Director Dealings: Kofax chiefs up stakes after shares double in value

SEVERAL directors at document-scanning software company Kofax have been upping their stakes in recent weeks.

The purchases follow the recent announcement of plans to buy Massachusetts-based imaging software group Atalasoft.

Kofax will pay $5.5 million (3.37m) upfront for Atalasoft, with additional payments of up to $4.2m over the next two and a half years, subject to specific revenue and earnings targets.

Despite shares in the company doubling over the past year, board members have spent heavily to increase their holdings.

Last week, non-executive director Chris Conway bought 10,000 shares at 485p each to take his stake up to 275,000 shares. Chief executive Reynolds Bish also recently bought 10,000 shares to increase his holding to 36,150 shares.

Last month, chairman Greg Lock purchased 9,000 shares at 463.7p each and now holds 500,000 shares.

In April the firm said trading in the third quarter of the previous year was in line with expectations. It expects revenues to increase by around 14 per cent in the 12 months ending 30 June.

• John Connolly, recently appointed chairman at engineering group Amec, has doubled his stake in the company.

He bought 17,500 shares at 1,118p a time in the group, which recently reported an increased order book for the current year and said trading had been in line with expectations so far this year.

• Alan Kelsey, a non-executive director with logistics group Stobart, has bought 55,000 shares at 139p each. He joined the board in May.

• Frank Martin, chief executive of model trains specialist Hornby, has increased his holding.

Martin bought 20,000 shares at 142p each to increase his stake to 374,092 shares.

The company recently reported a fall in sales in its latest financial year but said supply issues rather than lack of demand were to blame.

• Lubna Olayan, a non-executive director at global advertising group WPP, has bought her first shares.

She purchased 10,000 shares at 738.5p each.

• Shares in construction group Galliford Try, owner of Morrison Construction in Scotland, have performed strongly so far this year.

Despite the rise, chief executive Greg Fitzgerald last week spent heavily to increase his stake in the business.

He bought 83,675 shares at 487p each to increase his holding to 748,285.

The company recently said it expects full-year results to be significantly ahead of market expectations.

Broker Peel Hunt last week upgraded its forecasts for the group and highlighted the company's high yield and lack of debt. Shares in the company have risen by more than 50 per cent over the past year.