Tony Rice, the Chief Executive Officer of Cable and Wireless Commnutications, has bought up a chunk of shares in the firm, taking advantage of the stock's ongoing decreased share price.
Rice, who last year earned $1.08m in a basic pay, cash bonuses of $466,000, and $2.6m from the firm's five-year LTIP plan, bought 2.5m shares at 32.85p each for a total of £821,250.
Shares in the FTSE 250 company have fallen over 36% in the past year, over 10% in the past month and 4.5% in a week.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
Just one month ago the firm warned on its profits, bringing its revival to an abrupt halt.
Speaking at the time, Rice acknowledged the problems, but drew attention to the company's debt position, saying: "Through the refinancing of the bank facilities and the issuing of $400m of bonds, we have raised sufficient financing to meet our expected needs through to 2016."
Top Director Buys
Cable & Wireless Communications (CWC)
Director name: Mr William Anthony Rice
Amount purchased: 2,500,000 @ 32.85p
Value: £821,250
CLS Holdings (CLI)
Director name: Mr Sten A Mortstedt
Amount purchased: 30,000 @ 625.50p
Value: £187,650
Microgen (MCGN)
Director name: Mr Peter Whiting
Amount purchased: 24,000 @ 145.00p
Value: £34,800
Top Director Sells
John Menzies (MNZS)
Director name: Mr Paul B Dollman
Amount sold: 272,000 @ 575.00p
Value: £1,564,000
John Menzies (MNZS)
Director name: Mr Craig Smyth
Amount sold: 272,000 @ 575.00p
Value: £1,564,000
Bunzl (BNZL)
Director name: Mr Brian May
Amount sold: 157,201 @ 991.00p
Value: £1,557,862
John Menzies (MNZS)
Director name: Mr David McIntosh
Amount sold: 209,387 @ 575.00p
Value: £1,203,975
Rolls-Royce Holdings (RR.)
Director name: Mr John Rishton
Amount sold: 103,828 @ 827.50p
Value: £859,177
Galliford Try (GFRD)
Director name: Mr Greg Fitzgerald
Amount sold: 134,407 @ 602.00p
Value: £809,130
Bunzl (BNZL)
Director name: Mr Paul Nicholas Hussey
Amount sold: 61,500 @ 990.25p
Value: £609,004
John Menzies (MNZS)
Director name: Mr Paul B Dollman
Amount sold: 100,000 @ 575.00p
Value: £575,000
Galliford Try (GFRD)
Director name: Mr Frank Nelson
Amount sold: 88,284 @ 602.00p
Value: £531,470
Galliford Try (GFRD)
Director name: Mr Ken Gillespie
Amount sold: 87,718 @ 602.00p
Value: £528,062
NR
