The chairman of FTSE 250 firm Cable and Wireless Worldwide has snapped up shares just one day after the firm announced a big fall in profits.
John Barton pocketed 100,000 in the embattled telecoms firm for a total sum of £22,940.
Earlier this week C&WW posted pre-tax profits of £35m in the first half, down from £64m in 2010.
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
The firm said it would pay an interim dividend of 0.75 pence per share but future dividends would be suspended to improve its balance sheet strength.
It's been a busy week for the company, which also appointed Gavin Darby as chief executive with effect from 28 November, replacing John Pluthero, who will leave the board in December.
Barton said Darby would provide the "leadership, energy and fresh insight needed by Cable & Wireless Worldwide for the future".
The share price has fallen 68.14% in the past year and 1.61% today, falling to 21.95p by 15:36.
NR
Top Director Buys
Symphony International Holdings Ltd. (SIHL)
Director name: Mr Anil Thadani
Amount purchased: 500,000 @ $0.65
Value: $326,000
Canaccord Financial Inc. (CF.)
Director name: Mr Massimo Carello
Amount purchased: 15,000 @ 531.66p
Value: £79,749
Tasty (TAST)
Director name: Mr Samuel Kaye
Amount purchased: 50,000 @ 51.00p
Value: £25,500
Tasty (TAST)
Director name: Mr Adam Kaye
Amount purchased: 50,000 @ 51.00p
Value: £25,500
Cable & Wireless Worldwide (CW.)
Director name: Mr John Barton
Amount purchased: 100,000 @ 22.94p
Value: £22,940
Dunedin Enterprise Inv Trust (DNE)
Director name: Mr Brian Finlayson
Amount purchased: 6,531 @ 304.50p
Value: £19,887
Egdon Resources (EDR)
Director name: Mr Mark Anthony William Abbott
Amount purchased: 125,176 @ 13.90p
Value: £17,399
Europa Oil & Gas (EOG)
Director name: Mr Hugh Mackay
Amount purchased: 132,501 @ 8.25p
Value: £10,931
-
Fund flows rose in April but did investors sell in May?ISA season prompted the highest level of inflows into investment funds during April but the mood may have changed in May
-
Pension Scheme Bill: what’s changing and what it means for youThe government’s latest reforms to pensions are designed to make saving for retirement easier and better value for money – but will they leave you better off?
