C&W chairman buys as others sell

Reports of big share sales by two Cable & Wireless directors sent its share price sliding after results today, though chairman Richard Lapthone added to his holdings in the global telecoms group.

The two sales are said to be of shares awarded under C&W's performance related share scheme, the reports today indicated, though the company released no formal announcement.

Tony Rice, chief executive of the International arm, is set to sell all of the shares he received, with the other unnamed director selling a portion. Both directors' disposals reportedly for tax reasons.

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Separately, chairman Lapthorne bought £264,000 worth at 141.5p per share. After a heavy fall following the results, the shares closed at 142p, down by nearly 10%.

Profit before tax for the 12 months ended 31 March rose to £422m from £308m a year ago, although exceptional items of £189m mean the total figure was down to £233m from £267m. The firm forecasts EBITDA of about £1.025bn for 2009/10.

Top Director Buys

Value: £264,908

Value: $148,644

Value: £66,880

Value: £40,900

Value: £32,400

Value: £18,080

Value: £18,000

Top Director Sells

Value: £6,756,514

Value: £40,748