Tullett Prebon boss Terry Smith and finance director Paul Mainwaring have increased their stakes in the interdealer broker following the breakdown of bid talks. Chief executive Smith invested more than £1.2m. He bought 400,000 shares at 300.5p each. That takes his stake to 4.48%.
Mainwaring invested £293,000 in 97,656 shares, which were acquired at the same price as Smith's. Mainwaring owns 0.1% of Tullett.
On 13 May Tullett Prebon said that bid talks had ended because the two sides could not agree on a price. Prior to this announcement the shares were trading at 462p. The share
Revenues fell 12% to £312m in the four months to April 2010 because of the effects of currency and broker defections. Even at constant exchange rates there was a 3% fall in revenues.
In March, Tullett won a claim against BGC Partners in the High Court, after it was found that BGC unlawfully poached Tullett's brokers in London.
Top Director Buys
Tullett Prebon (TLPR)
Director name: Mr Terry Smith
Amount purchased: 400,000 @ 300.50p
Value: £1,202,000
Tullett Prebon (TLPR)
Director name: Mr Paul Mainwaring
Amount purchased: 97,656 @ 300.50p
Value: £293,456
Thomas Cook Group (TCG)
Director name: Mr Manny Fontela-Novoa
Amount purchased: 100,077 @ 198.50p
Value: £198,653
Melrose Resources (MRS)
Director name: Mr Robert F M Adair
Amount purchased: 20,000 @ 258.86p
Value: £51,772
Thomas Cook Group (TCG)
Director name: Mr Paul Hollingworth
Amount purchased: 20,015 @ 198.50p
Value: £39,730
Thomas Cook Group (TCG)
Director name: Mr Sam Weihagen
Amount purchased: 20,000 @ 198.50p
Value: £39,700
Melrose Resources (MRS)
Director name: Mr David Howard Thomas
Amount purchased: 7,961 @ 264.41p
Value: £21,050
Melrose Resources (MRS)
Director name: Mr David Howard Thomas
Amount purchased: 6,900 @ 264.12p
Value: £18,224
Renovo Group (RNVO)
Director name: Mr David Blain
Amount purchased: 40,000 @ 25.45p
Value: £10,180
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