Dialight Finance Director sells shares to cover vesting costs

19th Sep 2013 15:39

The Group Finance Director of Dialight this week sold 21,284 shares in the group, less than a week after it warned of contract delays and flat profits. Mark Fryer sold the shares at 1,150p each in a transaction that was made in order to meet his tax and national insurance liabilities, which crystallised when an award vested on September 2nd. The industrial lighting group last Thursday warned that management did not expect certain contracts to be awarded in time to make much of an impact on the current financial year. This delay meant the company had climbed down on its expectations for overall profitability to bring them broadly in line with the prior year, where it made £25m earnings before interest, tax, depreciation and amortisation (EBITDA).This is around £6m less than house broker Canaccord Genuity's latest forecasts from August 1st, which had been pointing to EBITDA for the full year of £31.1m.The FTSE 250 company insisted that the lighting segment continued to grow "very strongly" and stressed that these delays were not resulting in any change in guidance for both the short and long term.Following the transaction, Fryer holds 16,538 shares in the company. Top Director BuysBank of America Corp. (BAC) Director name: Mr Charles K GiffordAmount purchased: 17,358 @ $14.66 Value: $254,468Shanta Gold Ltd. (SHG) Director name: Mr Anthony DurrantAmount purchased: 200,000 @ 13.90p Value: £27,800Berkeley Group Holdings (The) (BKG) Director name: Mr Gregory J FryAmount purchased: 1,000 @ 2,055.00p Value: £20,550Norcon (NCON) Director name: Mr Trond Helge TostrupAmount purchased: 100,000 @ 15.95p Value: £15,950Top Director SellsNorcros (NXR) Director name: Mr Vijay Aggarwal Amount sold: 145,707,248 @ 18.50p Value: £26,955,841Dialight (DIA) Director name: Mr Mark FryerAmount sold: 21,284 @ 1,150.00p Value: £244,766