Cairn boss raises nearly £3m

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.

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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