Tullett Prebon boss Terry Smith and finance director Paul Mainwaring have increased their stakes in the interdealer broker following the breakdown of bid talks.
Chief executive Smith invested more than £1.2m. He bought 400,000 shares at 300.5p each. That takes his stake to 4.48%.
Mainwaring invested £293,000 in 97,656 shares, which were acquired at the same price as Smith's. Mainwaring owns 0.1% of Tullett.
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
On 13 May Tullett Prebon said that bid talks had ended because the two sides could not agree on a price. Prior to this announcement the shares were trading at 462p. The share price has continued to fall since the announcement. The director share buying has sparked a small recovery.
Revenues fell 12% to £312m in the four months to April 2010 because of the effects of currency and broker defections. Even at constant exchange rates there was a 3% fall in revenues.
In March, Tullett won a claim against BGC Partners in the High Court, after it was found that BGC unlawfully poached Tullett's brokers in London.
Top Director Buys
Tullett Prebon (TLPR) Director name: Mr Terry SmithAmount purchased: 400,000 @ 300.50p Value: £1,202,000
Tullett Prebon (TLPR) Director name: Mr Paul MainwaringAmount purchased: 97,656 @ 300.50p Value: £293,456
Thomas Cook Group (TCG) Director name: Mr Manny Fontela-NovoaAmount purchased: 100,077 @ 198.50p Value: £198,653
Melrose Resources (MRS) Director name: Mr Robert F M AdairAmount purchased: 20,000 @ 258.86p Value: £51,772
Thomas Cook Group (TCG) Director name: Mr Paul HollingworthAmount purchased: 20,015 @ 198.50p Value: £39,730
Thomas Cook Group (TCG) Director name: Mr Sam WeihagenAmount purchased: 20,000 @ 198.50p Value: £39,700
Melrose Resources (MRS) Director name: Mr David Howard ThomasAmount purchased: 7,961 @ 264.41p Value: £21,050
Melrose Resources (MRS) Director name: Mr David Howard ThomasAmount purchased: 6,900 @ 264.12p Value: £18,224
Renovo Group (RNVO) Director name: Mr David BlainAmount purchased: 40,000 @ 25.45p Value: £10,180
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
