Premier Foods director spoons up more shares

11th Nov 2011 10:43

Bob Spooner, group operations director of Premier Foods, has served himself £13,350 worth of shares, just days after the struggling firm was given a bit of breathing space by its bankers.The bankers have 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. No doubt feeling relieved at this decision, Spooner pocketed 300,000 shares at 4.45p, his second purchase this fortnight, taking his total holding to 800,000 shares. 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. Speaking at the time, Investec analyst Martin Deboo said it was a question of "whether this company can survive". Investors appear to have kept their faith in the company, however, with shares soaring 69% in the past week. Top Director BuysSterling Energy (SEY) Director name: Mr Angus MacAskillAmount purchased: 100,000 @ 41.88p Value: £41,880Sterling Energy (SEY) Director name: Mr Malcolm Hood PattinsonAmount purchased: 50,000 @ 42.75p Value: £21,375Tristel (TSTL) Director name: Mr Francisco Angel SolerAmount purchased: 50,000 @ 39.60p Value: £19,800Premier Foods (PFD) Director name: Mr Bob SpoonerAmount purchased: 300,000 @ 4.45p Value: £13,350Top Director SellsMedusa Mining Ltd. (DI) (MML) Director name: Mr Geoffrey John DavisAmount sold: 1,000,000 @ 428.16p Value: £4,281,600Victoria Oil & Gas (VOG) Director name: Mr Grant C ManheimAmount sold: 4,800,000 @ 4.12p Value: £197,760