Tikit chairman trebles stake

30th Nov 2010 16:34

Mike McGoun, the non-executive chairman of IT services provider Tikit has invested £1.1m in the company. Tikit supplies software and services to legal and accountancy firms. McGoun has been its chairman since 1997. He has bought 497,833 shares at 221p each. That gives him 5% of Tikit. He appears to have bought most of the shares from his son Miles McGoun, who has sold 485,833 shares, which is the vast majority of his holding. Mike McGoun transferred 480,000 shares to Miles McGoun on 4 April 2008 taking the latter's stake to 500,770 shares. At that point Mike McGoun was left with 80,000 shares but he has been buying shares since then. McGoun had sold 448,050 shares at 305p each less than one year earlier. Tikit is recovering strongly after a tough period during the recession. Revenues edged up from £13.1m to £13.2m in the six months to June 2010, while cost cutting helped underlying profit jump from £1.16m to £1.65m. Recurring revenues are 53% of total revenues and Tikit has been selling more of its own software. Consultancy revenues were lower but staff numbers were cut. The interim dividend, which was maintained last year, was pushed up from 1.9p a share to 2p a share.Top Director BuysTikit Group (TIK) Director name: Mr Michael McGounAmount purchased: 497,833 @ 221.00p Value: £1,100,211Hiscox Ltd. (HSX) Director name: Mr Daniel HealyAmount purchased: 45,000 @ 347.92p Value: £156,564Chaarat Gold Holdings Ltd. (DI) (CGH) Director name: Ms Linda NaylorAmount purchased: 100,000 @ 52.50p Value: £52,500Nasstar (NASA) Director name: Mr Maurice Anthony EveAmount purchased: 81,355 @ 14.75p Value: £12,000Top Director SellsDiscovery Metals Ltd. (CDI) (DME) Director name: Mr John Thomas ShawAmount sold: 100,000 @ 76.69p Value: £76,690Chaarat Gold Holdings Ltd. (DI) (CGH) Director name: Mr Dekel GolanAmount sold: 100,000 @ 52.50p Value: £52,500John Menzies (MNZS) Director name: Mr Ian C L HarrisonAmount sold: 2,500 @ 474.00p Value: £11,850