Chief executive John Burns and head of development Simon Silver have both reduced their stakes in real estate investment trust Derwent Valley.
Burns raised just over £1m from the sale of 76,000 shares at £13.30 each. Silver sold 45,000 shares at the same share price and raised just short of £600,000.
Burns and his wife own 718,268 shares in Derwent, while Silver still owns 340,687 shares.
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Both men have been on the Derwent board for well over two decades. Burns has reached the age of 65 years old. Silver is 59 years old.
Derwent's interim management statement for the three months to March 2010 stated that the central London market has performed well. The group's vacancy rate is 2.4%.
Net debt edged up from £723.4m to £730.5m over the quarter but there are still £415m of uncommitted bank facilities. Derwent will start a number of refurbishment and regeneration schemes in 2011 and 2012.
Earlier this month Morgan Stanley cut its recommendation for Derwent from overweight to equalweight.
Top Director Buys
Carillion (CLLN) Director name: Mr John McDonoughAmount purchased: 600,000 @ 324.00p Value: £1,944,000
S & U (SUS) Director name: Mr Graham CoombsAmount purchased: 20,000 @ 495.00p Value: £99,000
Novae Group (NVA) Director name: Mr David HendersonAmount purchased: 20,000 @ 309.60p Value: £61,920
City of London Group (CIN) Director name: Mr John GreenhalghAmount purchased: 34,000 @ 73.00p Value: £24,820
City of London Group (CIN) Director name: Mr John Kent Amount purchased: 16,826 @ 67.50p Value: £11,358
Record (REC) Director name: Mr Paul SheriffAmount purchased: 21,100 @ 53.00p Value: £11,183
Top Director Sells
Carillion (CLLN) Director name: Mr John McDonoughAmount sold: 1,156,233 @ 324.00p Value: £3,746,195
Derwent London (DLN) Director name: Mr John David BurnsAmount sold: 76,000 @ 1,330.00p Value: £1,010,800
IPSA Group (IPSA) Director name: Mr Peter Richard Stephen EarlAmount sold: 5,010,000 @ 12.00p Value: £601,200
Derwent London (DLN) Director name: Mr Simon P SilverAmount sold: 45,000 @ 1,330.00p Value: £598,500
Mount Engineering (MOU) Director name: Mr Colin Davies Amount sold: 300,000 @ 59.50p Value: £178,500
S & U (SUS) Director name: Mr Anthony M V CoombsAmount sold: 20,000 @ 495.00p Value: £99,000
IMI (IMI) Director name: Mr Martin J LambAmount sold: 10,000 @ 724.17p Value: £72,417
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