Pace Chief builds stake after impressive round of results

10th Mar 2014 15:58

Michael Pulli, the Chief Executive Officer of Pace, on Monday announced he had increased his interest in the subscription television, telephony and broadband services technology design group. FTSE 250-listed Pace said he maintained 182,098 shares awarded to him under the 2011 deferred share plan, while at the same time selling £257,721-worth of shares in the group to cover the tax liabilities arising upon the vesting of the nil cost  shares.Pulli sold a total of 59,575 shares at 432.60p each.A week earlier the group posted a 2.7% rise in annual revenue to $2.46bn.The company achieved adjusted earnings before interest, tax and amortisation (EBITA) of $194.6m in the year through December 2013, up 22.5% on 2012, driven by demand for pay TV hardware.During the period the group worked to cut operating expenses by $16.2m as part of its transformation, helping to boost profit after tax by 65.6% to $96.7m.The firm also purchased US-based network gear maker Aurora Networks for $310m in October in a bid to diversity its products. Top Director BuysTungsten Corporation (TUNG) Director name: Mr Edmund TruellAmount purchased: 9,400 @ 279.00p Value: £26,226Berkeley Group Holdings (The) (BKG) Director name: Mr Gregory J FryAmount purchased: 922 @ 2,696.00p Value: £24,857Top Director SellsBunzl (BNZL) Director name: Mr Patrick LarmonAmount sold: 56,500 @ 1,595.00p Value: £901,175Rotork (ROR) Director name: Mr Peter FranceAmount sold: 12,735 @ 2,763.00p Value: £351,868Direct Line Insurance Group (DLG) Director name: Mr Paul GeddesAmount sold: 129,216 @ 265.00p Value: £342,422Pace (PIC) Director name: Mr Mike PulliAmount sold: 59,575 @ 432.60p Value: £257,721Rotork (ROR) Director name: Mr Jonathan DavisAmount sold: 8,430 @ 2,763.00p Value: £232,921Menzies(John) (MNZS) Director name: Mr David McIntoshAmount sold: 31,529 @ 640.00p Value: £201,786Rotork (ROR) Director name: Dr Graham OgdenAmount sold: 7,294 @ 2,763.00p Value: £201,533Jupiter Second Split Trust ZDP Shares (JSSZ) Director name: Mr Harry D HillAmount sold: 354,299 @ 39.52p Value: £140,019Rotork (ROR) Director name: Mr Robert H (Bob) ArnoldAmount sold: 3,246 @ 2,763.00p Value: £89,687Rotork (ROR) Director name: Mr Stephen Rhys JonesAmount sold: 3,171 @ 2,763.00p Value: £87,615NR