Shares in Diploma, the specialised technical products and services provider, are trading just 30p off their all-time high hit at the end of January, so it was not a bad time for Iain Henderson, the Chief Operating Officer, to reduce his holding in the company,
Henderson pared his stake in the firm by 35,000 which he sold at 391p each, raising £136,850. The sale still leaves Henderson with 452,433 ordinary shares in the firm, representing about 0.4% of the entire issued share capital.
Chief Executive Officer Bruce Thompson has also been reducing his stake in the company. On February 17th, he transferred 62,500 ordinary shares for nil consideration to a charitable foundation of which Thompson is a trustee. These shares were subsequently sold at 391 pence per share.
Following this transaction Thompson's stake in the company stands at around 1% of the company's issued share capital.
The sales come one month after the firm reported that group revenue was 16% ahead of the comparable period last year, while group operating margins remained at similar levels to last year, for the period October 1st to date.
On an underlying basis, after adjusting for currency effects and acquisitions, revenues increased by 11% against the comparable period last year.
During the quarter ended December 31st 2011, the group generated free cash flow of around £3m. However, as a result of acquisitions, net cash funds were reduced over the period by around £8m to about £4m at 31 December.
Shares fell 0.4% to 394.00p on Monday, although they are up 33% over the year.
City of London Investment Trust has reported a 'good performance' in the context of a mixed global economic environment, according to its half yearly report for the period ending December 31st. [8 Feb '13]
Despite the generally positive - albeit volatile - trend seen in developed world markets in the second half of 2012, and an associated pick-up in fund inflows, funds under Management ("FuM") at emerging markets specialist City of London Investment Group actually fell in the half year ended November 30th, to 3.9bn dollars (2.4bn pounds). [21 Jan '13]
City of London Investment Trust (CTY) increased its dividend for the 45th year in a row in respect of the year ended 30 June, as it saw its net asset value (NAV) total return of 29.2% exceeded the 26.5% return in 2010. [14 Sep '11]
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