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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues 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
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.
Top Director Buys
Banco Santander SA (BNC) Director name: Mr Luis Alberto Salazar-Simpson BosAmount purchased: 45,495 @ 795.33p Value: £361,835
Banco Santander SA (BNC) Director name: Mr Luis Alberto Salazar-Simpson BosAmount purchased: 18,737 @ 751.29p Value: £140,769
Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 779.59p Value: £77,959
Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 759.00p Value: £75,900
Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 759.00p Value: £75,900
Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 711.84p Value: £71,184
Begbies Traynor Group (BEG) Director name: Mr John M MayAmount purchased: 62,500 @ 79.00p Value: £49,375
Jubilee Platinum (JLP) Director name: Mr Malcolm BurneAmount purchased: 100,000 @ 36.50p Value: £36,500
Advanced Medical Solutions (AMS) Director name: Dr Geoffrey N VernonAmount purchased: 80,000 @ 42.00p Value: £33,600
Altus Resource Capital Ltd (ARCL) Director name: Mr Robert MilroyAmount purchased: 20,000 @ 136.75p Value: £27,350
Top Director Sells
General Electric (GEC) Director name: Mr Pamela DaleyAmount sold: 16,292 @ € 13.36 Value: € 217,741
General Electric (GEC) Director name: Ms Kathryn CassidyAmount sold: 3,580 @ € 13.36 Value: € 47,846
Abcam (ABC) Director name: Prof. Tony KouzaridesAmount sold: 5,000 @ 1,187.00p Value: £59,350
Will “Liberation Day” strike again?
Israel claims victory in the '12-day war' with Iran
