Carphone Warehouse heads partake in placing to fund acquisition

The Chairman, Chief Executive, and Chief Financial Officer (CFO) of mobile phones retailer Carphone Warehouse have all purchased shares as part of a placing, the proceeds of which are being used in part to fund the proposed acquisition of the remaining 50 per cent stake in CPW Europe. Sir Charles Dunstone, the group's Chairman, acquired 2.25m shares at 222p for a total of just under £5.0m. At the same price, Chief Executive Roger Taylor bought 115,000, while CFO Nigel Langstaff added 45,000. In a statement made on Tuesday, Taylor said the proposed acquisition would bring an end to a five-year joint venture with Best Buy. "Following the sale of our US interest last year, we have become increasingly responsible for the day-to-day operations of CPW Europe, whilst conversely Best Buy have become more focused on their wholly-owned businesses. "As a result, both parties have agreed that this is a good time for us to bring the joint venture to an end, whilst ensuring that our relationship remains in place by way of our global buying alliance." The group placed a total of 47.23m shares, raising gross proceeds of around £105m. The acquisition, which takes the group's stake in CPW to 100%, will cost a total of £471m. The company said it expects the transaction to be earnings enhancing in the current financial year. Top Director BuysArden Partners (ARDN) Director name: Mr Jonathan KeelingAmount purchased: 684,609 @ 40.00p Value: £273,844Carphone Warehouse Group (CPW) Director name: Mr Roger TaylorAmount purchased: 115,000 @ 222.00p Value: £255,300Hansteen Holdings (HSTN) Director name: Mr Richard Lowes Amount purchased: 161,313 @ 85.30p Value: £137,600Carphone Warehouse Group (CPW) Director name: Mr Nigel LangstaffAmount purchased: 45,000 @ 222.00p Value: £99,900Arden Partners (ARDN) Director name: Mr Steve WassellAmount purchased: 190,000 @ 40.00p Value: £76,000Plant Health Care (PHC) Director name: Dr Chris Richards Amount purchased: 56,500 @ 88.00p Value: £49,720Arden Partners (ARDN) Director name: Mr Peter MoonAmount purchased: 62,500 @ 40.00p Value: £25,000NR