Petrofac director sells before demerger

Michael Press has raised £1.4m from selling shares in oil services provider Petrofac ahead of the proposed demerger of its oil and gas assets. Press is the senior independent non-executive director on the board of Petrofac. He sold 120,000 shares at 1173.65p each. He retains 120,000 shares. This is the first major sale by a director for nearly 11 months. Shares in Petrofac have been rising ahead of the demerger of its oil and gas assets. Petrofac is spinning off its oil and gas assets in a new vehicle called EnQuest. Lundin Petroleum will also contribute its North Sea assets to EnQuest.The Petrofac share price is around RBS's sum of the parts valuation of 1,230p a share. Top Director BuysInvestec (INVP) Director name: Mr Ian KantorAmount purchased: 2,000,000 @ 520.00p Value: £10,400,000Nestor Healthcare (NSR) Director name: Mr Roger DyeAmount purchased: 100,000 @ 52.00p Value: £52,000Nestor Healthcare (NSR) Director name: Mr John RennocksAmount purchased: 81,500 @ 51.90p Value: £42,298Amino Technologies (AMO) Director name: Mr Peter MurphyAmount purchased: 100,000 @ 30.00p Value: £30,000CLS Holdings (CLI) Director name: Mr John WhiteleyAmount purchased: 5,000 @ 513.00p Value: £25,650Edinburgh Worldwide Inv Trust (EWI) Director name: Mr David A ColtmanAmount purchased: 10,000 @ 255.00p Value: £25,500CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount purchased: 5,000 @ 470.00p Value: £23,500Somero Enterprises (Reg S) (SOM) Director name: Mr Lawrence Horsch Amount purchased: 128,000 @ 15.00p Value: £19,200Nestor Healthcare (NSR) Director name: Mr M A EllisAmount purchased: 25,024 @ 51.95p Value: £13,000Top Director SellsGlobeOp Financial Services (GO.) Director name: Mr Jonathan MeeksAmount sold: 5,000,000 @ 257.00p Value: £12,850,000SABMiller (SAB) Director name: Mr M I WymanAmount sold: 93,800 @ 1,889.26p Value: £1,772,126Morrison (Wm) Supermarkets (MRW) Director name: Mr Mark GunterAmount sold: 480,000 @ 300.00p Value: £1,440,000Petrofac Ltd (PFC) Director name: Mr Michael Warner PressAmount sold: 120,000 @ 1,173.65p Value: £1,408,380SABMiller (SAB) Director name: Mr Tony van KralingenAmount sold: 53,345 @ 1,883.12p Value: £1,004,550RSA Insurance Group (RSA) Director name: Mr Andrew K HasteAmount sold: 583,930 @ 123.26p Value: £719,752SABMiller (SAB) Director name: Mr John DavidsonAmount sold: 28,256 @ 1,883.12p Value: £532,094AssetCo (ASTO) Director name: Mr John ShannonAmount sold: 777,777 @ 61.00p Value: £474,444Morrison (Wm) Supermarkets (MRW) Director name: Mr Martyn JonesAmount sold: 138,000 @ 300.00p Value: £414,000RSA Insurance Group (RSA) Director name: Mr George CulmerAmount sold: 287,645 @ 123.26p Value: £354,551