Mulberry boss raises £5.5m from disposal

published 10 December 2010

Godfrey Davis, the chairman and chief executive of Mulberry, has raised £5.5m from the sale of shares.

Davis sold 650,000 shares at 850p each.

Shares in fashion products designer Mulberry have risen by more than 500% in the past 12 months. This week, broker finnCap has substantially increased its target price for Mulberry from 490p to 1,040p because the group continues to outperform revenue and profit expectations. As the second half has started well, the broker's pre-tax profit forecast for 2010-11 was increased by 16% to £15m and earnings per share by 37% to 17.8p.

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Davis joined Mulberry as finance director in 1987. He still owns £1.07m shares in Mulberry.

Top Director BuysScapa Group (SCPA) Director name: Mr Paul EdwardsAmount purchased: 250,000 @ 32.50p Value: £81,250

Salamander Energy (SMDR) Director name: Mr James MenziesAmount purchased: 15,000 @ 257.00p Value: £38,550

Archipelago Resources (AR.) Director name: Mr Graeme Ross DuncanAmount purchased: 50,000 @ 50.00p Value: £25,000

Innovation Group (TIG) Director name: Mr Jane HallAmount purchased: 173,690 @ 14.25p Value: £24,751

Land Securities Group (LAND) Director name: Mr Christopher BartramAmount purchased: 3,000 @ 659.40p Value: £19,782

Hampden Underwriting (HUW) Director name: Mr John Andrew LeslieAmount purchased: 15,000 @ 102.50p Value: £15,375

Top Director SellsMulberry Group (MUL) Director name: Mr Godfrey Pawle DavisAmount sold: 650,000 @ 850.00p Value: £5,525,000

Mandarin Orirntal International (Singapore) (MDO) Director name: Mr Terry L StinsonAmount sold: 200,000 @ $2.02 Value: $404,620

Discovery Metals Ltd. (CDI) (DME) Director name: Mr Jeremy ReadAmount sold: 250,000 @ 81.90p Value: £204,750

Discovery Metals Ltd. (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 110,000 @ 90.06p Value: £99,066

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