There was some good news at last for Cookson as chairman Robert Beeston spent £85,000 on shares in the battered ceramics group.
The purchase of 75,000 shares at 113.7p each took the former chief executive of FKI's holding to 175,000, or nearly £200,000.
Yesterday's trading update sent the share plunging, taking their loss over the last six month to about 87%. They were trading just below 800p 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
Cookson said full year performance for 2008 is now expected to be below management's earlier expectations due to a sharp drop in steel demand.
It said in recent weeks the financial turmoil has impacted global steel production as demand in China dampened.
The weaker UK currency will increase reported trading profit by around 14% for the full year 2008, but due the weaker sterling, net debt is expected to be slightly higher at £706m at 30 June 2008.
"Trading performance in 2009 will be dependent upon the depth and duration of the global economic slowdown. Management has initiated a programme of appropriate actions across the group to take account of the current and anticipated slowdown, and will continue to act decisively to adapt the business to market conditions as they evolve," said the group.
Top Director Buys
Vantis (VTS)
Director name: Mr Paul Jackson
Amount purchased: 2,640,264 @ 75.80p
Value: £2,001,320
Bulgarian Land Development (BLD)
Director name: Mr Christo Iliev
Amount purchased: 3,015,998 @ 24.00p
Value: £723,840
General Electric (GEC)
Director name: Mr Michael A. Neal
Amount purchased: 50,000 @ € 11.82
Value: € 591,000
General Electric (GEC)
Director name: Mr Jeffrey R Immelt
Amount purchased: 21,700 @ € 12.85
Value: € 278,843
General Electric (GEC)
Director name: Mr Jeffrey R Immelt
Amount purchased: 10,982 @ € 12.88
Value: € 141,461
General Electric (GEC)
Director name: Mr Jeffrey R Immelt
Amount purchased: 7,518 @ € 12.86
Value: € 96,665
General Electric (GEC)
Director name: Mr Jeffrey R Immelt
Amount purchased: 6,400 @ € 12.87
Value: € 82,340
Cookson Group (CKSN)
Director name: Mr Robert Beeston
Amount purchased: 75,000 @ 113.70p
Value: £85,275
General Electric (GEC)
Director name: Mr Jeffrey R Immelt
Amount purchased: 3,400 @ € 12.87
Value: € 43,770
Smurfit Kappa Group (SKG)
Director name: Mr Frits Beurskens
Amount purchased: 25,000 @ € 1.95
Value: € 48,750
