Rexam executives add to holdings

Mar 16, 2010

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Can maker Rexam's new chief executive and finance director have both increased their shareholdings in the company.

Chief executive Graham Chipchase bought 47,811 shares at 291.9p a share. This £140,000 investment took his stake to 164,345 shares.

Chipchase originally joined Rexam as finance director in February 2003. He subsequently became the boss of the plastic packaging division and then chief executive in January 2010.

Finance director David Robbie acquired 43,394 shares at the same price, taking his stake to 66,873 shares. Robbie took over from Chipchase as finance director in October 2005.

Shares in Rexam have risen by nearly one-quarter in the past year.

In February, Rexam reported slightly worse than expected 2009 figures but said it expects its performance to improve in 2010.

Underlying pre-tax profits fell to £285m in 2009 from £328m last year, while revenue increased to £4,866m compared with £4,618m. Earnings per share dropped to 25.4p from 31.5p a year earlier.

Market consensus was for pre-tax profit of £286.91m on revenue of £4,955.1m. Earnings per share were expected to decline to around 26p.

Rexam raised £334m net in a rights issue last August. Net debt was £1.8bn at the end of 2009 and it is expected to fall slightly this year.

Can making capacity has been reduced in North America and Europe.

Top Director Buys

Rexam (REX) Director name: Mr Graham Chipchase Amount purchased: 47,811 @ 291.90p Value: £139,560

Rexam (REX) Director name: Mr David Robbie Amount purchased: 43,394 @ 291.90p Value: £126,667

CLS Holdings (CLI) Director name: Mr Malcolm Cooper Amount purchased: 5,000 @ 517.50p Value: £25,875

YCO Group (YCO) Director name: Mr Charles Smith Amount purchased: 200,000 @ 11.00p Value: £22,000

Top Director Sells

Cable & Wireless (CW.) Director name: Mr Nick Cooper Amount sold: 1,209,252 @ 144.04p Value: £1,741,807

Spirent Communications (SPT) Director name: Mr Eric G Hutchinson Amount sold: 1,128,000 @ 120.13p Value: £1,355,066

Xchanging (XCH) Director name: Mr Richard Houghton Amount sold: 596,160 @ 208.00p Value: £1,240,013

Xchanging (XCH) Director name: Mr Stephanus (Stephen) Brenninkmeijer Amount sold: 170,000 @ 208.00p Value: £353,600

Liberty International (LII) Director name: Mr Ian Hawksworth Amount sold: 67,876 @ 486.00p Value: £329,877

RPS Group (RPS) Director name: Mr Alan Hearne Amount sold: 124,893 @ 178.10p Value: £222,434

Liberty International (LII) Director name: Mr David A Fischel Amount sold: 40,801 @ 486.00p Value: £198,293

Liberty International (LII) Director name: Mr Ian Durant Amount sold: 31,685 @ 486.00p Value: £153,989

RPS Group (RPS) Director name: Mr Peter Dowen Amount sold: 60,222 @ 178.10p Value: £107,255

Home Retail Group (HOME) Director name: Mr Terry Duddy Amount sold: 36,510 @ 275.34p Value: £100,527

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