May buys Begbies in May

5th May 2010 16:43

Non-executive director John May has acquired his first shares in corporate recovery firm Begbies Traynor since joining the board in October 2007. May has bought 62,500 shares at 79p each, which cost just over £49,000. This follows yesterday's announcement that Begbies has obtained enlarged credit facilities with HSBC and Yorkshire Bank. There are revolving credit facilities of £30m, up from the £20m facility that previously was in place, and an overdraft of £5m. There are arrangement fees of £400,000. The revolving credit facilities will have an interest charge of 2% over LIBOR and the overdraft rate will be 1.95% over base rate. The additional debt facilities will enable Begbies to finance more acquisitions in the insolvency and corporate restructuring sectors. Adjusted pre-tax profit rose to £4.3m for the six months ended 31 October 2009 from £3.3m the year before. Revenue from continuing operation increased by 21% to £34.2m as the recession took its toll on businesses and provided more work for Begbies' advisers.A trading update for the year to April 2010 will be published in early June. Top Director BuysBanco Santander SA (BNC) Director name: Mr Luis Alberto Salazar-Simpson BosAmount purchased: 45,495 @ 795.33p Value: £361,835Banco Santander SA (BNC) Director name: Mr Luis Alberto Salazar-Simpson BosAmount purchased: 18,737 @ 751.29p Value: £140,769Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 779.59p Value: £77,959Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 759.00p Value: £75,900Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 759.00p Value: £75,900Banco Santander SA (BNC) Director name: Mr Manuel Soto SerranoAmount purchased: 10,000 @ 711.84p Value: £71,184Begbies Traynor Group (BEG) Director name: Mr John M MayAmount purchased: 62,500 @ 79.00p Value: £49,375Jubilee Platinum (JLP) Director name: Mr Malcolm BurneAmount purchased: 100,000 @ 36.50p Value: £36,500Advanced Medical Solutions (AMS) Director name: Dr Geoffrey N VernonAmount purchased: 80,000 @ 42.00p Value: £33,600Altus Resource Capital Ltd (ARCL) Director name: Mr Robert MilroyAmount purchased: 20,000 @ 136.75p Value: £27,350Top Director SellsGeneral Electric (GEC) Director name: Mr Pamela DaleyAmount sold: 16,292 @ € 13.36 Value: € 217,741General Electric (GEC) Director name: Ms Kathryn CassidyAmount sold: 3,580 @ € 13.36 Value: € 47,846Abcam (ABC) Director name: Prof. Tony KouzaridesAmount sold: 5,000 @ 1,187.00p Value: £59,350