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.
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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
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