St Modwen's Oliver says 'More, please'

With its full year results out of the way on Tuesday, directors at property regeneration specialist St Modwen wasted little time in diving into the market to buy shares in the fast rising stock.

Construction Director Steve Burke built up his stake with the purchase of 35,904 shares at a cost of £54,535 while Chief Executive Officer Bill Oliver said "More, please" as he splashed out £79,300 to buy 52,000 shares.

Both directors each now own about 0.02% of the company.

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Meanwhile, Anna Robertson, wife of Group Finance Director Michael Dunn, got 31,168 shares at a total cost of just under £48,000.

Though the shares fell back on Wednesday, they have been going gangbusters recently, rising 30% over the last month and more than 10% over the last week, on the back of upbeat trading updates.

On Tuesday, the company reported a 34% rise in pre-tax profit for the year ended November 30th, which pleased a market that was already expecting good figures after the company raised expectations back in December of last year. Furthermore, 2012 looks like being a solid one for the company as well.

"Our commercial developments in progress together with our active housebuilding sites will deliver property profits to underpin our results for 2012 and beyond. We can also see clear opportunities to add value to our assets through the planning process and our active management of our income producing portfolio is producing a resilient income stream," Oliver said.

Top Director Buys

St. Modwen Properties (SMP)

Director name: Mr William (Bill) Oliver

Amount purchased: 52,000 @ 152.50p

Value: £79,300

St. Modwen Properties (SMP)

Director name: Mr Steve Burke

Amount purchased: 35,904 @ 151.89p

Value: £54,535

IDOX (IDOX)

Director name: Mr Martin Brooks

Amount purchased: 178,321 @ 28.15p

Value: £50,197

St. Modwen Properties (SMP)

Director name: Mr Michael Dunn

Amount purchased: 31,168 @ 154.00p

Value: £47,999

Top Director Sells

Investec (INVP)

Director name: Mr Hendrik du Toit

Amount sold: 9,455 @ 397.00p

Value: £37,536