Alliance Pharma exec offloads 300,000 shares

20th Jan 2014 15:49

Speciality drugs firm Alliance Pharma announced Monday that Executive Director Anthony Booley's share in the company was reduced by 300,000 shares after his wife Lynette sold a portion of her stake. Booley, who joined the company in 1998, and his wife earned £100,500 from the sale after disposing of the shares at 33.50p a piece. The transaction was made on Friday, just a few days after the company revealed it would hit its profit expectations for 2013.Alliance said annual turnover was expected to hit £45.5m, up marginally from the £44.9m of the year before, with pre-tax profits in line with current market expectations.The company also announced the acquisition on Tuesday of rights to thyroid product Irenat from Germany's Bayer, in addition to December's acquisition of popular lip balm Lypsyl.Based on the latest full-year sales figures, Lypsyl adds around £1.2m of annual revenue with Irenat bringing a further 0.8m euro. Despite the positivity of the statement, broker Investec issued a 'sell' recommendation on the shares, saying: "Although the company is cash generative and has debt facilities to provide firepower for acquisitions, we think these will be required to support current forecasts. This, alongside our valuation model indicating that the shares look over-rated, suggests it is time to take profits." Booley's share sale did little to boost sentiment, with the share price falling 2% on Monday. Top Director BuysFalkland Islands Holdings (FKL) Director name: Mr John Laurence FosterAmount purchased: 10,000 @ 338.00p Value: £33,800North Atlantic Smaller Companies Inv Trust (NAS) Director name: Mr Christopher H B MillsAmount purchased: 2,000 @ 1,575.00p Value: £31,500Majestic Wine (MJW) Director name: Mr Ian HardingAmount purchased: 5,000 @ 500.00p Value: £25,000Top Director SellsITE Group (ITE) Director name: Mr Neil JonesAmount sold: 42,000 @ 311.00p Value: £130,620Alliance Pharma (APH) Director name: Mr Tony BooleyAmount sold: 300,000 @ 33.50p Value: £100,500First Derivatives (FDP) Director name: Mr David AndersonAmount sold: 2,500 @ 1,356.00p Value: £33,900NR