,000 @ 30.00p Value: £30,000

CLS Holdings (CLI) Director name: Mr John Whiteley Amount purchased: 5,000 @ 513.00p Value: £25,650

Edinburgh Worldwide Inv Trust (EWI) Director name: Mr David A Coltman Amount purchased: 10,000 @ 255.00p Value: £25,500

CLS Holdings (CLI) Director name: Mr H O Thomas Lundqvist Amount purchased: 5,000 @ 470.00p Value: £23,500

Somero Enterprises (Reg S) (SOM) Director name: Mr Lawrence Horsch Amount purchased: 128,000 @ 15.00p Value: £19,200

Nestor Healthcare (NSR) Director name: Mr M A Ellis Amount purchased: 25,024 @ 51.95p Value: £13,000

Top Director Sells

GlobeOp Financial Services (GO.) Director name: Mr Jonathan Meeks Amount sold: 5,000,000 @ 257.00p Value: £12,850,000

SABMiller (SAB) Director name: Mr M I Wyman Amount sold: 93,800 @ 1,889.26p Value: £1,772,126

Morrison (Wm) Supermarkets (MRW) Director name: Mr Mark Gunter Amount sold: 480,000 @ 300.00p Value: £1,440,000

Petrofac Ltd (PFC) Director name: Mr Michael Warner Press Amount sold: 120,000 @ 1,173.65p Value: £1,408,380

SABMiller (SAB) Director name: Mr Tony van Kralingen Amount sold: 53,345 @ 1,883.12p Value: £1,004,550

RSA Insurance Group (RSA) Director name: Mr Andrew K Haste Amount sold: 583,930 @ 123.26p Value: £719,752

SABMiller (SAB) Director name: Mr John Davidson Amount sold: 28,256 @ 1,883.12p Value: £532,094

AssetCo (ASTO) Director name: Mr John Shannon Amount sold: 777,777 @ 61.00p Value: £474,444

Morrison (Wm) Supermarkets (MRW) Director name: Mr Martyn Jones Amount sold: 138,000 @ 300.00p Value: £414,000

RSA Insurance Group (RSA) Director name: Mr George Culmer Amount sold: 287,645 @ 123.26p Value: £354,551

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