Director dealings: LXB director buying spree continues

14th Jul 2016 16:19

(ShareCast News) - LXB Retail Properties director John Irvine has bought £0.54m worth of the property investor's shares to add to his pension fund.Irvine, a former joint managing director of cheesemaker A McLelland & Son where he launched the "Seriously Strong" cheddar brand, forked out the cash on 940,000 shares in LXB at a price of 57.9p per share.His Ice Blue Directors pension scheme, of which he is trustee, nwo has 4.7m shares, or 2.8% of the company's total.Irvine's purchase follows purchases from the fund's manager LXB Partners, including Tim Walton, who bought 1.2m at 54.3p last week; and Jo Duffield who snaffled 0.5m shares at an average price of 63.13p; while LXB Retail directors Danny Kitchen and Steve Webb have also made purchases.This spate of director buying comes in the wake of shareholders in the closed-ended real estate investment company, which is focused on edge-of-town and out-of-town retail assets, in February voting through a major change in the group's strategy.LXB Retail, they decided, should no longer invest in new projects and instead is now wholly focused on realising value from the investment portfolio and returning capital as quickly as possible.On 6 July, the company said discussions were in solicitors' hands over certain properties that, if concluded satisfactorily, would secure a surplus of approximately £4m over the 31 March 2016 balance sheet value.Interim results in early June showed net asset value down to 102.18p at 31 March from 103.27p at the end of 2015. Top Director BuysLxb Retail Properties (LXB)Director name: Irvine,John AlastairAmount purchased: 940,000 @ 57.90pValue: £544,260.00Crawshaw Group (CRAW)Director name: McMeikan,KennedyAmount purchased: 180,000 @ 83.00pValue: £149,400.00Blackrock Frontiers Investment Trust (BRFI)Director name: White,StephenAmount purchased: 30,000 @ 121.90pValue: £36,570.00Elegant Hotels Group (EHG)Director name: Sherwood,Simon Amount purchased: 22,639 @ 66.20pValue: £14,987.02Vianet Group (VNET)Director name: Dickson,JamesAmount purchased: 5,000 @ 96.00pValue: £4,800.00Alternative Networks (AN.)Director name: Griggs,Gavin Amount purchased: 55 @ 271.00pValue: £149.05Alternative Networks (AN.)Director name: Quartermaine,Mark Amount purchased: 55 @ 271.00pValue: £149.05Top Director SellsPennant International Group (PEN)Director name: Powell,C CAmount purchased: 4,000,000 @ 52.00pValue: £2,079,999.92Purecircle Limited (di) (PURE)Director name: Ferre,JordiAmount purchased: 41,300 @ 335.00pValue: £138,355.00