Britivic directors cash in

published 2 December 2009

Fizzy drinks maker Britvic's chief executive and finance director have taken up shares and sold the share options for a second day running.

The latest sales are of shares acquired under the Britvic Performance Share Plan at no cost. Chief executive Paul Moody was awarded 84,694 shares and sold 34,725 shares at 375p each in order to raise just over £130,000.

Finance director John Gibney sold 22,174 shares out of the 54,082 shares he was awarded, thereby raising £83,000.

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At the end of November, both men exercised options over 12,224 shares at 245p each and then sold them for 386.25p a share. That equates to a gain of just over £17,000 each.

Moody retains a 0.18% stake in Britvic and Gibney 0.14%.

Britvic reported figures for the year to end September 2009 prior to the exercising of the options. They showed a 6% rise in revenues to £978.8m even though Irish revenues declined. Operating margins increased and pre-tax profits improved from £70.1m to £86.5m.

The final dividend was increased by 24% to 10.9p a share. Net debt was £411m at the end of September 2009, although this figure was inflated by exchange rate movements.

Broker Nomura does not believe that the growth prospects are reflected in the share price. It has a target share price of 500p.

Top Director Buys

Panmure Gordon & Co (PMR) Director name: Mr Edmond WarnerAmount purchased: 100,000 @ 40.25p Value: £40,250

Davis Service Group (DVSG) Director name: Mr Peter VentressAmount purchased: 7,000 @ 414.50p Value: £29,015

Strontium (STTM) Director name: Mr Colin Malcolm BrumptonAmount purchased: 175,000 @ 16.50p Value: £28,875

Managed Support Services (MSS) Director name: Mr Simon BeartAmount purchased: 250,000 @ 9.20p Value: £23,000

Davis Service Group (DVSG) Director name: Mr Kevin QuinnAmount purchased: 5,000 @ 414.50p Value: £20,725

Davis Service Group (DVSG) Director name: Mr Roger DyeAmount purchased: 5,000 @ 414.50p Value: £20,725

International Biotech Trust (IBT) Director name: Mr Andrew Charles BarkerAmount purchased: 10,000 @ 120.75p Value: £12,075

Top Director Sells

Jardine Matheson (Singapore) (JAR) Director name: Mr Simon L KeswickAmount sold: 11,600 @ $30.00 Value: $348,041

Britvic (BVIC) Director name: Mr Paul MoodyAmount sold: 34,725 @ 375.00p Value: £130,219

Johnson Matthey (JMAT) Director name: Mr Lawrence C PentzAmount sold: 8,224 @ 1,500.00p Value: £123,360

Britvic (BVIC) Director name: Mr John GibneyAmount sold: 22,174 @ 375.00p Value: £83,152

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