Non-executive director John May has acquired his first shares in corporate recovery firm Begbies Traynor since joining the board in October 2007.
May has bought 62,500 shares at 79p each, which cost just over £49,000.
This follows yesterday's announcement that Begbies has obtained enlarged credit facilities with HSBC and Yorkshire Bank. There are revolving credit facilities of £30m, up from the £20m facility that previously was in place, and an overdraft of £5m. There are arrangement fees of £400,000.
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The revolving credit facilities will have an interest charge of 2% over LIBOR and the overdraft rate will be 1.95% over base rate.
The additional debt facilities will enable Begbies to finance more acquisitions in the insolvency and corporate restructuring sectors.
Adjusted pre-tax profit rose to £4.3m for the six months ended 31 October 2009 from £3.3m the year before. Revenue from continuing operation increased by 21% to £34.2m as the recession took its toll on businesses and provided more work for Begbies' advisers.
A trading update for the year to April 2010 will be published in early June.
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