JJB Sports chief executive Keith Jones has bought his first shares in the sportswear retailer following the conclusion of its company voluntary arrangement (CVA).
JJB said all claims have been dealt with and the supervisors of the CVA have served notices terminating the arrangements with effect from 16 June 2010. JJB entered into a CVA with creditors and shareholders in May 2009 to avoid collapse.
Jones has invested just over £90,000 by buying 710,000 shares at 12.69p each. His stake is equal to 0.11% of the JJB share capital.
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
Non-executive director David Adams bought an initial 100,000 shares at the same share price.
The news came on the day that it was announced that chairman John Clare had agreed to take his salary for the next two years in the form of shares. His fee is £150,000 a year.
JJB has awarded 1,714,285 shares to Clare in lieu of his salary. They were issued at 17.5p each, which was the closing price on 27 May 2010 when Clare became chairman. He will receive the shares on 27 May 2012.
Top Director Buys
Micro Focus International Plc (MCRO) Director name: Mr Kevin LoosemoreAmount purchased: 100,000 @ 412.90p Value: £412,900
Micro Focus International Plc (MCRO) Director name: Mr Nigel CliffordAmount purchased: 99,138 @ 413.60p Value: £410,035
Western Coal Corp. (WTN) Director name: Mr David R. Beatty, O.B.EAmount purchased: 50,000 @ 270.37p Value: £135,185
Resolution (RSL) Director name: Mr Gerardo ArosteguiAmount purchased: 150,000 @ 67.90p Value: £101,850
Land Securities Group (LAND) Director name: Mr Francis SalwayAmount purchased: 17,777 @ 562.50p Value: £99,996
JJB Sports (JJB) Director name: Mr Keith Jones Amount purchased: 710,000 @ 12.69p Value: £90,099
Electric & General Inv Trust (ENG) Director name: Mr Jonathan G RufferAmount purchased: 17,000 @ 327.50p Value: £55,675
Next (NXT) Director name: Mr Francis SalwayAmount purchased: 2,556 @ 1,956.00p Value: £49,995
Synergy Healthcare (SYR) Director name: Mr Gavin HillAmount purchased: 7,500 @ 656.00p Value: £49,200
Nestor Healthcare (NSR) Director name: Mr John L RennocksAmount purchased: 70,000 @ 60.00p Value: £42,000
Top Director Sells
Investec (INVP) Director name: Mr Bernard KantorAmount sold: 187,500 @ 454.00p Value: £851,250
Investec (INVP) Director name: Mr Glynn BurgerAmount sold: 150,000 @ 455.00p Value: £682,500
Andor Technology (AND) Director name: Mr Chris CallingAmount sold: 17,000 @ 256.00p Value: £43,520
-
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.
-
How to invest in copperIt 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
