Sage Chairman makes most of lower share price after CEO retirement news

9th May 2014 16:14

Sage Chairman Donald Brydon has purchased 15,000 shares in the company following the surprise announcement of the retirement of its Chief Executive Officer (CEO) by March next year. The FTSE-100 software firm saw its shares spiral following the news, despite it also reporting a 5% increase in half-year revenue, driven by strong growth in software subscription. Brydon paid 390.20p a share for a total spend of £58,530, reflecting yesterday's slump of around 27p. On Thursday the group revealed its organic revenue had risen to £657m for the six months ended March 31st from £626m the same time a year earlier. Operating profit rose to £180m from £165m and underlying basic earnings per share rose 8.3% to 11.12p. The Newcastle-upon-Tyne group said statutory revenue fell 7% to £657m while profit before income tax came in at £165m compared to an £8m loss the year before due to an exceptional item of £180m relating to disposals.Top Director BuysRotala (ROL) Director name: Mr John GunnAmount purchased: 1,050,000 @ 50.00p Value: £525,000Schroders (Non-Voting) (SDRC) Director name: Mr Philip MallinckrodtAmount purchased: 7,800 @ 2,005.00p Value: £156,390Sage Group (SGE) Director name: Mr Donald H BrydonAmount purchased: 15,000 @ 390.20p Value: £58,530Kofax Limited (DI) (KFX) Director name: Mr Joe RoseAmount purchased: 8,000 @ 402.87p Value: £32,230Azonto Petroleum Ltd (DI) (AZO) Director name: Mr Andrew RoseAmount purchased: 2,400,000 @ 1.25p Value: £30,000Azonto Petroleum Ltd (DI) (AZO) Director name: Mr Robert James ShepherdAmount purchased: 2,400,000 @ 1.25p Value: £30,000BlackRock Greater Europe Inv Trust (BRGE) Director name: Miss Carol FergusonAmount purchased: 9,600 @ 233.00p Value: £22,368S&U (SUS) Director name: Mr Anthony M V CoombsAmount purchased: 600 @ 1,910.00p Value: £11,460Top Director SellsCLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount sold: 381,218 @ 1,495.00p Value: £5,699,209Reckitt Benckiser Group (RB.) Director name: Mr Rakesh KapoorAmount sold: 11,300 @ 4,828.72p Value: £545,645CRH (CRH) Director name: Mr Mark S ToweAmount sold: 18,000 @ 1,663.40p Value: £299,412CLS Holdings (CLI) Director name: Mr Thomas J ThomsonAmount sold: 1,399 @ 1,495.00p Value: £20,915CLS Holdings (CLI) Director name: Mr H O Thomas LundqvistAmount sold: 1,356 @ 1,495.00p Value: £20,272NRNR