Petrofac director sells before demerger

Michael Press has raised £1.4m from selling shares in oil services provider Petrofac ahead of the proposed demerger of its oil and gas assets.

Press is the senior independent non-executive director on the board of Petrofac. He sold 120,000 shares at 1173.65p each. He retains 120,000 shares. This is the first major sale by a director for nearly 11 months.

Shares in Petrofac have been rising ahead of the demerger of its oil and gas assets.

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Petrofac is spinning off its oil and gas assets in a new vehicle called EnQuest. Lundin Petroleum will also contribute its North Sea assets to EnQuest.

The Petrofac share price is around RBS's sum of the parts valuation of 1,230p a share.

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Investec (INVP) Director name: Mr Ian KantorAmount purchased: 2,000,000 @ 520.00p Value: £10,400,000

Nestor Healthcare (NSR) Director name: Mr Roger DyeAmount purchased: 100,000 @ 52.00p Value: £52,000

Nestor Healthcare (NSR) Director name: Mr John RennocksAmount purchased: 81,500 @ 51.90p Value: £42,298

Amino Technologies (AMO) Director name: Mr Peter MurphyAmount purchased: 100,000 @ 30.00p Value: £30,000

CLS Holdings (CLI) Director name: Mr John WhiteleyAmount purchased: 5,000 @ 513.00p Value: £25,650

Edinburgh Worldwide Inv Trust (EWI) Director name: Mr David A ColtmanAmount purchased: 10,000 @ 255.00p Value: £25,500

CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount purchased: 5,000 @ 470.00p Value: £23,500

Somero Enterprises (Reg S) (SOM) Director name: Mr Lawrence Horsch Amount purchased: 128,000 @ 15.00p Value: £19,200

Nestor Healthcare (NSR) Director name: Mr M A EllisAmount purchased: 25,024 @ 51.95p Value: £13,000

Top Director Sells

GlobeOp Financial Services (GO.) Director name: Mr Jonathan MeeksAmount sold: 5,000,000 @ 257.00p Value: £12,850,000

SABMiller (SAB) Director name: Mr M I WymanAmount sold: 93,800 @ 1,889.26p Value: £1,772,126

Morrison (Wm) Supermarkets (MRW) Director name: Mr Mark GunterAmount sold: 480,000 @ 300.00p Value: £1,440,000

Petrofac Ltd (PFC) Director name: Mr Michael Warner PressAmount sold: 120,000 @ 1,173.65p Value: £1,408,380

SABMiller (SAB) Director name: Mr Tony van KralingenAmount sold: 53,345 @ 1,883.12p Value: £1,004,550

RSA Insurance Group (RSA) Director name: Mr Andrew K HasteAmount sold: 583,930 @ 123.26p Value: £719,752

SABMiller (SAB) Director name: Mr John DavidsonAmount sold: 28,256 @ 1,883.12p Value: £532,094

AssetCo (ASTO) Director name: Mr John ShannonAmount sold: 777,777 @ 61.00p Value: £474,444

Morrison (Wm) Supermarkets (MRW) Director name: Mr Martyn JonesAmount sold: 138,000 @ 300.00p Value: £414,000

RSA Insurance Group (RSA) Director name: Mr George CulmerAmount sold: 287,645 @ 123.26p Value: £354,551