AdEPT boss trims stake with £0.35m share sale

16th Jul 2014 15:27

The boss of telecoms group AdEPT offloaded nearly £0.35m of stock on Wednesday, just a week after the company reported better-than-expected annual results.Ian Fishwick, AdEPT's Chief Executive Officer who founded the company in 2003, sold 290,000 shares at 120p a piece.The firm explained that the shares were sold to institutional investors "in order to meet a personal tax demand and improve stock liquidity".Fishwick's stake was reduced to just under 1.2m shares, representing 5.4% of the company.On July 8th, AdEPT, which provides services for fixed line, mobile, data connectivity and voice over IP, reported its 11th straight year of increased underlying operating profits, which grew 8.3% to £4.04m. Adjusted earnings per share rose 18% to 14.99p, some 11% ahead of the consensus estimate, as a lower cost of sales and higher margins offset a small 0.8% dip in revenue to £20.85m.Top Director BuysAtlantic Coal (ATC) Director name: Mr Stephen BestAmount purchased: 73,960,416 @ 0.14p Value: £103,545LondonMetric Property (LMP) Director name: Ms Rosalyn WiltonAmount purchased: 50,000 @ 139.90p Value: £69,950Progility (PGY) Director name: Mr Donald John StewartAmount purchased: 325,182 @ 8.00p Value: £26,015Top Director SellsAdEPT Telecom (ADT) Director name: Mr Ian Michael FishwickAmount sold: 290,000 @ 120.00p Value: £348,000BC