Fidessa chairman reinvests past sale proceeds

A round-up of the biggest director deals today so far.

Fidessa chairman John Hamer has invested £327,000 in the financial software provider having sold shares last June for more than £3 a share less than his latest buying price.

Hamer bought 20,000 shares at £16.35 each. This takes his stake to 35,594 shares. He has bought these shares early enough to receive the special dividend of 45p a share, as well as the final of 22p a share, declared in February. The shares go ex-dividend on 11 May. That means that Hamer will receive £13,400 in dividends than he would have done prior to the purchase. Last June, Hamer raised £3.38m by selling 260,000 shares at £13 each. This disposal was timed to beat any changes in capital gains tax and at the time Hamer said that he would reinvest some of the cash in Fidessa shares at a future date.

Even so, the latest share purchase accounts for less than 10% of the cash raised last year. Capital gains tax will have claimed part of the proceeds but the reinvestment is still a relatively small proportion of the cash that wuld be left.

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Hamer was chief executive of Fidessa between 1992 and July 2001 and then became chairman when the company focussed on its financial software business. Hamer joined the company in 1983.

Finance director Andy Malpass exercised options over 59,000 shares and immediately sold 34,082 shares at £16.35 each, raising £557,000.

Group revenue rose to £262.3m in 2010 from £238.5m the year before while adjusted profit before tax improved to £40.0m from £36.2m. Recurring revenues are 81% of the total.

The cash balance was £63m at the end of 2010. After the dividends are paid it will be nearer £40m (pro forma).

Top Director Buys

Fidessa Group (FDSA) Director name: Mr John HamerAmount purchased: 20,000 @ 1,635.00p Value: £327,000

Randgold Resources Ltd. (RRS) Director name: Mr R I IsraelAmount purchased: 2,000 @ 4,611.51p Value: £92,230

Vodafone Group (VOD) Director name: Sir Samuel Esson JonahAmount purchased: 55,350 @ 180.50p Value: £99,907

Misys (MSY) Director name: Mr Timothy TuffAmount purchased: 18,000 @ 332.00p Value: £59,760

Xchanging (XCH) Director name: Mr Ken LeverAmount purchased: 40,000 @ 82.99p Value: £33,196

Standard Chartered (STAN) Director name: Mr John PaynterAmount purchased: 1,875 @ 1,627.42p Value: £30,514

Top Director Sells

Beazley (BEZ) Director name: Mr Jonathan GrayAmount sold: 1,250,000 @ 130.00p Value: £1,625,000

Fidessa Group (FDSA) Director name: Mr Andy MalpassAmount sold: 34,082 @ 1,635.00p Value: £557,241

Helical Bar (HLCL) Director name: Mr Michael SladeAmount sold: 122,830 @ 275.00p Value: £337,782