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.
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
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
-
Can you afford to retire in 2025?From interest rates and inflation to tax changes, there are plenty of factors to consider if you plan to retire next year – here is how to prepare.
-
8 of the best properties for sale near ski slopesThe best properties for sale near ski slopes – from a luxury cabin in Geilo, one of Norway’s premier ski resorts, to a large chalet in Valais, Switzerland
