Non-exec's firm cashes in at Lancashire

28th Jun 2010 16:33

Lancashire Holdings non-executive director Barry Volpert is chief executive of private equity firm Crestview, which has raised more than £4.7m from the sale of shares in the property, aviation and marine insurer. The share prices of the five separate disposals varied from 497p to just over 500p. Crestview still owns 3.6% of Lancashire. In a separate deal, Lancashire bought back 88,181 shares at 497.3p each. It bought back $12.9m worth of shares in the first quarter of 2010. Finance director Neil McConachie has sold 18,235 shares at 498p a share to raised £90,810. This is his second sale in June having raised just over £373,000 from the sale of 75,000 shares at 497.5p a share on the seventeenth. McConachie has been with Lancashire since February 2006. Bermuda-based Lancashire switched from AIM to the Main Market in March 2009. The last AIM share price was 470p a share but in January a special dividend of 76p a share was paid. That was followed by a final dividend of 6.4p a share in April. Lancashire had a book value per share of $7.38 at the end of March 2010. Net premiums written more than doubled from $99.2m to $203.5m in the first quarter of 2010. Lancashire has secured a $200m two year credit facility with Lloyds and will report its second quarter figures on 5 August. Top Director BuysMid Wynd International Inv Trust (MWY) Director name: Mr Russell Napier Amount purchased: 5,175 @ 940.00p Value: £48,645Tristel (TSTL) Director name: Mr Francisco Angel SolerAmount purchased: 75,000 @ 53.00p Value: £39,750Chemring Group (CHG) Director name: Mr Kenneth C ScobieAmount purchased: 1,000 @ 2,992.00p Value: £29,920Chemring Group (CHG) Director name: Mr Kenneth C ScobieAmount purchased: 1,000 @ 2,979.00p Value: £29,790Trinity Mirror (TNI) Director name: Mrs Sylvia (Sly) BaileyAmount purchased: 33,724 @ 73.50p Value: £24,787Trinity Mirror (TNI) Director name: Sir Sir Ian GibsonAmount purchased: 26,854 @ 74.10p Value: £19,899Chamberlin and Hill (CMH) Director name: Mr Tom BrownAmount purchased: 15,000 @ 74.00p Value: £11,100Top Director SellsLancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 589,808 @ 500.00p Value: £2,949,040Lancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 157,863 @ 500.00p Value: £789,315Lancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 104,694 @ 500.42p Value: £523,910New World Resources (NWR) Director name: Mr Steven SchuitAmount sold: 60,000 @ 712.90p Value: £427,740Sainsbury (J) (SBRY) Director name: Mr Roger BurnleyAmount sold: 100,000 @ 326.10p Value: £326,100Lancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 48,630 @ 497.03p Value: £241,706Lancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 41,683 @ 497.02p Value: £207,173Lancashire Holdings (LRE) Director name: Mr Neil William McConachieAmount sold: 18,235 @ 498.00p Value: £90,810Discovery Metals (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 101,219 @ 62.27p Value: £63,029Discovery Metals (CDI) (DME) Director name: Mr Gordon GaltAmount sold: 100,000 @ 61.77p Value: £61,770