Friends Provident directors have bought heavily into the life group but they couldn't stops its share price falling today while the rest of the sector flew ahead.
Chief executive Trevor Matthews bought 764,632 shares at 65.4p each. Yesterday he was also awarded of 681,327 shares at nil cost as compensation for the loss of his long-term incentive arrangements with previous employer Standard Life. One third of the deferred share award will vest on 30 July 2009 and the remaining two-thirds will vest on 30 July 2010.
To encourage him still further, Matthews has also been granted a nil cost award of up to 4.171m shares under a Turnaround Plan. They vest over a five-year period, subject to performance criteria.
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
Also buying yesterday were independent director Robin Phipps, who acquired 70,000 ordinary shares at 69.6p and chairman Sir Adrian Montague who bought 77,079 shares at 61.3p.
On Tuesday, Friends warned it expects new business in early 2009 to be below 2008, while also setting aside £217m for possible defaults in its corporate bond portfolio. The life group also cut its dividend and said 2009 will be a tough year.
Pre-tax losses from continuing operations rose to £871m from £113m last time as took additional charges of £264m for 52% owned F&C Asset Management (FCAM) and £154m for losses attributable to minority interests in the F&C Commercial Property Trust.
Top Director Buys
Value: £500,069
Value: £287,100
Value: £48,720
Value: £47,249
Value: £30,500
Value: £27,800
Value: £24,300
Value: £12,579
Top Director Sells
Value: £339,087
Value: £281,027
Value: £279,967
Value: £104,521
Value: £40,075
Value: £23,563
-
December 2023 NS&I Premium Bond winners - check now to see what you’ve wonIf you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
-
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
