Director and chief financial officer of Fiberweb Daniel Abrams has put his hand in his pocket and bought 70,000 shares in the fabrics producer.
Abrams paid £49,560 for the stake at 70.8p a share on the same day that the firm concluded negotiations with Brazilian spunbound fabrics producer Fitesa over the creation of a joint venture company.
Friday's purchase takes Abrams' stake to 316,000 and comes as Fiberweb shares notch up a new 12-month closing high of 69.25p each.
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
Earlier, Fiberweb said the new JV company, owned 50/50 by Petropar and Fiberweb, will be called FitesaFiberweb.
It will focus on markets for lightweight non-woven fabrics, serving producers of disposable hygiene products such as baby and adult nappies and feminine care products
Top Director Buys
Value: £2,000,000
Value: £149,100
Value: £52,382
Value: £49,560
Value: £48,881
Value: £18,750
Value: £16,310
Value: £11,969
Value: £10,743
Top Director Sells
Value: £148,500
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
