Stobart sells shares in family company

23rd Jun 2010 16:59

William Stobart sold 750,000 shares in transport group Stobart Group just in time to take advantage of the old capital gains tax regime. The sale at 145p a share raised £1.09m for Stobart, who is chief operating officer of Stobert Group. This disposal will attract capital gains tax at the rate of 18% and not the new higher tax rate of 28%. Stobart Group reported a profit before tax of £34.1m in the year to 28 February 2010, up from £22.1m in 2008-09 despite difficult trading conditions and the bad winter. That profit was boosted by a £8.26m gain from the disposal of assets in Widnes. There were restructuring charges of £2.7m in each of the past two years. Stobart Group paid dividends totalling 6p a share last year. Stobart Group believes that it can hold down its costs and improve margins this year. Analysts forecast profits of between £32m and £36m this year. The Stobart Group share price has risen by two-fifths over the past year. Top Director BuysCable & Wireless Communications (CWC) Director name: Mr William Anthony RiceAmount purchased: 2,000,000 @ 59.92p Value: £1,198,400Norcros (NXR) Director name: Mr David HamiltonAmount purchased: 477,083 @ 8.00p Value: £38,167Speymill Deutsche Immobilien (SDIC) Director name: Mr James (Jim) MellonAmount purchased: 500,000 @ € 0.07 Value: € 35,000Norcros (NXR) Director name: Mr Les Tench Amount purchased: 437,500 @ 8.00p Value: £35,000Town Centre Securities (TCSC) Director name: Mr Edward Max ZiffAmount purchased: 15,000 @ 144.00p Value: £21,600Barratt Developments (BDEV) Director name: Ms Tessa BamfordAmount purchased: 10,000 @ 109.00p Value: £10,900Top Director SellsStobart Group Ltd. (STOB) Director name: Mr William StobartAmount sold: 750,000 @ 145.00p Value: £1,087,500Bankers Petroleum Ltd (BNK) Director name: Mr Jonathan P HarrisAmount sold: 30,000 @ 527.73p Value: £158,319