Bob Davies, the chief executive of Renold, has splashed out £11,750 in the industrial chain maker only days after the group axed 350 jobs.
Davies bought 50,000 shares for 23.5p each, taking his holding to 254,000.
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"The decline in order intake, particularly with regard to short-term business, means an accurate view of the effect on the year is not currently possible although the board believes that pre-exceptional operating profit for the year will be not less than £10m (2008: £12m)," it said.
Top Director Buys
Value: $2,992,000
Value: £77,767
Value: £11,750
Top Director Sells
Value: £60,000
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