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(Sharecast News) - The chief executive officer of Cake Box made the most of a plunge in its share price, it was revealed on Thursday, picking up 225,000 shares.
Sukh Chamdal bought the shares on the London Stock Exchange on Wednesday for a price of 121.85p each, valuing the transaction at £274,162.50.
Following the purchase, Cake Box said Chamdal was beneficially interested in 10,012,915 of its shares, representing about 25% of its issued capital.
Cake Box shares had tumbled on Wednesday, after the specialist cream cakes retailer warned on profits.
The company said that since its update in late June, the trading environment has become significantly more challenging. Inflationary cost pressures across the group have increased more than expected and this is not likely to ease before the end of the financial year.
Cake Box said that while it has passed some of the cost increases to franchisees, the full-year gross margin will be impacted.
At 1228 BST, shares in Cake Box Holdings were up 16.12% at 145.74p.
Reporting by Josh White at Sharecast.com.
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Director name: Chamda,Sukh Ram
Amount purchased: 225,000 @ 121.85p
Value: £274,162.50
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Director name: O'Shea,Michael Patrick
Amount purchased: 300 @ 108.00p
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