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.
Start your trial of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
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.
Latest Videos FromMoneyWeek
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
NR
