Collins Stewart executive director Paul Baines is the latest director to sell shares in order to take advantage of the current capital gains tax regime prior to the expected rise in the tax rate.
Baines became a director of the broker when it acquired corporate finance adviser Hawkpoint at the end of 2006. He received his shares at that time and does not appear to have sold any before now.
In four separate sales he sold 937,651 shares, which leaves him with 1,482,988 shares in Collins Stewart. This raised just over £725,000.
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Baines says that he will reinvest some of the cash in Collins Stewart shares at a future point in time.
Collins Stewart has revealed that the year has started satisfactorily with total revenues in the first four months of 2010 up 12% on last year despite the declining dollar.
The group said revenue in 2010 so far is £63.6m. Revenue outside the US is up 19%.
Top Director Buys
StatPro Group (SOG) Director name: Mr Justin WheatleyAmount purchased: 50,000 @ 104.00p Value: £52,000
Capital & Counties Properties (CAPC) Director name: Mr Soumen DasAmount purchased: 20,000 @ 100.77p Value: £20,154
Frenkel Topping (FEN) Director name: Mr David R SouthworthAmount purchased: 200,000 @ 5.00p Value: £10,000
Frenkel Topping (FEN) Director name: Mr David R SouthworthAmount purchased: 200,000 @ 5.00p Value: £10,000
Top Director Sells
Collins Stewart (CLST) Director name: Mr Paul BainesAmount sold: 372,621 @ 79.05p Value: £294,557
Collins Stewart (CLST) Director name: Mr Paul BainesAmount sold: 237,651 @ 73.08p Value: £173,675
Collins Stewart (CLST) Director name: Mr Paul BainesAmount sold: 175,000 @ 78.75p Value: £137,812
Collins Stewart (CLST) Director name: Mr Paul BainesAmount sold: 152,379 @ 78.50p Value: £119,618
Discovery Metals (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 96,923 @ 64.96p Value: £62,961
Discovery Metals (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 53,077 @ 64.66p Value: £34,320
Discovery Metals (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 53,077 @ 76.38p Value: £40,540
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