The chairman of telecommunications group Cable & Wireless Worldwide, John Pluthero, has bought more shares in the company.
He took 135,912 shares at 73.6p a time, paying a total of about £100,000. Following the purchase he now has about 3.16m shares in the company.
Cable and Wireless Worldwide, despite its name is focused on the UK and is largely focused on the public sector for revenues.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
Investors in the company breathed a sigh of relief Tuesday after it announced that it has convinced the government to spend £82m on a five and a half year global telecoms framework contract.
In May it said that market conditions are improving as it reported a rise in profits for the year to March 31.
In its first set of preliminary results as an independent entity, the firm reported earnings before interest, tax, depreciation and amortisation of £431m for the year to 31 March, up from £326m in 2009. Revenue was little changed at £2.265bn.
Cable and Wireless Worldwide was originally part of the Cable and Wireless group, which was demerged into two parts earlier this year. Confusingly, the other part, Cable and Wireless Communications is operates more globally, in markets such as the Caribbean, Monaco and the Falklands.
Pluthero was appointed chairman of C&W Worldwide in January ahead of the demerger.
Top Director Buys
Cable & Wireless Worldwide (CW.) Director name: Mr John PlutheroAmount purchased: 135,912 @ 73.58p Value: £100,004
GB Group (GBG) Director name: Mr David A RascheAmount purchased: 300,000 @ 26.12p Value: £78,360
Law Debenture Corp. (LWDB) Director name: Ms Caroline BanszkyAmount purchased: 12,500 @ 312.89p Value: £39,111
GB Group (GBG) Director name: Mr David A RascheAmount purchased: 82,000 @ 26.53p Value: £21,755
Randall & Quilter Investment (RQIH) Director name: Mr Paul McNamaraAmount purchased: 12,000 @ 92.00p Value: £11,040
Top Director Sells
SABMiller (SAB) Director name: Mr M I WymanAmount sold: 93,800 @ 1,970.49p Value: £1,848,320
City of London Investment Group (CLIG) Director name: Mr Barry M OlliffAmount sold: 375,000 @ 310.00p Value: £1,162,500
IG Group Holdings (IGG) Director name: Mr Jonathan R DavieAmount sold: 70,000 @ 513.64p Value: £359,548
-
8 of the best properties for sale for around £1 millionThe best properties for sale for around £1 million – from a Grade II-listed former watermill in Torpoint, Cornwall, to a two-bedroom apartment close to London’s Kensington High Street
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
