FD's wife snaps up Micro Focus shares

3rd Mar 2011 16:51

The wife of Micro Focus International finance director Mike Phillips has taken advantage of the weak share price to invest £90,000 in the software provider's shares. Mrs Josephine Phillips has bought 29,139 shares at 308.86p each. That takes her stake to 69,139 shares. The shares were trading at more than 400p each prior to 15 February when Micro Focus issued its second profits warning in six months.Revenues in the three months to January 2011 were below management expectations, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were also lower than anticipated. Full year revenues are now anticipated to be in the range of $432m to $442m. Underlying earnings are forecast in a range of $159m to $167m, a reduction of around 10% on previous guidance.The company has instigated a major cost cutting programme and will take a restructuring hit of between $14m and $18m in the final quarter of this year.Top Director Buys Micro Focus International Plc (MCRO) Director name: Mr Michael Scott PhillipsAmount purchased: 29,139 @ 308.86p Value: £89,999BBA Aviation (BBA) Director name: Mr Michael HarperAmount purchased: 5,000 @ 205.70p Value: £10,285Top Director Sells Whitbread (WTB) Director name: Mr Christopher C B RogersAmount sold: 31,399 @ 1,693.66p Value: £531,792Filtrona PLC (FLTR) Director name: Mr Mark HarperAmount sold: 127,605 @ 312.00p Value: £398,128Whitbread (WTB) Director name: Mr Patrick DempseyAmount sold: 22,341 @ 1,666.80p Value: £372,380Whitbread (WTB) Director name: Mr Simon BarrattAmount sold: 18,249 @ 1,692.44p Value: £308,853Law Debenture Corp. (LWDB) Director name: Ms Caroline BanszkyAmount sold: 12,874 @ 346.00p Value: £44,544Sunrise Resources (SRES) Director name: Mr Francis JohnstoneAmount sold: 1,000,000 @ 3.62p Value: £36,200