Cairn Energy announces stock purchases by three senior directors

Cairn Energy on Wednesday announced that its Chief Executive, Deputy Chief Executive, and Managing Director / Chief Financial Officer all increased their holdings in the company, showing their faith after the group delivered a decline in full year pre-tax losses. Chief Executive Simon Thomson and his deputy Dr Mike Watts both purchased 17,636 shares at 283.5p each, increasing their stakes to 384,739 and 1.16m, respectively. MD and CFO Jann Brown bought 8,818 shares at the same price, taking her total ordinary shares to 292,906. The previous day, the FTSE 250-listed oil and gas exploration group reported an operating loss of $247.3m compared to $1.1bn in the previous year and a pre-tax loss from continuing operations of $194.2m compared to $1.2bn a year earlier. Speaking on Tuesday, Thomson said: "Cairn delivered on its 2012 strategic objectives. Cash was returned to shareholders re-gearing the company to the drill bit, acquisitions created a balanced portfolio with growth potential; and the group's frontier exploration position was expanded. "With a strong cash position and a disciplined approach to capital expenditure, we look forward to the start of our multi-well, multi-year operated exploration programme commencing in the fourth quarter of 2013 targeting more than 3.5bn barrels of oil equivalent of resource." Top Director BuysCorero Network Security (CNS) Director name: Mr Jens P MontananaAmount purchased: 18,000,000 @ 15.00p Value: £2,700,000Landore Resources Ltd. (LND) Director name: Mr William HumphriesAmount purchased: 3,000,000 @ 5.00p Value: £150,000Corero Network Security (CNS) Director name: Mr Richard LastAmount purchased: 666,667 @ 15.00p Value: £100,000Cairn Energy (CNE) Director name: Mr Simon ThomsonAmount purchased: 17,636 @ 283.50p Value: £49,998Cairn Energy (CNE) Director name: Dr Mike J WattsAmount purchased: 17,636 @ 283.50p Value: £49,998Bunzl (BNZL) Director name: Mr Jean-Charles Pauze Amount purchased: 2,500 @ 1,313.00p Value: £32,825Cairn Energy (CNE) Director name: Mrs Jann BrownAmount purchased: 8,818 @ 283.50p Value: £24,999Landore Resources Ltd. (LND) Director name: Mr Richard PrickettAmount purchased: 410,000 @ 5.00p Value: £20,500Corero Network Security (CNS) Director name: Mr Andrew Douglas Miller Amount purchased: 100,000 @ 15.00p Value: £15,000Global Brands S.A (GBR) Director name: Mr Bruce VandenBergAmount purchased: 5,415,455 @ 0.22p Value: £11,914Top Director SellsPetmin Ltd. (DI) (PTMN) Director name: Mr Lebogang MogotsiAmount sold: 2,500,000 @ 16.39p Value: £409,750Petmin Ltd. (DI) (PTMN) Director name: Mr Bradley B DoigAmount sold: 1,500,000 @ 16.39p Value: £245,850Prudential (PRU) Director name: Mr Mike WellsAmount sold: 91,494 @ 1,111.27p Value: £1,016,745Petmin Ltd. (DI) (PTMN) Director name: Mr Bruce TannerAmount sold: 500,000 @ 16.39p Value: £81,950CSR (CSR) Director name: Mr Joep van BeurdenAmount sold: 163,766 @ 468.79p Value: £767,719CSR (CSR) Director name: Mr Will GardinerAmount sold: 123,480 @ 468.79p Value: £578,862CSR (CSR) Director name: Mr Joep van BeurdenAmount sold: 45,000 @ 471.20p Value: £212,040CSR (CSR) Director name: Mr Chris LadasAmount sold: 43,909 @ 468.79p Value: £205,841