Greencore chief exec takes a big bite
A round-up of the biggest director deals today so far.
Weakness in the share price of Irish sandwich maker Greencore tempted chief executive Patrick Coveney to quadruple his stake in the group.
He bought 302,500 shares at just under €0.82 a time (73p), paying a total of about €250,000 and now has 404,500.
Shares in the firm have taken a big dive since Coveney last bought in in the middle of 2008. In July he took 32,000 shares at €1.51 each, having paid an eye-watering €3.09 each for 40,000 in May.
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
The firm, which says its sandwich manufacturing facility in Manton Wood, Nottinghamshire is 'the world's largest and most sophisticated', has been caught between high ingredients prices and weak economic conditions.
Last month Greencore, which also owns the Weight Watchers convenience food brand, said its performance is in line with the same time the previous year. However, it warned of continuing difficult conditions.
"Conditions in the UK convenience foods market are as tough as we have seen with consumers under pressure which has translated into weakened demand for some of the group's convenience food offerings, particularly in food-to-go," the firm said.
Coveney joined Greencore's board as chief financial officer in 2005, becoming chief executive in April last year.
Top Director Buys
Value: € 247,142
Value: € 160,992
Value: £201,750
Value: £27,800
Value: £20,750
Value: £19,750
Value: £19,190
Value: £16,675
Value: £12,009
Value: $11,000
Top Director Sells
Value: £73,365
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Investors pull money from UK equities as government warns of “painful” Budget
The government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
By Katie Williams Published
-
Top global fintech companies to invest in
One British fintech hogs the headlines, but there are two top performers in the US. We explain where you should put your money
By David C. Stevenson Published