Director dealings: Spencer splashes £1.9m on NEX as ex-Icap begins next chapter

4th Jan 2017 15:10

(ShareCast News) - Michael Spencer has ploughed £1.9m back into NEX Group, the company formerly known as Icap, as it begins 2017 as an electronic markets and post trade business.Spencer, the former Conservative Party treasurer who was once dubbed the City's richest man, bought £730,753 at a price of 459.9p, £921,820 at 475.34p and his wife Sarah bought £249,100 at 470p.After these purchases, and following the seven-to-four share consolidation that was completed at the end of last year, Spencer has a total interest in 64.72m of the group's shares, or 17.04% of the total.Meanwhile, NEX chairman Charles Gregson and his wife acquired £104,000 worth of shares at a price of £4.97 per share.NEX completed the sale of its voice broking and information business to Tullett Prebon on 30 November, with Icap having delisted on 15 December and replaced by NEX, which is the holding company of the remaining Icap business and its subsidiaries.In a recent note, Barclays highlighted the "attractive" electronic and post-trade assets, having disposed of voice operations that faced structural headwinds and cost problems."With the recent uptick in FX volatility we believe ICAP can benefit from better electronic volumes and has signalled the end of its investment phase in its platform.Analysts added that there is potential for management to surprise on the upside on future cost containment with plans to improve divisional profit margins to 40% from the current 30% and refi ability to lower net finance expense.Top Director BuysNex Group (NXG)Director name: Spencer,Michael AlanAmount purchased: 193,928 @ 475.34pValue: £921,820.29Nex Group (NXG)Director name: Spencer,Michael AlanAmount purchased: 158,892 @ 459.91pValue: £730,753.17Nex Group (NXG)Director name: Spencer,Michael AlanAmount purchased: 53,000 @ 470.00pValue: £249,099.99Nex Group (NXG)Director name: Gregson,CharlesAmount purchased: 20,900 @ 497.00pValue: £103,873.00Blancco Technology Group (BLTG)Director name: Butcher,KeithAmount purchased: 22,750 @ 225.00pValue: £51,187.50Action Hotels (AHCG)Director name: A M Al-Sabah,MubarakAmount purchased: 11,100 @ 52.57pValue: £5,835.27E-therapeutics (ETX)Director name: Jones,Trevor MervynAmount purchased: 36,917 @ 7.45pValue: £2,750.32Jpmorgan American Inv Trust (JAM)Director name: Bragg,Simon Amount purchased: 342 @ 369.92pValue: £1,265.14Novae Group (NVA)Director name: Fosh,Matthew KAmount purchased: 66 @ 682.00pValue: £450.12Novae Group (NVA)Director name: Patel,Reeken Amount purchased: 66 @ 682.00pValue: £450.12Marshalls (MSLH)Director name: Coffey,MartynAmount purchased: 51 @ 292.60pValue: £149.23