Legal & General finance chief invests £670,000

published 19 October 2009

Legal & General's new chief financial officer Dr Nigel Wilson has bought £670,000 worth of shares less than seven weeks after joining the board of the insurer.

Dr Wilson tookup his appointment on 1 September 2009. He did not own any shares at the time. Dr Wilson bought 760,948 shares at 88p each on 16 October. That is equivalent to 0.013% of L&G.

He has been awarded a further 760,948 shares at 88p each. The award of these matching shares is conditional. A further 1.19m shares have been conditionally awarded at 87.9p each as part of the company's performance share plan.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Dr Wilson joined L&G from United Business Media, where he was deputy chief executive and finance director. He is also senior non-executive director at retailer Halfords.

L&G reported a 92% slump in operating profit in the six months to June 2009. The interim dividend was slashed by 45% to 1.11p a share.

The L&G share price closed at 74.45p on 1 September and has recovered to 85.85p. The share price is one-third higher than one year ago.

Top Director Buys

Value: £669,634

Value: $100,000

Value: £17,000

Top Director Sells

Value: £550,003

Value: £142,940

Value: £16,500

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.