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Colefax directors take advantage of price rise

Date: Thursday 10 Feb 2011


Four executive directors of furnishings supplier Colefax have sold shares following last months’ positive interim figures.

All four sold the shares at 292.5p each. The share price has risen 130% in the past year.

Chairman and chief executive David Green sold 34,000 shares. That raised just over £99,000. Green still owns 31.6% of Colefax.

Wendy Nicholls, the boss of the decorating operations, which did particularly well in the first half, raised the same amount as Green by selling 34,000 shares.

US boss Key Hall sold 50,000 shares, thereby raising £146,000.

Finance director Robert Barker and his wife each sold 5,500 shares in order to take advantage of their annual CGT allowances. They raised a total of £32,000.

Colefax benefitted from a recovery in the UK fabrics market in the six months to October 2010. Revenues from continuing operations improved from £30.8m to £35.7m, while pre-tax profit jumped from £1.83m to £2.98m.

The interim dividend was increased from 1.55p a share to 1.85p a share and the shares went ex-dividend last week so the directors will still be receiving the payout on the shares they sold.

The strong interim figures prompted house broker Peel Hunt to raise its profit forecast for the year to April 2011 from £4m to £6.2m.

Top Director Buys

Chrysalis VCT (CYS)
Director name: Ms Julie Baddeley
Amount purchased: 35,000 @ 49.00p
Value: £17,150

Chrysalis VCT (CYS)
Director name: Dr Martin Knight
Amount purchased: 35,000 @ 49.00p
Value: £17,150

Worldspreads Group (WSPR)
Director name: Mr Conor Foley
Amount purchased: 25,000 @ 48.50p
Value: £12,125

Amiad Filtration Systems Ltd. (AFS)
Director name: Mr Tal Yeshua
Amount purchased: 5,000 @ 215.00p
Value: £10,750

Silverdell (SID)
Director name: Mr Sean Nutley
Amount purchased: 100,000 @ 10.00p
Value: £10,000

Chaarat Gold Holdings Ltd. (DI) (CGH)
Director name: Dr Robert Maurice Weinberg
Amount purchased: 20,000 @ 50.00p
Value: £10,000

Top Director Sells

News Corp. 'A' Shares (NCRA)
Director name: Mr Arthur Siskind
Amount sold: 250,000 @ $16.80
Value: $4,200,000

Colefax Group (CFX)
Director name: Miss Key Hall
Amount sold: 50,000 @ 292.50p
Value: £146,250

Colefax Group (CFX)
Director name: Mr David Green
Amount sold: 34,000 @ 292.50p
Value: £99,450

Colefax Group (CFX)
Director name: Miss Wendy Nicholls
Amount sold: 34,000 @ 292.50p
Value: £99,450

Colefax Group (CFX)
Director name: Mr Robert Barker
Amount sold: 11,000 @ 292.50p
Value: £32,175


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