Logica men increase stakes

Bosses at Logica have bulked up their stakes in the IT and business services firm by more than £160,000 following a 60% plunge in the share price since September.

Andrew Green, appointed chief executive in January, picked up nearly 162,000 shares at 61.75p each, costing the 53-year-old over £100,000.

Green, a former board member at BT, now owns 683,363 shares worth over £420,000.

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Chairman David Tyler, who joined the company as a non-executive director and joint deputy chairman in July 2007, also chipped in with a £62,000 purchase.

He bought 100,000 shares at 62p a throw to take his interest up to nearly 320,000.

Last week, Logica completed the placing of 135m shares at 67p each to bag about £90.5m. The fundraising follows the renewal of its banking facilities in November, which secured the company €500m of borrowing headroom.

"This represents another step in our plan to ensure Logica has the appropriate financing in place, especially in the context of the severe tightening in debt markets over the last few months," said Tyler.

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