LONDON (ShareCast) - Drug group Skyepharma's new chairman Jerry Karabelas could have a very short tenure of office if rebel shareholders get their way.

The rebels, led by investor North Atlantic Value have called an EGM to boot him off the board in favour of Whatman's Bob Thian.

That hasn’t stopped Karabelas dipping in and buying 200,000 shares at a shade over 40p per share. It takes his total holding to just over 206,000 shares.

Skyepharma has also just appointed Frank Condella as its new chief executive and Ken Cunningham as chief operating officer, but those two could also be under threat if the rebels get their way.

The company has said it plans to sell its injectables business and focus on its oral and pulmonary operations.

Top Director Buys
Value and Income (VIN)
Director name: Mr James G D Ferguson
Amount purchased: 100,000 @ 201.00p
Value: £201,000

Skyepharma (SKP)
Director name: Dr Argeris Karabelas
Amount purchased: 200,000 @ 40.88p
Value: £81,760

C.I. Traders (CI.)
Director name: Mr Martin Bralsford
Amount purchased: 24,438 @ 72.50p
Value: £17,718

Top Director Sells
Lok'n' Store (LOK)
Director name: Mr Simon Thomas
Amount sold: 50,000 @ 178.00p
Value: £89,000

United Utilities (UU.)
Director name: Mr Tim Rayner
Amount sold: 3,560 @ 700.85p
Value: £24,950

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