Scott Forbes, chairman of residential property website operator Rightmove, has exercised options over 600,000 shares and immediately sold them all.
The exercise price was 335p a share so there was a gain of 206.32p a share. That is an overall profit of £1.24m.
Forbes retains 619,000 shares, or 0.53% of Rightmove.
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Managing director Ed Williams and finance director Nick McKittrick both took up options and then sold them at the beginning of November. Williams made a gain of just over £590,000 while McKittrick's gain was more modest at less than £10,000.
Those share sales were just after Rightmove's interim management statement. Rightmove said that it had experienced "healthy growth in revenue and earnings and strong cash generation" in the four months to October 2009. August was the busiest month ever for the website.
Panmure gordon upgraded its 2009 and 2010 forecasts and believes that the "upgrade cycle has not yet peaked". The 2009 earnings per share forecast was increased from 24.8p to 26.4p.
Top Director Buys
CLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount purchased: 16,737 @ 455.00p Value: £76,153
Spirax-Sarco Engineering (SPX) Director name: Mr Michael GibbinAmount purchased: 4,557 @ 1,090.00p Value: £49,671
Next Fifteen Communications (NFC) Director name: Mr Will WhitehornAmount purchased: 75,000 @ 64.00p Value: £48,000
President Petroleum (PPC) Director name: Mr Stephen GutteridgeAmount purchased: 149,500 @ 25.00p Value: £37,375
Strontium (STTM) Director name: Mr Michael William MetcalfeAmount purchased: 161,167 @ 15.00p Value: £24,175
Kier Group (KIE) Director name: Mr Michael Paul SheffieldAmount purchased: 2,169 @ 915.00p Value: £19,846
President Petroleum (PPC) Director name: Mr Angelo BaskaranAmount purchased: 76,250 @ 25.00p Value: £19,062
President Petroleum (PPC) Director name: Mr David Wake-WalkerAmount purchased: 73,250 @ 25.00p Value: £18,312
Top Director Sells
Rightmove (RMV) Director name: Mr Scott ForbesAmount sold: 600,000 @ 541.32p Value: £3,247,920
Jardine Matheson (Singapore) (JAR) Director name: Mr Simon L KeswickAmount sold: 11,600 @ $29.69 Value: $344,384
Croda International (CRDA) Director name: Mr Sean ChristieAmount sold: 2,434 @ 742.27p Value: £18,067
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