New Tate boss buys

Javed Ahmed, the new chief executive of sweeteners supplier Tate & Lyle, has bought 100,000 shares after the announcement of the company's interim management statement.

Ahmed paid 390p each for the shares - a total investment of £390,000.

Ahmed's appointment as chief executive was announced last May but he did not take over the reins until near the end of the year. Ahmed was previously executive vice president, Europe at Reckitt Benckiser.

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Tate says that adjusted pre-tax profits for the nine months to December 2009 are in line with expectations, but third quarter trading was "marginally below expectations". This means that full year operating profits will be marginally lower than last year.

According to the Tate trading statement "sweetener selling prices in the Americas for the 2010 calendar year will be below the level achieved in the 2009 calendar year".

Charles Pick of broker FinnCap points out that percentage decline is not revealed. It does mean that, despite lower input costs, margins will be lower. This will hit the 2010-11 figures.

Net debt was £864m at the end of 2009. That is a decline of £123m in the third quarter. Even so, interest charges will rise because of higher pension plan costs and the ending of interest capitalisation on the new corn wet mill at Fort Dodge, Iowa because completion has been delayed.

Top Director Buys

Tate & Lyle (TATE) Director name: Mr Javed AhmedAmount purchased: 100,000 @ 390.00p Value: £390,000

International Public Partnerships Ltd. (INPP) Director name: Mr Rupert O DoreyAmount purchased: 85,000 @ 113.75p Value: £96,688

Character Group (CCT) Director name: Mr David HarrisAmount purchased: 25,000 @ 78.00p Value: £19,500

Top Director Sells

Sound Oil (SOU) Director name: Mr John Antony HeathAmount sold: 500,000 @ 2.60p Value: £13,000

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