Mondi CEO trades in 50,000 shares

2nd Jan 2014 16:34

David Hathorn, the Chief Executive Officer of international packaging and paper group Mondi, on New Year's Eve reduced his stake in the company by 50,000 shares.Hathorn earned £522,600 from the sale after disposing of each share at 1,045.20p. The trade-in comes just two months after the group reported that its sales volumes in the third quarter were held back by planned maintenance shutdowns at some of its larger sites, although it did say expectations for the full year remained unchanged.Nonetheless, its outlook at the time was cautious, citing a low-growth environment and rising competition in some markets.Adjusted sales volumes in the three months to September 30th were broadly in line with the previous year but below the second quarter due to the scheduled maintenance, in addition to seasonally weaker demand for uncoated fine paper. Despite the weakness on the top line, underlying operating profit rose 25% year-on-year to €172m after "improved market conditions" in the Packaging Paper division and the South Africa region, along with benefits from acquisitions made the year before.Top Director BuysSymphony International Holdings Ltd. (SIHL) Director name: Mr Georges GagnebinAmount purchased: 130,000 @ $0.75 Value: $97,201Assura Group Ltd. (AGR) Director name: Mr Jonathan MurphyAmount purchased: 100,000 @ 38.00p Value: £38,000Invesco Asia Trust (IAT) Director name: Miss Carol FergusonAmount purchased: 20,000 @ 158.52p Value: £31,704Henderson Far East Income Ltd. (HFEL) Director name: Mr David StaplesAmount purchased: 5,700 @ 318.46p Value: £18,152Aberdeen Private Equity Fund Ltd. Sterling Part Shares (APEF) Director name: Mr David StaplesAmount purchased: 20,000 @ 77.51p Value: £15,502Top Director SellsMondi (MNDI) Director name: Mr David A HathornAmount sold: 50,000 @ 1,045.16p Value: £522,580New Europe Property Investments (NEPI) Director name: Mr Dewald JoubertAmount sold: 730 @ € 5.55 Value: € 4,051New Europe Property Investments (NEPI) Director name: Mr Dewald JoubertAmount sold: 400 @ € 5.56 Value: € 2,225Dillistone Group (DSG) Director name: Mr Alexander JamesAmount sold: 20,000 @ 102.00p Value: £20,400NR