Director dealings continue to be dominated by coach and bus operator National Express. Deputy chairman Jorge Cosmen has further increased his stake in National Express to nearly 20% as he continues to argue against the planned rights issue.
The latest £2.7m investment means that Cosmen has spent £4.4m on National Express shares in the past few days.
National Express plans a seven-for-three rights issue at 105p a share in order to raise £360m. This will substantially reduce group debt. However, shareholders need to agree to the large share issue involved. The EGM will be held on Friday.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Cosmen family has business interests in transport and it recently teamed up with private equity group CVC to launch a bid for National Express but then withdrew after negotiations.
The subsequent rejection by the National Express management of an approach by Stagecoach upset Cosmen.
Cosmen would prefer National Express to investigate alternatives to a rights issue - including a bid. He claims to have the support of a further 14% of the company. National Express needs a majority of the votes cast in order to go ahead with the rights issue.
If Cosmen has secured the support of 34% of the share capital he will be in a strong position but he will probably need more shareholder backing if he is to vote down the rights issue.
Top Director Buys
National Express Group (NEX) Director name: Mr Jorge CosmenAmount purchased: 750,000 @ 359.60p Value: £2,697,000
Maple Energy (MPLE) Director name: Mr Rex W CanonAmount purchased: 60,000 @ 71.48p Value: £42,888
Healthcare Enterprise Group (HCEG) Director name: Mr Lyndon GaboritAmount purchased: 160,000 @ 25.00p Value: £40,000
Healthcare Enterprise Group (HCEG) Director name: Mr John GunnAmount purchased: 150,000 @ 25.00p Value: £37,500
St. Modwen Properties (SMP) Director name: Ms Lesley JamesAmount purchased: 10,000 @ 222.30p Value: £22,230
Top Director Sells
City of London Investment Group (CLIG) Director name: Mr David M CardaleAmount sold: 50,000 @ 295.00p Value: £147,500
Logica (LOG) Director name: Mr Crister StjernfeltAmount sold: 80,000 @ 120.75p Value: £96,600
Maple Energy (MPLE) Director name: Mr Jack W HanksAmount sold: 60,000 @ 71.48p Value: £42,888
Fuller Smith and Turner (FSTA) Director name: Mr Marie GracieAmount sold: 4,684 @ 511.00p Value: £23,935
Fuller Smith and Turner (FSTA) Director name: Mr Marie GracieAmount sold: 4,683 @ 511.00p Value: £23,930
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
