Neil Osborn, the publisher of Euromoney magazine, has sold nearly half of his stake in financial publisher and events organiser Euromoney Institutional Investor.
Osborn sold 25,000 shares at 460p a share, which raised £115,000. Osborn is left with 27,675 shares.
Last February, Osborn exercised options over 18,800 shares at 218.5p each.
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Euromoney is dependent on the health of banks and financial services businesses and their budgets for advertising and conferences.
Euromoney's interim management statement showed a 16% decline in revenues to £70m in the first quarter of the current financial year. More than two-thirds of revenues are in dollars. Subscriptions held up well with a 4% dip. Advertising fell by 11% but it is showing signs of recovery. Sponsorship and revenue from delegates to conferences slumped by nearly one-third.
Second quarter comparables should be more favourable.
Net debt has increased by £16.8m to £181.8m in the three months to December 2009.
Interim figures will be published on 13 May.
Michael Carroll stepped down from the board at the AGM on 21 January. However, managing director Richard Ensor's retirement date has been extended from May 2010 to September 2013.
Top Director Buys
Bank Of America (BAC) Director name: Mr D. Paul JonesAmount purchased: 35,000 @ $15.57 Value: $544,778
Personal Assets Trust (PNL) Director name: Mr Martin SharpAmount purchased: 325 @ 27,850.00p Value: £90,512
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) Director name: Mr Don Di LamAmount purchased: 50,000 @ $1.65 Value: $82,500
Innovise (INNO) Director name: Mr Tony EdwardsAmount purchased: 200,000 @ 31.50p Value: £63,000
VinaLand Ltd. (VNL) Director name: Mr Don Di LamAmount purchased: 50,000 @ $0.88 Value: $44,250
Acal (ACL) Director name: Mr Eric BartonAmount purchased: 20,000 @ 140.00p Value: £28,000
Vietnam Infrastructure Ltd. (VNI) Director name: Mr Don LamAmount purchased: 50,000 @ $0.38 Value: $18,875
Castings (CGS) Director name: Mr Gerard B. WainwrightAmount purchased: 10,000 @ 174.00p Value: £17,400
Top Director Sells
Premier Oil (PMO) Director name: Mr Simon LockettAmount sold: 26,217 @ 1,082.99p Value: £283,927
Premier Oil (PMO) Director name: Mr Robin AllanAmount sold: 18,776 @ 1,082.99p Value: £203,342
Premier Oil (PMO) Director name: Mr A R C DurrantAmount sold: 11,737 @ 1,082.99p Value: £127,111
Euromoney Institutional Investor (ERM) Director name: Mr Neil OsbornAmount sold: 25,000 @ 460.00p Value: £115,000
Premier Oil (PMO) Director name: Mr Neil HawkingsAmount sold: 10,549 @ 1,082.99p Value: £114,245
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