SABMiller director repurchases shares

SABMiller non-executive director Miles Morland has bought back the shares in the brewer he sold in May.

He sold 40,000 shares at £19.29 each on 20 May, raising £771,583. This was the day of the brewer's full year results and just after the UK general election. An emergency budget was arranged for June and a change in capital gains tax was anticipated.

Nearly three months later he has bought 40,000 shares at £19.02 each. That cost £760,800. He has missed out on last year's final dividend of 33.48p a share, which would have generated £13,392 for him.

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Morland has been a director of SABMiller since 1999. He is involved with companies investing in Africa and other emerging markets.

SABMiller reported improved figures for the year to March 2010 with Latin America driving growth in the company's profits.

Earnings before interest, tax and amortisation increased to $4,381m in the 12 months to 31 March from $4,129m on revenue of $26,350m, up from $25,302m.

Pre-tax profit was $3,803m, up from $3,405m the year before. Total beverage volumes were flat.

The Latin American region reported a 17% increase in earnings before interest, tax and amortisation to $1,386m.

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