Cosmen continues to add to National Express stake

23rd Nov 2009 16:54

Director dealings continue to be dominated by coach and bus operator National Express. Deputy chairman Jorge Cosmen has further increased his stake in National Express to nearly 20% as he continues to argue against the planned rights issue. The latest £2.7m investment means that Cosmen has spent £4.4m on National Express shares in the past few days. National Express plans a seven-for-three rights issue at 105p a share in order to raise £360m. This will substantially reduce group debt. However, shareholders need to agree to the large share issue involved. The EGM will be held on Friday. The Cosmen family has business interests in transport and it recently teamed up with private equity group CVC to launch a bid for National Express but then withdrew after negotiations. The subsequent rejection by the National Express management of an approach by Stagecoach upset Cosmen. Cosmen would prefer National Express to investigate alternatives to a rights issue - including a bid. He claims to have the support of a further 14% of the company. National Express needs a majority of the votes cast in order to go ahead with the rights issue. If Cosmen has secured the support of 34% of the share capital he will be in a strong position but he will probably need more shareholder backing if he is to vote down the rights issue. Top Director BuysNational Express Group (NEX) Director name: Mr Jorge CosmenAmount purchased: 750,000 @ 359.60p Value: £2,697,000Maple Energy (MPLE) Director name: Mr Rex W CanonAmount purchased: 60,000 @ 71.48p Value: £42,888Healthcare Enterprise Group (HCEG) Director name: Mr Lyndon GaboritAmount purchased: 160,000 @ 25.00p Value: £40,000Healthcare Enterprise Group (HCEG) Director name: Mr John GunnAmount purchased: 150,000 @ 25.00p Value: £37,500St. Modwen Properties (SMP) Director name: Ms Lesley JamesAmount purchased: 10,000 @ 222.30p Value: £22,230Top Director SellsCity of London Investment Group (CLIG) Director name: Mr David M CardaleAmount sold: 50,000 @ 295.00p Value: £147,500Logica (LOG) Director name: Mr Crister StjernfeltAmount sold: 80,000 @ 120.75p Value: £96,600Maple Energy (MPLE) Director name: Mr Jack W HanksAmount sold: 60,000 @ 71.48p Value: £42,888Fuller Smith and Turner (FSTA) Director name: Mr Marie GracieAmount sold: 4,684 @ 511.00p Value: £23,935Fuller Smith and Turner (FSTA) Director name: Mr Marie GracieAmount sold: 4,683 @ 511.00p Value: £23,930