Arena Chief puts his money where his mouth is

Mark Elliot, Chief Executive of Arena, the race course owner, has acquired over two million shares in the firm.

The company announced that over 12m ordinary shares in the firm were allotted for submission onto the LSE, over 8.7m of which were allotted following vesting of awards granted pursuant to the Arena Leisure Long Term Incentive Plan.

Following the vesting, under which Elliott acquired 2.5m shares, he also purchased one million shares at 40.75p and 1.05m shares at 39.50p for a total of £820,608.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Earlier this month, the firm revealed that although revenues had slumped, it managed to boost profit before tax, which came in 14.6% ahead of 2010 at £4.2m.

Arena owns seven high profile race courses, including Lingfield Park and Doncaster, but has seen its turnover reduced by the fall in the levy on bookmakers.

As more betting has moved offshore, the number of betting shops which fall under the levy has reduced. The effect on Arena has been a £2.5m decline in revenues in 2011, to £61.5m.

Speaking at the time, Elliott said: "Looking ahead, 2012 sees the commencement of our five year media rights agreement with SIS which significantly enhances the group's income. We intend to maximise the opportunity provided by our catering service contract at the Olympic and Paralympic Games and to extend our in-house catering services to other third party venues and events."

The share price has gained 63% over the past year, but has remained flat during the past week.

As more betting has moved offshore, the number of betting shops which fall under the levy has reduced. The effect on Arena has been a £2.5m decline in revenues in 2011, to £61.5m.

NR

Top Director Buys

Enterprise Inns (ETI)

Director name: Mr Robert M Walker

Amount purchased: 150,000 @ 52.50p

Value: £78,750

British Smaller Companies VCT 2 (BSC)

Director name: Mr Richard Last

Amount purchased: 71,985 @ 70.50p

Value: £50,749

Weir Group (WEIR)

Director name: Mr Alan M Ferguson

Amount purchased: 2,730 @ 1,829.66p

Value: £49,950

Enterprise Inns (ETI)

Director name: Mr Robert M Walker

Amount purchased: 75,000 @ 53.25p

Value: £39,938

Menzies(John) (MNZS)

Director name: Mr Craig Smyth

Amount purchased: 4,936 @ 598.00p

Value: £29,517

Throgmorton Trust (THRG)

Director name: Mr Lord Latymer

Amount purchased: 15,076 @ 195.00p

Value: £29,398

Menzies(John) (MNZS)

Director name: Mr Paul B Dollman

Amount purchased: 3,538 @ 598.00p

Value: £21,157

Menzies(John) (MNZS)

Director name: Mr Craig Smyth

Amount purchased: 1,960 @ 598.00p

Value: £11,721

Charles Taylor Consulting (CTR)

Director name: Mr Alistair J Groom

Amount purchased: 7,650 @ 148.00p

Value: £11,322

Schroder UK Growth Fund (SDU)

Director name: Mr Bob Cowdell

Amount purchased: 8,050 @ 131.37p

Value: £10,575

Top Director Sells

Croda International (CRDA)

Director name: Mr Keith Layden

Amount sold: 18,800 @ 2,141.44p

Value: £402,591

Kingfisher (KGF)

Director name: Mr Ian Cheshire

Amount sold: 91,350 @ 312.26p

Value: £285,250

Morgan Crucible Co (MGCR)

Director name: Mr Andrew Hosty

Amount sold: 6,500 @ 327.00p

Value: £21,255

Charles Taylor Consulting (CTR)

Director name: Mr Alistair J Groom

Amount sold: 7,700 @ 133.00p

Value: £10,241