Bosses at the pub group Enterprise Inns have been offloading hefty stakes in the company.
Chief financial officer David George sold the biggest stake, netting more than £250,000. He sold 195,511 shares at 130.2p a time and now has 2m, or 0.4% of the company.
Chief executive Ted Tuppen sold 166,000 at the same price and now has about 3.19m, while chief operating officer Simon Townsend sold 84,258, also at 130.2p each, leaving him with 700,000.
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
Enterprise Inns said that the shares were sold 'in part to raise funds following the settlement of tax liabilities arising as a result of exercises of various incentive awards on 12 February 2010.'
The sales were made on May 14, the same week Enterprise, which leases out pubs to landlords rather than managing them centrally, said it had agreed a £625m debt facility.
That will help the company cope with difficult trading conditions, which contributed to a fall in pre-tax profits to £86m before exceptional items in the six months to March 31 from £104m over the same period the previous year as revenues dropped to £371m from £402m.
'We have a robust balance sheet, a secure, flexible and tax efficient debt structure and we continue to generate strong operating cash flows, enhanced by our successful programme for disposing of underperforming and non-core pubs,' said Tuppen.
'We are pleased to have renewed our bank facility with our existing club of banks on terms which fairly reflect current market conditions.'
However, he remains cautious on future trading.
'We expect trading conditions to remain challenging during the second half of the year and we sincerely hope that the new government will take steps to recognise and support community pubs and their vital role in British society,' he said.
Top Director Buys
Cryo-Save Group (CRYO) Director name: Mr Johan GoossensAmount purchased: 25,000 @ 493.64p Value: £123,410
WPP Group (WPP) Director name: Mr Colin R DayAmount purchased: 10,000 @ 681.79p Value: £68,179
Specialist Energy Group (SEGR) Director name: Mr Nicholas Guy FlanaganAmount purchased: 140,000 @ 42.50p Value: £59,500
LMS Capital (LMS) Director name: Mr David VereyAmount purchased: 100,000 @ 49.50p Value: £49,500
SVM Global Fund (SVG) Director name: Mr Terence G ArthurAmount purchased: 14,260 @ 278.00p Value: £39,643
Enterprise Inns (ETI) Director name: Mr Graham E (Ted) TuppenAmount purchased: 16,000 @ 130.18p Value: £20,829
Zotefoams (ZTF) Director name: Mr Richard J ClowesAmount purchased: 10,000 @ 105.50p Value: £10,550
Top Director Sells
Enterprise Inns (ETI) Director name: Mr David C GeorgeAmount sold: 195,511 @ 130.18p Value: £254,516
Enterprise Inns (ETI) Director name: Mr Graham E (Ted) TuppenAmount sold: 166,000 @ 130.18p Value: £216,099
Enterprise Inns (ETI) Director name: Mr W Simon TownsendAmount sold: 84,258 @ 130.18p Value: £109,687
ProStrakan (PSK) Director name: Dr Wilson TottenAmount sold: 106,719 @ 79.90p Value: £85,268
-
How to invest in US small capsFor more than a decade, US small caps have lagged their larger counterparts. There are signs this is starting to change – here's how to stock up
-
Two investment trusts riding the AI boomRemain invested in investment trusts despite high valuations, as computing breakthroughs are likely to change the world
