Euromoney boss sells all his shares

Simon Brady has raised £378,000 from selling shares in financial publisher and conferences organiser Euromoney Institutional Investor. He sold 64,509 shares at 586p each. This is the whole of his stake in the company. Brady has been with the group since 1988 and he was appointed to the board in May 1999. He is managing director of Euromoney. The sale comes a week after KBC Peel Hunt published a research note that recommended buying the shares at 568p each. The target price is 675p a share. The broker said that the interim results were impressive but there are concerns about the Euro crisis. Subscription revenues are strong and conferences are also increasing their contribution. There may be additional investment in the second half which will hold back profit growth. KBC Peel Hunt forecasts a rise in full year underlying profit from £63m to £78.1m. The total dividend is forecast to rise from 14p a share to 16p a share. Net debt is expected to fall to £143.8m by the end of September 2010 and could decline to less than £100m by the end of September 2011. Top Director BuysNext (NXT) Director name: Mr Andrew John VarleyAmount purchased: 9,500 @ 2,051.00p Value: £194,845New World Resources (NWR) Director name: Mr Barry RourkeAmount purchased: 20,693 @ 835.10p Value: £172,807New World Resources (NWR) Director name: Mr Hans-Jorg RudlofAmount purchased: 20,693 @ 835.10p Value: £172,807New World Resources (NWR) Director name: Mr Paul EverardAmount purchased: 20,693 @ 835.10p Value: £172,807New World Resources (NWR) Director name: Mr Steven SchuitAmount purchased: 20,693 @ 835.10p Value: £172,807New World Resources (NWR) Director name: Mr Bessel KokAmount purchased: 20,693 @ 835.10p Value: £172,807Independent News & Media (INM) Director name: Mr Leslie BuckleyAmount purchased: 1,000,000 @ € 0.12 Value: € 120,000Independent News & Media (INM) Director name: Mr Paul ConnollyAmount purchased: 1,000,000 @ € 0.12 Value: € 120,000Independent News & Media (INM) Director name: Ms Lucy GaffneyAmount purchased: 1,000,000 @ € 0.12 Value: € 120,000Axis-Shield (ASD) Director name: Mr Staffan EkAmount purchased: 10,000 @ 289.63p Value: £28,963Top Director SellsBankers Petroleum Ltd (BNK) Director name: Mr Robert M D CrossAmount sold: 94,867 @ 438.31p Value: £415,812Bankers Petroleum Ltd (BNK) Director name: Mr Jonathan P HarrisAmount sold: 86,667 @ 437.59p Value: £379,246Bankers Petroleum Ltd (BNK) Director name: Mr Robert M D CrossAmount sold: 71,800 @ 470.93p Value: £338,128Euromoney Institutional Investor (ERM) Director name: Mr Simon BradyAmount sold: 64,509 @ 586.00p Value: £378,023Sainsbury (J) (SBRY) Director name: Mr Roger BurnleyAmount sold: 65,578 @ 319.01p Value: £209,200Sainsbury (J) (SBRY) Director name: Mr Roger BurnleyAmount sold: 50,313 @ 319.01p Value: £160,504Hill and Smith (HILS) Director name: Mr Derek W MuirAmount sold: 35,000 @ 333.00p Value: £116,550