Vertu chief exec takes a big stake

Date: Wednesday 11 May 2011

Chief executive Robert Forrester has lifted his holding in Vertu Motors close to the 3% mark, spending nearly £140,000 on shares in the company.

He took 462,000 shares at 30p a time and now has 6,324,812.

His purchase came on the same day Vertu posted a rise in profits for the year to 28 February and said that trading has been in line with expectations.

Pre-tax profits climbed to £5.3m from £4.6m the previous year, on revenues that were up to £998.9m from £818.9m. A final dividend of 0.3p a share is to be paid, resulting in a full-year pay-out of 0.5p.

Vertu, whose dealerships mostly operate under the Bristol Street and Maclin brands, said the trend towards more fuel-efficient cars had accelerated in line with recent high oil prices.

“Current trading in March and April has been stronger than anticipated,” the company said.

“Whilst the new vehicle supply constraints arising from the natural disaster in Japan in March pose a short term uncertainty, in the medium term new vehicle sales are set to rise and start to climb back to pre-recession levels.”

Forrester is a former managing director at the car dealer Reg Vardy.

Elsewhere in director deals, the chairman of set-top box supplier Pace splashed out £20,000 on shares in the group after a collapse in the stock price yesterday.

Michael McTighe took 20,000 shares at 96.035p a time and now has 80,000.

Shares in Pace were down as much as 40% after it warned on profits for the full year, with the Japanese tsunami among the factors hurting the company.

Top Director Buys

Vertu Motors (VTU)
Director name: Mr Robert Forrester
Amount purchased: 462,000 @ 30.00p
Value: £138,600

Paragon Diamonds (PRG)
Director name: Mr Francesco (Frank) Scolaro
Amount purchased: 250,000 @ 34.50p
Value: £86,250

Syntopix Group (SYN)
Director name: Mr Tom Bannatyne
Amount purchased: 140,000 @ 48.00p
Value: £67,200

Eredene Capital (ERE)
Director name: Mr Struan Robertson
Amount purchased: 112,000 @ 17.50p
Value: £19,600

Pace (PIC)
Director name: Mr Michael McTighe
Amount purchased: 20,000 @ 96.03p
Value: £19,206

Bunzl (BNZL)
Director name: Mr Peter Johnson
Amount purchased: 1,408 @ 751.94p
Value: £10,587


Top Director Sells

Abcam (ABC)
Director name: Mr Jeffrey Iliffe
Amount sold: 200,000 @ 393.00p
Value: £786,000

Discovery Metals Ltd. (CDI) (DME)
Director name: Mr John Thomas Shaw
Amount sold: 500,000 @ 83.54p
Value: £417,700

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RG

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