Two City of London directors dispose of beneficial interests

6th Sep 2012 17:10

Two directors of emerging markets-focused investment group City of London disposed of beneficial interests they have in the company on Wednesday, just two days after the firm's full-year results revealed a large decline in funds under management (FuM).Non-executive director David Cardale and Finance Director Doug Allison sold a total of 153,125 shares in the company in order to fund personal property projects, City of London said.Cardale disposed 53,125 for 325p a piece generating £172,656, leaving his resultant holding at 53,125, equal to 0.2% of the issued share capital.Meanwhile, Allison, who is the Chief Executive Designate, disposed of beneficial interest in 100,000 shares for 325p a share for £325,000. His remaining stake was 314,375, equal to 1.17% of the company. In addition to his direct holding in the company, he also holds options over 51,000 ordinary shares.City of London said on Monday that FuM fell 23% in the year to May 31st to $4.5bn, from $5.8bn previously, as the MSCI Emerging Markets Index fell 20% over the period. Pre-tax profits fell from £13.1m to £11.5m year-on-year.The company said in a statement on Thursday: "Apart from the stated intention of [Chief Executive Officer] Barry Olliff to sell shares at specific prices significantly higher than the current market price, no Director of City of London, including Doug Allison and David Cardale, has any current intention to reduce his or her holdings."In other news, Diane Briere de l'Isle, the wife of Admiral's Chief Executive Henry Engelhardt, made her second purchase of shares in the car insurer this week following her near-£1.6m transaction on Tuesday (through the purchase of 144,348 shares at 1,107p each).However, this buy was a bit less spectacular, worth a total of £22,731 after she bought 2,059 shares at 1,104p each.Following these transactions, 'Henry Engelhardt and Family' holdings now total 37,959,972 ordinary shares in the firm, equal to just over 14% of the entire issued share capital. Top Director BuysCash Converters International Ltd (CCVU) Director name: Mr Peter CuminsAmount purchased: 100,000 @ 50.64p Value: £50,640Carclo (CAR) Director name: Mr Michael DerbyshireAmount purchased: 10,000 @ 436.00p Value: £43,600Admiral Group (ADM) Director name: Mr Henry EngelhardtAmount purchased: 2,059 @ 1,104.00p Value: £22,731Craneware (CRW) Director name: Mr Keith NeilsonAmount purchased: 5,270 @ 375.96p Value: £19,813Top Director SellsCity of London Investment Group (CLIG) Director name: Mr Douglas F AllisonAmount sold: 100,000 @ 325.00p Value: £325,000City of London Investment Group (CLIG) Director name: Mr David M CardaleAmount sold: 53,125 @ 325.00p Value: £172,656Qatar Investment Fund (QIF) Director name: Mr David von SimsonAmount sold: 75,000 @ $0.90 Value: $67,500