Colefax directors take advantage of price rise

A.H. | ShareCast | 10 Feb, 2011 17:03 - Updated: 17:18 | | |

savings
A round-up of the biggest director deals today so far.

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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