Premier Foods director bites again

18th Nov 2011 16:02

Ian Deste, group sales director at struggling firm Premier Foods, has served himself up a helping of shares. The director purchased 186,746 shares 5.20p just a few weeks after the firm's bankers agreed to defer the company's end-of-year loan covenant tests by three months, in a move which forms part of the company's discussions about longer term refinancing of the group's debt and confirms ongoing bank support for the business.In October the company, which has lost 71% on its share price in the past year, issued a profits-warning after struggling with rising raw material costs hit third quarter results. Earlier this week, broker UBS said of the company, "the banks overriding priority must be to get their money back as quickly as possible and whilst this requires Premier to make profits/ generate cash, we are concerned that the interests of equity shareholders are now subordinate." Top Director BuysPersonal Assets Trust (PNL) Director name: Mr Stuart Paul Amount purchased: 640 @ 33,470.00p Value: £214,208E2V Technologies (E2V) Director name: Mr Keith AtwoodAmount purchased: 91,135 @ 110.73p Value: £100,914Chemring Group (CHG) Director name: Mr Peter HicksonAmount purchased: 25,000 @ 395.00p Value: £98,750E2V Technologies (E2V) Director name: Mr Charles HindsonAmount purchased: 60,000 @ 109.17p Value: £65,502office2office (OFF) Director name: Mr James L (Jim) CohenAmount purchased: 27,100 @ 146.50p Value: £39,702E2V Technologies (E2V) Director name: Mr Charles HindsonAmount purchased: 30,000 @ 110.00p Value: £33,000Mears Group (MER) Director name: Mr David MilesAmount purchased: 10,000 @ 214.37p Value: £21,437Chemring Group (CHG) Director name: Dr Dr David PriceAmount purchased: 4,000 @ 398.10p Value: £15,924office2office (OFF) Director name: Mr Simon MoateAmount purchased: 10,000 @ 146.00p Value: £14,600Top Director SellsDiageo (DGE) Director name: Mr Philip G ScottAmount sold: 15,000 @ 1,327.00p Value: £199,050NR