Molins directors buy first shares

Three of the five directors of Molins, including the capital equipment supplier's chief executive, have acquired 20,000 shares each.

Chief executive Dick Hunter and non-executive directors John Allkins and Andrew Cripps have each paid 67.5p a share, which makes their individual investments £13,500. None of the men owned any shares before this purchase.

Allkins and Cripps both joined the board on 1 August 2008 so it has taken them nearly two years to buy shares. Hunter joined Molins in January 2003 and joined the board in June 2004. He has been chief executive since early 2008.

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The Molins share price hit a 10 year low early last year and, although it has recovered, it is still much lower than 10 years ago. The share price was nearly double its current level when Hunter became chief executive.

The latest interim management statement said that trading was in line with expectations in the first quarter of 2010. Order intake is behind the same time last year. Molins believes that delayed orders will come through.

The business is second half weighted. Edison Investment Research forecasts a profit of £3.5m in 2010. The directors' have purchased their shares at less than six times prospective earnings for 2010.

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Faroe Petroleum (FPM) Director name: Mr Helge HammerAmount purchased: 54,725 @ 111.00p Value: £60,745

Playtech (PTEC) Director name: Mr Barry GibsonAmount purchased: 5,000 @ 508.20p Value: £25,410

Investec Structured Products Calculus VCT (ISP) Director name: Mr John GlencrossAmount purchased: 25,000 @ 100.00p Value: £25,000

Molins (MLIN) Director name: Mr Dick HunterAmount purchased: 20,000 @ 67.50p Value: £13,500

Molins (MLIN) Director name: Mr John AllkinsAmount purchased: 20,000 @ 67.50p Value: £13,500

Molins (MLIN) Director name: Mr Andrew CrippsAmount purchased: 20,000 @ 67.50p Value: £13,500

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