May buys Begbies in May

Date: Wednesday 05 May 2010

Non-executive director John May has acquired his first shares in corporate recovery firm Begbies Traynor since joining the board in October 2007.

May has bought 62,500 shares at 79p each, which cost just over £49,000.

This follows yesterday’s announcement that Begbies has obtained enlarged credit facilities with HSBC and Yorkshire Bank. There are revolving credit facilities of £30m, up from the £20m facility that previously was in place, and an overdraft of £5m. There are arrangement fees of £400,000.

The revolving credit facilities will have an interest charge of 2% over LIBOR and the overdraft rate will be 1.95% over base rate.

The additional debt facilities will enable Begbies to finance more acquisitions in the insolvency and corporate restructuring sectors.

Adjusted pre-tax profit rose to £4.3m for the six months ended 31 October 2009 from £3.3m the year before. Revenue from continuing operation increased by 21% to £34.2m as the recession took its toll on businesses and provided more work for Begbies' advisers.

A trading update for the year to April 2010 will be published in early June.

Top Director Buys

Banco Santander SA (BNC)
Director name: Mr Luis Alberto Salazar-Simpson Bos
Amount purchased: 45,495 @ 795.33p
Value: £361,835

Banco Santander SA (BNC)
Director name: Mr Luis Alberto Salazar-Simpson Bos
Amount purchased: 18,737 @ 751.29p
Value: £140,769

Banco Santander SA (BNC)
Director name: Mr Manuel Soto Serrano
Amount purchased: 10,000 @ 779.59p
Value: £77,959

Banco Santander SA (BNC)
Director name: Mr Manuel Soto Serrano
Amount purchased: 10,000 @ 759.00p
Value: £75,900

Banco Santander SA (BNC)
Director name: Mr Manuel Soto Serrano
Amount purchased: 10,000 @ 759.00p
Value: £75,900

Banco Santander SA (BNC)
Director name: Mr Manuel Soto Serrano
Amount purchased: 10,000 @ 711.84p
Value: £71,184

Begbies Traynor Group (BEG)
Director name: Mr John M May
Amount purchased: 62,500 @ 79.00p
Value: £49,375

Jubilee Platinum (JLP)
Director name: Mr Malcolm Burne
Amount purchased: 100,000 @ 36.50p
Value: £36,500

Advanced Medical Solutions (AMS)
Director name: Dr Geoffrey N Vernon
Amount purchased: 80,000 @ 42.00p
Value: £33,600

Altus Resource Capital Ltd (ARCL)
Director name: Mr Robert Milroy
Amount purchased: 20,000 @ 136.75p
Value: £27,350


Top Director Sells

General Electric (GEC)
Director name: Mr Pamela Daley
Amount sold: 16,292 @ € 13.36
Value: € 217,741

General Electric (GEC)
Director name: Ms Kathryn Cassidy
Amount sold: 3,580 @ € 13.36
Value: € 47,846

Abcam (ABC)
Director name: Prof. Tony Kouzarides
Amount sold: 5,000 @ 1,187.00p
Value: £59,350

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