Ian Deste, group sales director at struggling firm Premier Foods, has served himself up a helping of shares.
The director purchased 186,746 shares 5.20p just a few weeks after the firm's bankers agreed to defer the company's end-of-year loan covenant tests by three months, in a move which forms part of the company's discussions about longer term refinancing of the group's debt and confirms ongoing bank support for the business.
In October the company, which has lost 71% on its share price in the past year, issued a profits-warning after struggling with rising raw material costs hit third quarter results.
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
Earlier this week, broker UBS said of the company, "the banks overriding priority must be to get their money back as quickly as possible and whilst this requires Premier to make profits/ generate cash, we are concerned that the interests of equity shareholders are now subordinate."
Top Director Buys
Personal Assets Trust (PNL)
Director name: Mr Stuart Paul
Amount purchased: 640 @ 33,470.00p
Value: £214,208
E2V Technologies (E2V)
Director name: Mr Keith Atwood
Amount purchased: 91,135 @ 110.73p
Value: £100,914
Chemring Group (CHG)
Director name: Mr Peter Hickson
Amount purchased: 25,000 @ 395.00p
Value: £98,750
E2V Technologies (E2V)
Director name: Mr Charles Hindson
Amount purchased: 60,000 @ 109.17p
Value: £65,502
office2office (OFF)
Director name: Mr James L (Jim) Cohen
Amount purchased: 27,100 @ 146.50p
Value: £39,702
E2V Technologies (E2V)
Director name: Mr Charles Hindson
Amount purchased: 30,000 @ 110.00p
Value: £33,000
Mears Group (MER)
Director name: Mr David Miles
Amount purchased: 10,000 @ 214.37p
Value: £21,437
Chemring Group (CHG)
Director name: Dr Dr David Price
Amount purchased: 4,000 @ 398.10p
Value: £15,924
office2office (OFF)
Director name: Mr Simon Moate
Amount purchased: 10,000 @ 146.00p
Value: £14,600
Top Director Sells
Diageo (DGE)
Director name: Mr Philip G Scott
Amount sold: 15,000 @ 1,327.00p
Value: £199,050
NR
-
IMF suggests “refinements” to Rachel Reeves’s fiscal rulesThe IMF has upgraded the UK’s growth forecast but wants Reeves to refine her fiscal rules to avoid unnecessary spending cuts or tax rises
-
Invest like a tortoise, not a hare to avoid market volatilityOpinion Hassan Raza, Portfolio Manager at CG Asset Management, highlights three favourite investment companies
