CLS founder buys shares

Date: Tuesday 21 Sep 2010

Sten Mortstedt, the executive chairman of CLS Holdings, has increased his stake in the property investor through his family and charity trust.

The purchase of 10,000 shares at 520p each cost £52,000 and took Mortstedt’s stake to 53.14%. This purchase follows last week’s tender offer at 625p a share when the trust sold 360,053 shares thereby raising £2.25m. The company spent £4m on the tender offer.

CLS favours tenders over dividend distributions.

Underlying net assets per share were 768.4p at the end of June 2010. Interim profits climbed to £28.1m from £13.2m over the same period the previous year.

Mortstedt is from Sweden but he is a resident of Switzerland. He established CLS in 1987 and floated it in London in 1994.

Top Director Buys

CLS Holdings (CLI)
Director name: Mr Sten Mortstedt
Amount purchased: 10,000 @ 520.00p
Value: £52,000

Frenkel Topping (FEN)
Director name: Mr David R Southworth
Amount purchased: 250,000 @ 5.00p
Value: £12,500


Top Director Sells

General Electric (GEC)
Director name: Mr Keith S. Sherin
Amount sold: 14,547 @ € 12.40
Value: € 180,314

General Electric (GEC)
Director name: Mr John G. Rice
Amount sold: 14,427 @ € 12.40
Value: € 178,827

General Electric (GEC)
Director name: Mr Michael A. Neal
Amount sold: 11,454 @ € 12.40
Value: € 141,976

General Electric (GEC)
Director name: Mr Pamela Daley
Amount sold: 3,194 @ € 19.37
Value: € 61,854

Aberdeen Asian Smaller Companies Inv Trust (AAS)
Director name: Mr Alan Kemp
Amount sold: 7,500 @ 603.50p
Value: £45,262

General Electric (GEC)
Director name: Ms Kathryn Cassidy
Amount sold: 1,146 @ € 12.40
Value: € 14,205

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