McKenna's Ingenious discount

Non-executive director Patrick McKenna has taken advantage of a large discount to net asset value to snap up 12.6m shares in investment company Ingenious Media Active Capital. The total cost of the stake was £5.8m. He paid 46p a share compared with a net asset value of 65.6p a share at the end of September 2009 - as reported on 14 December. That buying price is a 30% discount to NAV. The share price hit a low of 18.5p in March. McKenna owns 25.1% of IMAC. McKenna founded the company's investment manager Ingenious Media in 1988 and prior to that he was chairman and chief executive of Lord Lloyd Webber's company Really Useful Group. IMAC specialises in investing in unquoted media companies. It floated in April 2006 and raised £150m at 100p a share. Investments include TV production companies Whizz Kid Entertainment and digital marketing agency Outside Line. One of its less successful investments has been business publisher Incisive Media. Top Director BuysIngenious Media Active Capital (IMAC) Director name: Mr Patrick Anthony McKennaAmount purchased: 12,600,000 @ 46.00p Value: £5,796,000F&C Inv Trust (FRCL) Director name: Mr Simon FraserAmount purchased: 30,000 @ 263.30p Value: £78,990Davis Service Group (DVSG) Director name: Mr Peter VentressAmount purchased: 13,000 @ 391.30p Value: £50,869Imperial Tobacco Group (IMT) Director name: Mr Gareth DavisAmount purchased: 2,067 @ 1,903.64p Value: £39,348Monitise (MONI) Director name: Mr Duncan J McIntyreAmount purchased: 250,000 @ 12.87p Value: £32,175Inland (INL) Director name: Mr Nishith Motilal Meghji MaldeAmount purchased: 187,500 @ 16.00p Value: £30,000Inland (INL) Director name: Mr Nishith Motilal Meghji MaldeAmount purchased: 187,500 @ 16.00p Value: £30,000Imperial Tobacco Group (IMT) Director name: Ms Alison CooperAmount purchased: 1,497 @ 1,903.64p Value: £28,497Imperial Tobacco Group (IMT) Director name: Mr Graham BlashillAmount purchased: 1,359 @ 1,903.64p Value: £25,870Imperial Tobacco Group (IMT) Director name: Mr Robert DyrbusAmount purchased: 1,247 @ 1,903.64p Value: £23,738Top Director SellsImperial Tobacco Group (IMT) Director name: Mr Gareth DavisAmount sold: 97,461 @ 1,903.64p Value: £1,855,307Investec (INVP) Director name: Mr Stephen KoseffAmount sold: 310,000 @ 427.00p Value: £1,323,700Imperial Tobacco Group (IMT) Director name: Mr Robert DyrbusAmount sold: 46,396 @ 1,903.64p Value: £883,213Whitbread (WTB) Director name: Mr Simon BarrattAmount sold: 42,000 @ 1,380.20p Value: £579,684Imperial Tobacco Group (IMT) Director name: Mr Graham BlashillAmount sold: 22,760 @ 1,903.64p Value: £433,268Imperial Tobacco Group (IMT) Director name: Ms Alison CooperAmount sold: 14,881 @ 1,903.64p Value: £283,281Imperial Tobacco Group (IMT) Director name: Mr Matthew PhillipsAmount sold: 3,337 @ 1,903.64p Value: £63,524 Investec Whitbread