- LSEG directors buy the dip
- Convatec CEO lightens up
- Bank directors raise £10 million
A trio of top executives at London Stock Exchange Group (LSEG) took advantage of the recent fall in the stock price to scoop up more than 860,000 shares between them.
The financial market and information group posted positivefirst-half results on 31 July, while raising its outlook and announcing a share buyback, yet the stock price fell 795p or just under 8% on the day to £92.60.
On 1 August, chief financial officer Michel-Alain Proch bought 5,686 shares at £93.40 for a total consideration of around £531,000.
Proch was followed on 4 August by chief executive David Schwimmer, who bought 1,500 shares at £94.02 for roughly £188,000, and director Lloyd Pitchford who bought 2,000 shares at £94.13 for roughly £141,000.
Shares in the group are down 18% year-to-date and Schwimmer has come in for criticism from some investors for not exploring a separation of the markets division and a US listing for the remaining information services business.
However, the chief executive insists the notion the shares would trade on a higher rating if listed in New York is ‘inaccurate’.
INSIDERS SELL
Karim Bitar, chief executive of medical products group Convatec (CTEC), sold 1.25 million shares in the firm at 226.5p on 7 August netting a total of more than £3.5 million.
Convatec shares are up 3% this year, but Bitar announced on 4 August he would be taking medical leave of absence from the company with current chief financial officer Jonny Mason stepping up as interim chief executive until further notice.
Commenting on the sale, Bitar said: ‘I have sold a minority of my shareholding in Convatec. This follows the announcement about my medical leave of absence and is for personal reasons unconnected with Convatec.
‘I continue to retain a substantial stake in Convatec and believe the business is in very good shape, with a clear strategy, strong leadership and attractive growth prospects. I have full confidence in my Convatec colleagues and wish them every success through this interim period.’
Also selling shares this month were a trio of directors at Asia- and Africa-focused bank Standard Chartered (STAN), raising more than £10 million between them.
On 1 August, Judy Hsu, regional chief executive officer of Wealth and Retail Banking, sold 280,000 shares at £13.50 for a total consideration of more than £3.8 million.
Following suit, on 4 August co-head of corporate and investment banking Sunil Kaushal sold roughly 390,000 shares at an average price of £13.59 for a total of more than £5.3 million, and chief strategy and talent officer Tanuj Kapilashrami sold 125,000 shares at £13.67 for more than £1.7 million.
Standard Chartered shares have gained 33% this year and recently traded at their highest level in more than a decade.
