Premier Foods director spoons up more shares

Bob Spooner, group operations director of Premier Foods, has served himself £13,350 worth of shares, just days after the struggling firm was given a bit of breathing space by its bankers.

The bankers have 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.

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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.

Speaking at the time, Investec analyst Martin Deboo said it was a question of "whether this company can survive".

Investors appear to have kept their faith in the company, however, with shares soaring 69% in the past week.

Top Director Buys

Sterling Energy (SEY)

Director name: Mr Angus MacAskill

Amount purchased: 100,000 @ 41.88p

Value: £41,880

Sterling Energy (SEY)

Director name: Mr Malcolm Hood Pattinson

Amount purchased: 50,000 @ 42.75p

Value: £21,375

Tristel (TSTL)

Director name: Mr Francisco Angel Soler

Amount purchased: 50,000 @ 39.60p

Value: £19,800

Premier Foods (PFD)

Director name: Mr Bob Spooner

Amount purchased: 300,000 @ 4.45p

Value: £13,350

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Director name: Mr Geoffrey John Davis

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Value: £4,281,600

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Director name: Mr Grant C Manheim

Amount sold: 4,800,000 @ 4.12p

Value: £197,760

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