Directors at Southern Cross Healthcare spent hundreds of thousands of pounds on shares in the care home operator Friday following heavy falls in the share price, the company confirmed today.
Chief executive Bill Colvin doubled his stake to 1m shares (just over 0.5% of the company) taking 500,000 shares at 83,78p a go, for a total of about £419,000.
Chairman Ray Miles took around 118,000 shares at the same price and now has around 164,000 shares. Other directors also bought into the company, taking smaller stakes.
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
News of the directors' purchases comes on the same day Southern Cross issued a clarification saying 89.8% of its beds at care homes are occupied, following a report in the Times Saturday that said it may have more empty beds than previously thought.
Shares in the company fell heavily last Monday as it warned of a breach of bank covenants, poor trading and the departure of its finance director. The share price rallied nearly 10% today.
Top Director Buys
Southern Cross Healthcare Group (SCHE)
Director name: Mr Bill Colvin
Amount purchased: 500,000 @ 83.80p
Value: £419,000
Southern Cross Healthcare Group (SCHE)
Director name: Mr Ray Miles
Amount purchased: 118,348 @ 83.80p
Value: £99,176
Southern Cross Healthcare Group (SCHE)
Director name: Mr Richard Midmer
Amount purchased: 59,173 @ 83.80p
Value: £49,587
Diploma (DPLM)
Director name: Mr John L Rennocks
Amount purchased: 18,300 @ 150.90p
Value: £27,615
Canaccord Capital (CCI)
Director name: Mr Michael Deane Harris
Amount purchased: 2,200 @ 383.94p
Value: £8,447
Southern Cross Healthcare Group (SCHE)
Director name: Mr Christopher Fisher
Amount purchased: 20,000 @ 83.80p
Value: £16,760
Lonrho (LONR)
Director name: Mr David Anthony Lenigas
Amount purchased: 50,000 @ 32.50p
Value: £16,250
Southern Cross Healthcare Group (SCHE)
Director name: Mr Kamma Foulkes
Amount purchased: 17,751 @ 83.80p
Value: £14,875
Matica (MAT)
Director name: Mr Sandro Camilleri
Amount purchased: 50,000 @ 29.00p
Value: £14,500
Polar Capital Holdings (POLR)
Director name: Mr Hugh Aldous
Amount purchased: 10,000 @ 104.00p
Value: £10,400
Top Director Sells
Scottish & Southern Energy (SSE)
Director name: Mr Ian Marchant
Amount sold: 16,200 @ 1,400.80p
Value: £226,930
Scottish & Southern Energy (SSE)
Director name: Mr Gregor Alexander
Amount sold: 8,023 @ 1,400.80p
Value: £112,386
-
What the Employment Rights Bill means for your jobNew workplace reforms are set to give employees new rights to benefits and flexible working
-
GSK share price surges after $2.2bn Zantac drug settlementGSK has settled lawsuits in the US that alleged the drugmaker’s now-discontinued heartburn drug Zantac triggered cancer
