Chairman buys Mitchells & Butlers shares
A round-up of the biggest director deals today so far.
John Lovering, the chairman of pubs group Mitchells & Butlers, has invested nearly £145,000 in the company's shares.
He bought 50,000 shares at 289.5p each. This follows his initial purchase of 100,000 shares at 297.61p a share back in March.
Lovering has been chairman since January. He is a former finance director of Sears and chief operating officer at Tarmac.
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
Earlier this month, Mitchells & Butlers sold a portfolio of 333 non-core pubs for £373m in cash to a private equity-backed firm so that it can focus on the informal eating out market. This leaves Mitchells & Butlers with 1,580 restaurants and food-led pubs. It had previously sold its Hollywood Bowl business for £27m.
Panmure Gordon says that the disposals will dilute short-term earnings but the cash will enable the company to expand in its chosen areas.
Top Director Buys
Mitchells & Butlers (MAB) Director name: Mr John D LoveringAmount purchased: 50,000 @ 289.50p Value: £144,750
Anglo American (AAL) Director name: Mr Jack Thompson Amount purchased: 2,500 @ 2,238.38p Value: £55,960
Spirax-Sarco Engineering (SPX) Director name: Mr Michael Edward GibbinAmount purchased: 4,189 @ 1,596.00p Value: £66,856
Xchanging (XCH) Director name: Mr Nigel RichAmount purchased: 50,000 @ 118.89p Value: £59,445
XP Power (XPP) Director name: Mr Larry TraceyAmount purchased: 6,000 @ 735.00p Value: £44,100
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published