Sportingbet bosses slash stakes

Directors at the online betting group Sportingbet have been selling shares in the company for 'personal financial planning' reasons.

The company's chief executive, Andrew McIver pocketed more than £1m after selling 1.4m shares at 73.75p a go. That leaves him with about 2.8m shares, or about 0.6% of the company.

Finance boss James Wilkinson sold 650,000 shares and now has 867,000.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Other big sales were made by chairman Peter Dicks and board members Sean O' Connor, Brian Harris and Nigel Payne.

'The board considered that following the announcement that the company had entered into a Non-Prosecution Agreement with the Department of Justice, it was an appropriate time for the directors and PDMR to sell shares for their personal financial planning,' the company said as it announced the disposals.

Last month Sportingbet announced that it has settled with the US Department of Justice over illegal internet gambling, clearing the way for it to take part in the wave of industry consolidation currently underway.

The firm has agreed a non-prosecution agreement for activities related to its internet gambling business in the US between 1998 and 2006.

Top Director Buys

Networkers International (NWKI) Director name: Mr Nigel WrayAmount purchased: 10,000,000 @ 20.50p Value: £2,050,000

Catlin Group (CGL) Director name: Mr Benjamin MeuliAmount purchased: 15,000 @ 329.00p Value: £49,350

Brooks Macdonald (BRK) Director name: Mr Colin HarrisAmount purchased: 3,293 @ 905.00p Value: £29,802

Steppe Cement (STCM) Director name: Mr Malcolm Ronald BrownAmount purchased: 50,000 @ 50.00p Value: £25,000

Petmin (PTMN) Director name: Mr Johannes A StrijdomAmount purchased: 57,000 @ 26.00p Value: £14,820

Top Director Sells

Sportingbet (SBT) Director name: Mr Andrew McIverAmount sold: 1,400,000 @ 73.75p Value: £1,032,500

Sportingbet (SBT) Director name: Mr James WilkinsonAmount sold: 650,000 @ 73.75p Value: £479,375

Sportingbet (SBT) Director name: Mr Peter DicksAmount sold: 200,000 @ 73.75p Value: £147,500

Sportingbet (SBT) Director name: Mr Sean O'ConnorAmount sold: 200,000 @ 73.75p Value: £147,500

Sportingbet (SBT) Director name: Mr Brian HarrisAmount sold: 120,000 @ 73.75p Value: £88,500