3i Chief Executive buys four million shares

31st May 2012 15:50

Simon Borrows, the new Chief Executive of FTSE 250 private equity infrastructure and debt management group 3i, has celebrated his new position with the purchase of four million shares. The director, who clearly has faith in his own ability to overcome the company's challenges, handed over £6.9m for the shares, which were purchased in three transactions between Monday and Wednesday. Borrows, who originally joined the board of 3i as Chief Investment Officer last year, first bought up 2.0m at 173.00p a pop, before added a further 1.15m and 0.85m at 171.40p and 172.84p, respectively. Borrows, whose appointment followed the announcement of Michael Queen's departure at the end of March, has taken over the helm of the company at a time of difficulty which has seen the firm's share price decline 40%, equal to 115p, during the past 12 months. Speaking at the time of his new appointment, Borros said: "Whilst there are clear challenges ahead, particularly in light of the current uncertain macro-economic environment, I am committed to improving the performance of 3i and maximising long-term shareholder value." Top Director Buys3i Group (III) Director name: Mr Simon BorrowsAmount purchased: 2,000,000 @ 173.00p Value: £3,460,0003i Group (III) Director name: Mr Simon BorrowsAmount purchased: 1,150,000 @ 171.40p Value: £1,971,1003i Group (III) Director name: Mr Simon BorrowsAmount purchased: 850,000 @ 172.84p Value: £1,469,140F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 170,361 @ 71.33p Value: £121,519Robinson (RBN) Director name: Mr Anthony GlossopAmount purchased: 50,000 @ 105.00p Value: £52,500Informa (INF) Director name: Mr John DavisAmount purchased: 15,000 @ 346.30p Value: £51,945Aberdeen Smaller Companies High Income Trust (ASCH) Director name: Mr Jimmy WestAmount purchased: 26,640 @ 117.50p Value: £31,302British Assets Trust (BSET) Director name: Mr James (Jimmy) WestAmount purchased: 26,400 @ 113.60p Value: £29,990Martin Currie Global Portfolio Trust (MNP) Director name: Mr Neil GaskellAmount purchased: 23,000 @ 125.13p Value: £28,780Renold (RNO) Director name: Mr Mark HarperAmount purchased: 78,125 @ 32.00p Value: £25,000NR