Greggs directors swap half of their bonuses for shares

14th Apr 2010 16:58

The chief executive and retail director of bakery and sandwich chain Greggs have foregone half of their bonuses in return for shares that will be held in trust for three years. Chief executive Kennedy McMeikan has invested £33,696 in 6,821 shares at 494p each. This takes McMeikan's shareholding in Greggs to 64,681 shares. Retail director Raymond Reynolds has purchased £10,769 worth of shares at 494p each. His stake in Greggs is 52,010 shares. McMeikan became chief executive of Greggs in August 2008, having previously been retail director of Sainsbury and an operational manager at Tesco.Reynolds has been with Greggs since 1986 and he joined the board at the end of 2006. In March, Greggs reported better than expected profits of £48.8m for the 53 weeks ended 2 January 2010. That was around £2m better than expected but it was still lower than the £49.47m profit made the year before. Sales increased to £658m from £628m last time, including a 1.5% contribution from the 53rd week. Expectations were for an advance to £656m. Like-for-like sales increased by 0.8%. In the ten weeks to 13 March total sales have increased by 2.8% and like-for-like sales are 0.8% higher.Top Director BuysGreen Compliance (GCO) Director name: Mr John ProwseAmount purchased: 75,000 @ 209.50p Value: £157,125Kirkland Lake Gold (KGI) Director name: Mr George A MiltonAmount purchased: 7,500 @ 522.98p Value: £39,224Greggs (GRG) Director name: Mr Kennedy McMeikanAmount purchased: 6,821 @ 494.00p Value: £33,696TT Electronics (TTG) Director name: Mr Tim Roberts Amount purchased: 20,277 @ 98.00p Value: £19,871Antrim Energy Inc. (AEY) Director name: Mr Stephen GreerAmount purchased: 20,000 @ 65.02p Value: £13,004Greggs (GRG) Director name: Mr Raymond ReynoldsAmount purchased: 2,180 @ 494.00p Value: £10,769Top Director SellsDairy Farm International (Singapore) (DFI) Director name: Mr Howard Leonard MowlemAmount sold: 32,400 @ $10.86 Value: $351,721