Avanti Communications chief tops up his stake, again

Co-founder of satellite operator Avanti, David Williams, has upped his stake in the firm for the second time this week just days after the company reported a jump in full-year losses.

The chief executive, who joined forces with co-founder David Bestwick in 2000, bought 19,420 shares at 254.8p per share for a total of £49,482. The spend takes his stake in the company from 1.98% to 2%, equivalent to more than 1.6m shares. On Monday, Williams purchased 18,360 shares at 269.3p each.

Williams, who previously worked in the city financing telcommunications projects, was voted entrepreneur of the year at the Quoted Company Awards in 2006.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

The firm said on Monday that its pre-tax loss grew to £12.7m in the year ended 30 June from a loss of £1.95m the year before. Revenue dropped to £5.46m from £5.8m before.

Avanti, which launched its first satellite last November, said it is now in receipt of revenues generated by it. The group also announced a further three contracts for the satellite in Poland, Germany, and Spain, and said it remains on track to sell out capacity on the satellite within three years of launch.

"Our pipeline of new business gives us confidence in our ability to meet expectations," the group said in a statement.

The share price rose 2.22% to 265p by 14:44.

Top Director Buys

Avanti Communications Group (AVN)

Director name: Mr David J Williams

Amount purchased: 19,420 @ 254.80p

Value: £49,482

Witan Inv Trust (WTAN)

Director name: Mr Andrew L C Bell

Amount purchased: 10,000 @ 411.50p

Value: £41,150

Vitec Group (VTC)

Director name: Mr Stephen Bird

Amount purchased: 5,000 @ 500.00p

Value: £25,000

Top Director Sells

News Corp. 'A' Shares (NCRA)

Director name: Mr Jose Maria Aznar

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Stanley S. Shuman

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Thomas James Perkins

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Lachlan Murdoch

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Andrew S B Knight

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Sir Rod Eddington

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Viet Dinh

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Kenneth Cowley

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr Peter Barnes

Amount sold: 1,291 @ $15.01

Value: $19,378

News Corp. 'A' Shares (NCRA)

Director name: Mr John L Thornton

Amount sold: 1,291 @ $15.01

Value: $19,378

NR