Berkeley founder sells £9m

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Date: Wednesday 03 Sep 2003

LONDON (ShareCast) - Just as it seemed that nothing could halt the rise and rise of upmarket housebuilder Berkeley, its own management has knocked sentiment in the group.

Founder and managing director Anthony Pidgley sold one million shares at 890p each, equivalent to about a third of his holding, netting himself almost £9m.

The sale, Pidgley’s first for five years, is thought to be the result of his desire to diversify his investments however investors reacted with concern and shares fell on the news.

The housebuilding industry has shown signs of consolidation recently, with Taylor Woodrow having acquired Wilson Connolly, and there were hopes that others would soon join in on the action.

However, such a large sale means that Berkeley is unlikely to be involved in talks already, said analysts.

The group claimed in June that it was seeing a softening in the housing market, adding that a return to more “normal” market conditions would be “very welcome.”


Top Director Buys

ABERFORTH GEARED CAP & INC TST PLC (AFHC)
Director name: Mr T Michael Foulkes
Amount purchased: 40,000 @ 121.00p
Value: £48,400

WILink (WLK)
Director name: Mr Nigel Wray
Amount purchased: 5,000 @ 860.00p
Value: £43,000

WILink (WLK)
Director name: Mr Peter Wakeham
Amount purchased: 3,500 @ 860.00p
Value: £30,100

Paddy Power (PAP)
Director name: Mr Stephen Thomas
Amount purchased: 5,000 @ 435.00p
Value: £21,750

WILink (WLK)
Director name: Mr Nigel Burton
Amount purchased: 2,453 @ 860.00p
Value: £21,096

WILink (WLK)
Director name: Mr Graham Morse
Amount purchased: 2,300 @ 860.00p
Value: £19,780

Vitec Group (VTC)
Director name: Mr Gareth Rhys Williams
Amount purchased: 5,000 @ 384.00p
Value: £19,200

Foresight Technology VCT (FTV)
Director name: Mr Bernard William Fairman
Amount purchased: 20,000 @ 84.00p
Value: £16,800

WILink (WLK)
Director name: Mr Nigel Burton
Amount purchased: 1,200 @ 885.00p
Value: £10,620


Top Director Sells

Paddy Power (PAP)
Director name: Mr John Corcoran
Amount sold: 2,500,000 @ 606.00p
Value: £15,150,000

Paddy Power (PAP)
Director name: Mr Ian Armitage
Amount sold: 1,500,000 @ 606.00p
Value: £9,090,000

Berkeley Group (BKL)
Director name: Mr Anthony W Pidgley
Amount sold: 1,000,000 @ 890.00p
Value: £8,900,000

Paddy Power (PAP)
Director name: Mr Stewart Kenny
Amount sold: 1,200,000 @ 606.00p
Value: £7,272,000

ITNET (ITN)
Director name: Mr Bridget P Blow
Amount sold: 500,000 @ 318.00p
Value: £1,590,000

ITNET (ITN)
Director name: Mr Rod J Watts
Amount sold: 470,400 @ 318.00p
Value: £1,495,872

ITNET (ITN)
Director name: Mr Chris Gollings
Amount sold: 20,000 @ 318.00p
Value: £63,600

Berkeley Group (BKL)
Director name: Mr Robert C G Perrins
Amount sold: 5,000 @ 890.00p
Value: £44,500

Intelek (ITK)
Director name: Mr James Dixon
Amount sold: 125,000 @ 11.25p
Value: £14,062

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