3i Chief Executive buys four million shares

Simon Borrows, the new Chief Executive of FTSE 250 private equity infrastructure and debt management group 3i, has celebrated his new position with the purchase of four million shares.

The director, who clearly has faith in his own ability to overcome the company's challenges, handed over £6.9m for the shares, which were purchased in three transactions between Monday and Wednesday.

Borrows, who originally joined the board of 3i as Chief Investment Officer last year, first bought up 2.0m at 173.00p a pop, before added a further 1.15m and 0.85m at 171.40p and 172.84p, respectively.

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Borrows, whose appointment followed the announcement of Michael Queen's departure at the end of March, has taken over the helm of the company at a time of difficulty which has seen the firm's share price decline 40%, equal to 115p, during the past 12 months.

Speaking at the time of his new appointment, Borros said: "Whilst there are clear challenges ahead, particularly in light of the current uncertain macro-economic environment, I am committed to improving the performance of 3i and maximising long-term shareholder value."

Top Director Buys

3i Group (III)

Director name: Mr Simon Borrows

Amount purchased: 2,000,000 @ 173.00p

Value: £3,460,000

3i Group (III)

Director name: Mr Simon Borrows

Amount purchased: 1,150,000 @ 171.40p

Value: £1,971,100

3i Group (III)

Director name: Mr Simon Borrows

Amount purchased: 850,000 @ 172.84p

Value: £1,469,140

F&C Asset Management (FCAM)

Director name: Mr Edward Bramson

Amount purchased: 170,361 @ 71.33p

Value: £121,519

Robinson (RBN)

Director name: Mr Anthony Glossop

Amount purchased: 50,000 @ 105.00p

Value: £52,500

Informa (INF)

Director name: Mr John Davis

Amount purchased: 15,000 @ 346.30p

Value: £51,945

Aberdeen Smaller Companies High Income Trust (ASCH)

Director name: Mr Jimmy West

Amount purchased: 26,640 @ 117.50p

Value: £31,302

British Assets Trust (BSET)

Director name: Mr James (Jimmy) West

Amount purchased: 26,400 @ 113.60p

Value: £29,990

Martin Currie Global Portfolio Trust (MNP)

Director name: Mr Neil Gaskell

Amount purchased: 23,000 @ 125.13p

Value: £28,780

Renold (RNO)

Director name: Mr Mark Harper

Amount purchased: 78,125 @ 32.00p

Value: £25,000

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