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.
Last Friday, Renold said it has cut approximately 12% of its workforce after a downturn in orders in the last quarter of the year.
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 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
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
