Big buys for Titan chiefs

Published on Saturday 22 November 2008 13:16

TITAN Europe, which makes wheels for tractors and earth-moving vehicles, has seen its market value plummet in the past year.

The downturn in the construction sector and the ending of potential bid talks have left the shares standing almost 90% below their high point.

Despite the falls the company recently said it was satisfied with current prospects, and buying activity by two directors suggests they also have confidence in its long-term prospects.

Last week chief executive John Akers and finance director Vincent Wicks bought a combined 75,000 shares at 15p each for their pension fund.

Earlier in the month they had together bought 100,000 shares at the same price.

&#149 Five directors at Glasgow-based packaging group Macfarlane, led by chief executive Peter Atkinson, bought a combined 495,000 shares at 17.5p following a trading update last week.

The company said despite difficult economic conditions, pre-tax profit continues to be significantly ahead of last year.

&#149 Robert Beeston, chairman of ceramics group Cookson, has upped his stake following another hefty fall in the company's share price.

He bought 75,000 shares at 113.7p each to take his holding to 175,000.

&#149 Andy Booker, chief financial officer at Northern Foods, has taken his first stake in the company, which is behind brands including Goodfella's pizzas and Holland's pies.

He bought 200,000 shares at 53.7p each.

&#149 A clutch of directors at Dairy Crest went into the market following a profits warning.

Executive managing director Martin Oakes bought 19,787 shares at 200p, non-executive director David Richardson bought 12,367 and finance director Alastair Murray, chairman Simon Oliver and managing director Martyn Wilks each bought 10,000 shares at the same price.

The dairy group recently warned profits for 2009 will be around 10% lower than last year.