Director Dealings: Provexis chief ready to run with elite athlete products

HEALTH supplements developer Provexis recently announced the acquisition of a company that specialises in manufacturing products for elite athletes.

The Aim-quoted company believes the 8 million deal to buy Science in Sport will benefit it by providing a strong revenue stream and profits to balance its longer-term product development work. It also said it believed there were strong synergies between the two operations with potential for working together on new products.

Provexis announced a 2.5m share placing to help fund the deal, which was announced last month as it also revealed that losses before tax in the year to 31 March had widened to 2.3m from 1.7m last year after an increase in research and development costs.

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Science in Sport, based in Lancashire, produces sports nutrition products for professional athletes, including Olympians and professional cyclists and triathletes.

Following the announcement of the deal, chief operating officer Steven Morrison has purchased 153,971 shares at a price of 1.93p each. The investment raised his stake to 1.8 million shares.

Shares in the company have fallen by more than half in the past year.

• David Bestwick, technical director at satellite broadband operator Avanti Communications, has upped his holding with the purchase of 10,000 shares at 359p each.

• Bill Caplan, regional director for Europe and the Middle East at Glasgow-based temporary power supplier Aggreko, has bought 5,472 shares at 1,825p each, taking his holding to 26,172.

• Finance director James Geddes sold 20,000 shares in market research firm BrianJuicer for 290p, netting 58,000.

• Terrace Hill executive chairman Robert Adair has snapped up a further 150,000 shares in the London-based but Glasgow-registered property company at 23.25p each for his self-invested pension plan (Sipp). The purchase takes Adair's holding in the company to 130,241,239 shares or 61.4 per cent.

• A pair of directors at miner Red Rock Resources have sold shares worth more than 70,000. Chairman Andrew Bell parted with 800,000 shares at 6p each, while fellow executive board member Manoli Yannaghas sold 375,000 for 5.9p each.

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• Pennon, which owns South West Water and waste manager Viridor, said three of its directors have disposed of shares at 659.51p each. Viridor chief executive Colin Drummond sold 11,876 shares, while finance director David Dupont shed 10,996 and South West Water chief executive Christopher Loughlin sold 9,780.

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