LONDON (Alliance News) - Entertainment One Ltd on Wednesday said Chief Executive Officer Darren Throop bought shares as the Canada-based entertainment company's share price declined.
Throop bought 130,675 shares at a price of 140.37 pence per share on Tuesday. Following this transaction, he holds 10 million shares, which represents 2.3% stake in the Peppa Pig owner.
Shares in the stock have drifted steadily downwards this week, and closed at 140.90 pence Tuesday, down 32% from its closing price of 206.50p last Friday.
The stock was up 9.2% at 153.90p on Wednesday, after Entertainment One noted the recent fall in its share price, and confirmed that it continues to trade in line with its full year underlying earnings expectations.
Entertainment One reiterated confidence in its target of doubling the size of its business by 2020 through "strong organic growth" and carefully targeted acquisitions.
The company recently priced its GBP285 million offering of 6.875% senior secured notes, using the proceeds to refinance its existing credit facilities in full. It noted that its refinancing provides its with greater flexibility when undertaking acquisitions and other corporate activity. However, some analysts have expressed concern at the size of the issue's coupon.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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