Date: Friday 18 Jun 2010
Chief executive John Burns and head of development Simon Silver have both reduced their stakes in real estate investment trust Derwent Valley. Burns raised just over £1m from the sale of 76,000 shares at £13.30 each. Silver sold 45,000 shares at the same share price and raised just short of £600,000.
Burns and his wife own 718,268 shares in Derwent, while Silver still owns 340,687 shares.
Both men have been on the Derwent board for well over two decades. Burns has reached the age of 65 years old. Silver is 59 years old.
Derwent’s interim management statement for the three months to March 2010 stated that the central London market has performed well. The group’s vacancy rate is 2.4%.
Net debt edged up from £723.4m to £730.5m over the quarter but there are still £415m of uncommitted bank facilities. Derwent will start a number of refurbishment and regeneration schemes in 2011 and 2012.
Earlier this month Morgan Stanley cut its recommendation for Derwent from overweight to equalweight.Top Director Buys
Carillion (CLLN)
Director name: Mr John McDonough
Amount purchased: 600,000 @ 324.00p
Value: £1,944,000
S & U (SUS)
Director name: Mr Graham Coombs
Amount purchased: 20,000 @ 495.00p
Value: £99,000
Novae Group (NVA)
Director name: Mr David Henderson
Amount purchased: 20,000 @ 309.60p
Value: £61,920
City of London Group (CIN)
Director name: Mr John Greenhalgh
Amount purchased: 34,000 @ 73.00p
Value: £24,820
City of London Group (CIN)
Director name: Mr John Kent
Amount purchased: 16,826 @ 67.50p
Value: £11,358
Record (REC)
Director name: Mr Paul Sheriff
Amount purchased: 21,100 @ 53.00p
Value: £11,183
Top Director Sells
Carillion (CLLN)
Director name: Mr John McDonough
Amount sold: 1,156,233 @ 324.00p
Value: £3,746,195
Derwent London (DLN)
Director name: Mr John David Burns
Amount sold: 76,000 @ 1,330.00p
Value: £1,010,800
IPSA Group (IPSA)
Director name: Mr Peter Richard Stephen Earl
Amount sold: 5,010,000 @ 12.00p
Value: £601,200
Derwent London (DLN)
Director name: Mr Simon P Silver
Amount sold: 45,000 @ 1,330.00p
Value: £598,500
Mount Engineering (MOU)
Director name: Mr Colin Davies
Amount sold: 300,000 @ 59.50p
Value: £178,500
S & U (SUS)
Director name: Mr Anthony M V Coombs
Amount sold: 20,000 @ 495.00p
Value: £99,000
IMI (IMI)
Director name: Mr Martin J Lamb
Amount sold: 10,000 @ 724.17p
Value: £72,417
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