Petroceltic chief increases holding after Dragon Oil walks away from potential bid

1st Dec 2014 16:05

Brian O'Cathain, the chief executive officer of Petroceltic, made a show of faith in the oil group on Monday after learning that Dragon Oil was no longer planning to make an offer for the company.O'Cathain, who took up his role in 2007, spent £123,512 purchasing 106,660 shares at 115.8p, taking his total holding to 377,733.Ireland-based producer Dragon Oil said it had decided not to proceed with the proposed takeover of Petroceltic due to weak market conditions.The two firms first announced that they had opened negotiations for a proposed takeover on 6 October, which would have valued Petroceltic at 230p per share.Petroceltic said it remained confident in the "ongoing execution of its strategy as an independent company".Top Director BuysPetroceltic International (PCI) Director name: Mr Brian O'CathainAmount purchased: 106,660 @ 115.80p Value: £123,512Countrywide (CWD) Director name: Mr David WatsonAmount purchased: 3,538 @ 421.46p Value: £14,911Fisher (James) & Sons (FSJ) Director name: Mr Charles J RiceAmount purchased: 1,422 @ 1,042.00p Value: £14,817Top Director SellsAvon Rubber (AVON) Director name: Mr Peter SlabbertAmount sold: 104,548 @ 372.00p Value: £388,919Essentra (ESNT) Director name: Mr Matthew GregoryAmount sold: 48,277 @ 781.60p Value: £377,333Essentra (ESNT) Director name: Mr Matthew GregoryAmount sold: 43,280 @ 781.60p Value: £338,276Essentra (ESNT) Director name: Mr Matthew GregoryAmount sold: 40,280 @ 781.60p Value: £314,828Essentra (ESNT) Director name: Mr Matthew GregoryAmount sold: 40,280 @ 781.60p Value: £314,828Dunelm Group (DNLM) Director name: Mr David SteadAmount sold: 32,804 @ 854.57p Value: £280,333Avon Rubber (AVON) Director name: Mr Andrew LewisAmount sold: 62,599 @ 372.00p Value: £232,868Topps Tiles (TPT) Director name: Mr Robert ParkerAmount sold: 40,000 @ 117.00p Value: £46,800