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(Sharecast News) - Volution Group revealed on Friday that chief executive Ronnie George and his wife Lynsey had disposed of a combined total of 3.05m ordinary shares in the London-listed manufacturer of ventilation products.
George, along with his wife, sold the shares at an average price of 230.00p each, for a total value of £7.01m.
The pair will continue to be interested in approximately 1.5% of the issued share capital of the company.
George also agreed that, without the prior written consent of Liberum Capital, neither he, nor any person closely associated with him, will dispose of any further ordinary shares for a period of 12 months.
Earlier in the same session, analysts at Berenberg had upgraded their view on the stock from 'hold' to 'buy'.
"Despite underlying UK construction activity weakening in H2 2019, the sector has rallied by 45% since the start of 2019, entirely driven by a re-rating as investors became more positive about domestic stocks, aided by the UK election result in December," they told clients.
"The sector's valuation is now at a multi-year high, with improved sentiment for 2020E based on reduced political uncertainty and a potential fiscal stimulus."
As of 1645 GMT, Volution shares were up 0.83% at 239.98p.
Top Director Buys
Lxi Reit (LXI)
Director name: Cartwright,John
Amount purchased: 42,814 @ 134.20p
Value: £57,456.39
C&c Group (CCR)
Director name: Clerkin,Jim
Amount purchased: 7,000 @ 367.00p
Value: £25,690.00
Wood Group (john) (WG.)
Director name: Watson,Robin
Amount purchased: 1,604 @ 389.00p
Value: £6,239.56
Top Director Sells
Volution Group (FAN)
Director name: George,Ronnie
Amount sold: 2,800,000 @ 230.00p
Value: £6,439,999.87
Volution Group (FAN)
Director name: George,Ronnie
Amount sold: 250,000 @ 230.00p
Value: £574,999.99
Lxi Reit (LXI)
Director name: Cartwright,John
Amount sold: 42,814 @ 134.20p
Value: £57,456.39
13 Nov 2015 09:49