Land Securities non-exec starts building stake

Simon Palley, a non-executive director at Land Securities, has taken his first tranche of shares in the shopping centre and office developer.

He took 16,250 shares at 664.8p each, paying nearly £110,000.

Palley joined the board of Land Securities, whose portfolio includes the Lakeside Retail Park in Essex and the building that displays the famous illuminated advertising in London's Piccadilly Circus, in August.

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He also holds non-executive roles in corporate lending group Haymarket Financial and Greek casino operator Haymarket Financial. An investment banker, he is also a Trustee of the University of Pennsylvania.

Land Securities lifted underlying profit up by 6% during the first half - excluding valuation gains of £314m - and businesses are now more willing to commit to new space than even the company expected, it said.

Revenue profit grew to £135.9m in the six months ended 30 September, up from £128.4m the year before, though that jumps to £455.3m including the revaluation compared with a £4.6m loss last time.

"Our results reflect the benefit of moves we have made to position the business for the recovery in the market," chief executive Francis Salway said.

Top Director Buys

Datatec Ltd. (DI) (DTC) Director name: Mr Jens P MontananaAmount purchased: 120,000 @ 289.04p Value: £346,848

Land Securities Group (LAND) Director name: Mr Simon Palley Amount purchased: 16,250 @ 664.80p Value: £108,030

Kofax (KFX) Director name: Mr Joe RoseAmount purchased: 10,000 @ 285.00p Value: £28,500

Polo Resources Ltd. (DI) (POL) Director name: Mr Bryan George SmithAmount purchased: 500,000 @ 5.25p Value: £26,250

AG Barr (BAG) Director name: Mr Martin GriffithsAmount purchased: 1,800 @ 1,127.00p Value: £20,286

MirLand Development Corp. (MLD) Director name: Mr Steven HolmAmount purchased: 4,375 @ 248.60p Value: £10,876

Archipelago Resources (AR.) Director name: Mr Graeme Ross DuncanAmount purchased: 20,000 @ 51.00p Value: £10,200

Top Director Sells

Mandarin Oriental International (Singapore) (MDO) Director name: Mr Terry L StinsonAmount sold: 200,000 @ $1.98 Value: $396,940

Experian (EXPN) Director name: Mr Roger DavisAmount sold: 50,000 @ 783.00p Value: £391,500