Progressive Digital's Danson in buying mood

News that the chairman and chief executive of Progressive Digital Media Group have splashed out more than £400,000 on shares sent the digital marketing firm the right way Tuesday.

Chairman Mike Danson added 2.2m shares to his stake, which now approaches 316m, or 85.5% of the business.

The purchase at 12.5p a share cost the publishing entrepreneur nearly £277,000, leaving his total holding worth almost £43m.

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Simon Pyper was also in spending mood. The chief executive picked up 1.2m shares at the same price, setting him back £150,000.

Danson bought TMN Group, a quoted company in which he had a 28% stake, in June. He injected some his own businesses and changed the name to Progressive.

He made his money from the £502m sale of the research company he founded, Datamonitor, to business publisher Informa in 2007. That's said to have netted him over £80m.

Earlier this year, he took full control of the New Statesman magazine from Labour MP Geoffrey Robinson, buying the remaining 50% he didn't own for an undisclosed sum.

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