Post-warning Tribal purchase

Nov 04, 2009

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Tribal non-executive director John Ormerod's wife Pamela has taken advantage of the post-profit warning fall in the share price to buy an initial 50,000 shares at 69.25p each.

The share price of the public sector and education services provider was more than 100p three weeks ago.

Ormerod was appointed to the board six days before the 27 October profit warning which came in the form of an interim management statement.

Tribal said that trading conditions are becoming more challenging. The majority of the regeneration division is being closed because of poor market conditions and lack of recovery prospects. These activities lost £1m in the nine months to September 2009 and it will cost £2.5m to close them plus £4m in goodwill write-offs.

Tribal believes that its underlying 2009 profit, excluding the regeneration business, will be similar to the £17.8m, before discontinued activities, reported last year.

Company secretary Richard Collins acquired 5,000 shares at 69.231p each on 3 November. That took his stake to 14,981 shares.

Top Director Buys

Jetion Solar Holdings (JHL) Director name: Mr Wenyan Xu Amount purchased: 77,000 @ 63.00p

Value: £48,510

Tribal Group (TRB) Director name: Mr John Ormerod Amount purchased: 50,000 @ 69.30p

Value: £34,650

XP Power (XPP) Director name: Mr Larry Tracey Amount purchased: 10,000 @ 295.00p

Value: £29,500

Legal & General Group (LGEN) Director name: Sir Sir Robert J Margetts Amount purchased: 20,068 @ 77.60p

Value: £15,573

Jetion Solar Holdings (JHL) Director name: Mr Wenyan Xu Amount purchased: 23,000 @ 63.00p

Value: £14,490

Top Director Sells

Encore Oil (EO.) Director name: Mr Alan Booth Amount sold: 1,825,000 @ 14.50p

Value: £264,625

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