IAG non-exec opens account with £2.5m purchase

Non-executive chairman Cesar Alierta Izuel has opened his account in British Airways owner International Consolidated Airlines in a big way, spending nearly £2.5m on shares.

He took 165,000 shares at €2.82 a time, 729,575 at €2.84 and 105,425 at €2.75.

Izuel has been on the board of IAG since the company formed from the merger of British Airways and Spanish airline Iberia began trading at the start of the year. He has been chairman of telecommunications company Telefonica, Spain's biggest company by market capitalisation, since 2000.

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IAG reported an improved performance in the first quarter as it unveiled its first results since coming into existence.

The company posted a pre-tax loss of €47m (£28.5m) for the three months to 31 March, much narrower than the €273m deficit that would have been seen in the same period the previous year had the two companies existed as one entity. Revenues soared to €3.64bn from €3.15bn.

But high oil prices are a big worry for the company. Fuel costs were up by 30% at €1.13bn.

"We have been working hard to establish IAG over the past few months and are confident that we are on track to deliver our synergy targets," said chief executive Wilie Walsh.

Top Director Buys

International Consolidated Airlines Group SA (IAG) Director name: Mr Csar Alierta IzuelAmount purchased: 729,575 @ 247.79p Value: £1,807,814

International Consolidated Airlines Group SA (IAG) Director name: Mr Csar Alierta IzuelAmount purchased: 165,000 @ 248.52p Value: £410,058

International Consolidated Airlines Group SA (IAG) Director name: Mr Csar Alierta IzuelAmount purchased: 105,425 @ 239.61p Value: £252,609

Hikma Pharmaceuticals (HIK) Director name: Dr Ronald L GoodeAmount purchased: 2,000 @ 795.78p Value: £15,916

Alkane Energy (ALK) Director name: Mr Neil Christopher O'BrienAmount purchased: 100,000 @ 20.00p Value: £20,000

Petmin Ltd. (DI) (PTMN) Director name: Mr Johannes A StrijdomAmount purchased: 50,000 @ 24.00p Value: £12,000

Petmin Ltd. (DI) (PTMN) Director name: Mr Johannes A StrijdomAmount purchased: 50,000 @ 23.00p Value: £11,500

Top Director Sells

Promethean World (PRW) Director name: Mr Tony CannAmount sold: 9,187,410 @ 11.51p Value: £1,057,471

Promethean World (PRW) Director name: Mr Tony CannAmount sold: 1,400,000 @ 67.75p Value: £948,500