C&W Comms rallies as boss buys

published 27 June 2011

Shares in Cable & Wireless Communications were in demand Monday after it revealed the telecom company's chief executive Anthony Rice shelled out nearly £1m on shares in the telecoms group.Rice bought 2.5m shares at 37.63p a pop. His latest purchase comes on the back of steady falls in the company's share price following its full-year results last month.The first year of independence saw earnings remain virtually static, largely as a result of a more difficult Caribbean market than the telecoms group expected at the time of its demerger from Cable & Wireless. Group revenue in the year ended 31 March rose 4% to $2,440m from $2,346m the year before. Earnings before interest, tax, depreciation and amortisation (EBITDA) edged up 1% to $872m from $866m the year before, while profit before tax jumped 21% to $462m from $383m. Following the results, Rice bought 500,000 shares at between 43p and 45p a time, but that failed to stop the shares sliding to the price he paid for his latest purchase.At 4.10pm, shares in Cable & Wireless Communications were up 5.4% at 39.54p. Top Director BuysCable & Wireless Communications (CWC) Director name: Mr William Anthony RiceAmount purchased: 2,500,000 @ 37.63p Value: £940,750Filtrona PLC (FLTR) Director name: Mr Colin R DayAmount purchased: 50,000 @ 361.40p Value: £180,700F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 196,012 @ 73.82p Value: £144,696United Business Media Ltd. (UBM) Director name: Mr John C BottsAmount purchased: 20,000 @ 519.00p Value: £103,800Green Dragon Gas Ltd. (DI) (GDG) Director name: Mr David TurnbullAmount purchased: 2,000 @ $9.50 Value: $19,000Qatar Investment Fund (QIF) Director name: Mr Leonard Joseph O'BrienAmount purchased: 16,700 @ $0.88 Value: $14,780Brammer (BRAM) Director name: Mr Paul ThwaiteAmount purchased: 3,469 @ 303.29p Value: £10,521Personal Group Holdings (PGH) Director name: Mr Ken W RooneyAmount purchased: 3,626 @ 278.00p Value: £10,080Top Director SellsBrainJuicer Group (BJU) Director name: Mr Simon GodfreyAmount sold: 20,000 @ 290.00p Value: £58,000Wynnstay Group (WYN) Director name: Mr B Paul RobertsAmount sold: 4,000 @ 358.00p Value: £14,320Brammer (BRAM) Director name: Mr Paul ThwaiteAmount sold: 3,582 @ 301.10p Value: £10,785