Asia Pacific boss cashes in at IG

16th Sep 2010 16:39

IG Group's Asia Pacific boss' stake in the spread betting firm has more than halved following his wife's share disposal raising £2.32m. Tokyo-based Andrew MacKay's wife Emily sold 456,225 shares at 507.6p each. This follows the disposal of 1m shares in January at 371.9p a share. The disposals have generated just over £6m for the couple, who still hold 411,462 shares. The IG share price has risen by 49% in the past year. IG's revenues increased from £68m to £79m in the three months to August 2010. IG said that volumes were strong in the first few weeks of the period but that the summer lull was amplified by low volumes in all the main asset classes in the last few weeks. IG is recovering some of its former bad debts so there was a small net write-back of bad debt provisions in the period. The best growth came in Europe and Singapore. Tokyo was hit by lower forex volumes because of tightened regulations. However, the business is recovering even though volumes remain 30% below the level before the new regulations. The Japanese business is focusing on larger, more experienced clients so fewer accounts have been opened but the quality of new accounts has improved. Top Director BuysHampson Industries (HAMP) Director name: Mr Chris GeogheganAmount purchased: 181,302 @ 27.25p Value: £49,405Aer Lingus Group (AERL) Director name: Ms Nicola ShawAmount purchased: 23,945 @ € 0.99 Value: € 23,650Hampson Industries (HAMP) Director name: Mr Peter BarlowAmount purchased: 50,000 @ 28.60p Value: £14,300Top Director SellsIG Group Holdings (IGG) Director name: Mr Andrew R MackayAmount sold: 456,225 @ 507.60p Value: £2,315,798Northumbrian Water Group (NWG) Director name: Mr Martin NegreAmount sold: 50,000 @ 351.00p Value: £175,500