Inmarsat deputy chairman John Rennocks has invested £94,000 in the satellite operator.
Rennocks acquired 14,600 shares at 646.5p each. Rennocks has been on the board since January 2005 but he did not own any shares prior to the purchase. This is because he sold the 43,104 shares he previously owned at 770.57p a share back on 18 May. That raised £332,000 so he has reinvested a fraction of those proceeds.
That disposal appears to have been timed to avoid proposed changes in capital gains tax rates.
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Inmarsat recently reported its third quarter figures. Total revenue in the three months ended September 2010 rose 19% to $308.8m. Profit before tax was up 38% to $105.4m. Free cash flow more than doubled to $184.6m and net borrowings were $1.17bn at the end of September.
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Inmarsat (ISAT) Director name: Mr John RennocksAmount purchased: 14,600 @ 646.50p Value: £94,389
Symphony International Holdings Ltd. (SIHL) Director name: Mr Pierangelo BottinelliAmount purchased: 157,500 @ $0.60 Value: $94,500
MCB Finance Group (MCRB) Director name: Mr Henry NilertAmount purchased: 600,000 @ 9.19p Value: £55,140
Symphony International Holdings Ltd. (SIHL) Director name: Mr Pierangelo BottinelliAmount purchased: 40,000 @ $0.58 Value: $23,280
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