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Numerous directors of companies on the stock market have made investments worth more than £1m each over the past few weeks using their own money.
Only three of the nine deals over the past fortnight have been directors buying shares; the rest have been sales.
The purchases include TalkTalk Telecom (TALK) non-executive director Roger Taylor and Mitie (MTO) chief executive Phil Bentley. We don’t rate either company as a good investment, despite these votes of confidence.
Among the ‘sells’, we don’t read anything negative in GB Group’s (GBG:AIM) Richard Law selling £2.4m worth of stock in the tech group as he is retiring. The same applies to David Froker from audio products group Focusrite (TUNE:AIM).
Auto Trader’s (AUTO) finance director Sean Glithero sold just shy of £2.4m worth of stock. That’s his second big sale this year, having sold £574,000 worth of shares in April when restrictions were lifted as to when he could trade following the company’s IPO (initial public offering) in March 2015.
Other £1m+ sellers include Simon Henry, chief financial officer at oil producer Royal Dutch Shell (RDSB).
Glynn Burger, group risk and finance director at investment bank Investec (INVP), and Richard Cousins, CEO of catering giant Compass (CPG), both sold £1.1m worth of shares each to pay tax liabilities associated with receiving stock under a bonus scheme. (DC)
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