Director dealings: Shanks chair buys ahead of merger

11th Oct 2016 14:32

(ShareCast News) - Shanks Group chairman Colin Matthews has grabbed a chunk of shares in the company to tie his interests in with shareholders as the waste specialist edges closer to a transformational merger with a Dutch rival.Matthews, the ex Heathrow Airport and Severn Trent chief executive who took the chair in April, bought 100,000 shares in Shanks at a price of 114.5p.Shanks is currently trading close to multi-year highs as it finalises details over the agreed reverse takeover of Netherlands-based van Gansewinkel Groep (VGG).At the end of September, having first confirmed talks in May, Shanks agreed the final terms of the deal, agreeing to pay cash and share to VGG's ultimate beneficial shareholders totalling €482m to acquire the business on a cash- and debt-free basis.The combination, which has received support from major shareholders in both companies and positive advice from the relevant works councils, is expected to create one of the largest and most advanced waste-to-product business in the world, achieving annual cost synergies of roughly €40m after three years together and contribute significantly to earnings in the second full financial year following the merger."This is a transformational deal with a compelling industrial rationale that is fully aligned with our growth strategy," said Shanks CEO Peter Dilnot."The merger has a clear strategic benefit for the Shanks Group, and the board believes that the resulting commercial opportunities and synergies will deliver attractive long term financial returns that should significantly enhance shareholder value." Top Director BuysShanks Group (SKS)Director name: Matthews,ColinAmount purchased: 100,000 @ 114.50pValue: £114,500.00Nostra Terra Oil & Gas Co (NTOG)Director name: Ainsworth,Kristian (Ewen)Amount purchased: 859,817 @ 2.90pValue: £24,934.69Union Jack Oil (UJO)Director name: Godson,Raymond GAmount purchased: 5,000,000 @ 0.20pValue: £9,900.00Foreign And Colonial Inv Trust (FRCL)Director name: Hewitt,JeffreyAmount purchased: 92 @ 515.34pValue: £474.11Prudential (PRU)Director name: Wells,Mike Amount purchased: 14 @ 1,436.50pValue: £201.11Qinetiq Group (QQ.)Director name: Wadey ,Steve Amount purchased: 85 @ 235.29pValue: £200.00Qinetiq Group (QQ.)Director name: Mellors,DavidAmount purchased: 85 @ 235.29pValue: £200.00Prudential (PRU)Director name: Foley,John W.Amount purchased: 13 @ 1,436.50pValue: £186.74Prudential (PRU)Director name: Nicandrou,NicolaosAmount purchased: 12 @ 1,436.50pValue: £172.38National Grid (NG.)Director name: Bonfield,Andrew R JAmount purchased: 15 @ 1,045.20pValue: £156.78Consort Medical (CSRT)Director name: Cotton,RichardAmount purchased: 14 @ 1,098.43pValue: £153.78Waterman Group (WTM)Director name: Steele ,Alex Amount purchased: 167 @ 89.88pValue: £150.10Waterman Group (WTM)Director name: Taylor,Nicholas JAmount purchased: 167 @ 89.88pValue: £150.10National Grid (NG.)Director name: Pettigrew,JohnAmount purchased: 14 @ 1,045.20pValue: £146.33National Grid (NG.)Director name: Westcott,Mike Amount purchased: 12 @ 1,045.20pValue: £125.42Meggitt (MGGT)Director name: Green,Philip ErnestAmount purchased: 27 @ 464.40pValue: £125.39Meggitt (MGGT)Director name: Young,Stephen GAmount purchased: 27 @ 464.40pValue: £125.39Meggitt (MGGT)Director name: Webb,DougAmount purchased: 27 @ 464.40pValue: £125.39Foreign And Colonial Inv Trust (FRCL)Director name: Knapp,EdwardAmount purchased: 18 @ 515.34pValue: £92.76