Cairn Energy chief executive Sir Bill Gammell has raised nearly £3m from a share sale.
Sir Bill sold 721,042 shares in the oil and gas producer and explorer at 414.4p each. He retains 3.21m shares, which is equivalent to 0.23% of the company's share capital.
There have been two other sales by Sir Bill since the beginning of the year. He raised £1.87m on the 14 January and £1.39bn the following day. These sales were at 361.25p a share and 362.5p a share respectively.
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
Sir Bill is a founder of Cairn and became chief executive when the company joined the stockmarket in 1988. He is a former Scottish rugby international.
The latest share sale follows yesterday's 2009 results announcement. The group posted net losses for 2009 of $60.7m against a profit of $440m on revenues of $170m, down from $299m. Profit after tax and before exceptional items was $52.7m (2008: $10.9m).
Oil production in India could rise by more than one-third to up to 240,000 barrels per day. "The growth in India has enabled the company to position itself as an early entrant in frontier acreage in Greenland", according to Sir Bill.
Top Director Buys
Irish Continental Group Units (ICGC) Director name: Mr Eamonn RothwellAmount purchased: 1,005,100 @ € 15.01 Value: € 15,084,038
Hampson Industries (HAMP) Director name: Mr Chris GeogheganAmount purchased: 88,750 @ 50.00p Value: £44,375
Hampson Industries (HAMP) Director name: Mr Kim WardAmount purchased: 30,328 @ 50.00p Value: £15,164
Hamworthy (HMY) Director name: Mr Alan FrostAmount purchased: 4,800 @ 299.75p Value: £14,388
Hampson Industries (HAMP) Director name: Mr Peter BarlowAmount purchased: 23,179 @ 50.00p Value: £11,590
Top Director Sells
Irish Continental Group Units (ICGC) Director name: Mr Eamonn RothwellAmount sold: 1,005,000 @ € 15.00 Value: € 15,075,000
Cairn Energy (CNE) Director name: Sir Bill GammellAmount sold: 721,042 @ 414.40p Value: £2,987,998
SABMiller (SAB) Director name: Mr Graham MackayAmount sold: 69,736 @ 1,942.24p Value: £1,354,447
SABMiller (SAB) Director name: Mr M I WymanAmount sold: 42,448 @ 1,942.24p Value: £824,446
SABMiller (SAB) Director name: Mr Norman J AdamiAmount sold: 20,152 @ 1,942.24p Value: £391,402
SABMiller (SAB) Director name: Mr Tony van KralingenAmount sold: 19,395 @ 1,942.24p Value: £376,699
SABMiller (SAB) Director name: Mr John DavidsonAmount sold: 13,644 @ 1,942.24p Value: £265,001
Savills (SVS) Director name: Mr Jeremy C HelsbyAmount sold: 41,443 @ 356.50p Value: £147,744
Allergy Therapeutics (AGY) Director name: Mr Ian D PostlewaiteAmount sold: 507,000 @ 13.10p Value: £66,417
Interserve (IRV) Director name: Mr Tim JonesAmount sold: 8,272 @ 217.00p Value: £17,950
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
