2nd Oct 2015 08:29
LONDON (Alliance News) - Another member of the board of Glencore PLC has acquired shares in the company, the multi-commodities miner and trading house said on Friday, adding to two notable share purchases already carried out this week.
William Macauley, an independent non-executive director, bought 1.7 million Glencore shares for 90.91 pence per share on Thursday, giving the transaction a total value of GBP1.5 million. Glencore did not provide any details on his total holding.
Macauley is the chairman and chief executive of buyout house First Reserve Corp.
He is the third board member to buy shares in Glencore in what has been a turbulent week for the business. The week kicked off with a massive fall in FTSE 100 company's share price on Monday, down 29%, after Investec raised concerns that Glencore's equity value could all but "evaporate" should commodity prices remain low and should it fail to undertaken substantial restructuring of its debt obligations.
A good portion of those falls were pulled back on Tuesday and Wednesday, when Glencore defended its financial position and said it remains confident in its outlook.
Macauley's purchase is comfortably the biggest made by one of the company's directors this week, following on from two others already completed.
On Wednesday, Chairman Tony Hayward acquired 100,000 shares in the company for 90.89 pence per share, worth GBP90,890. Hayward also is the chairman of oil and gas company Genel Energy PLC and was the chief executive of oil major BP PLC when the Gulf of Mexico oil spill occurred in 2010.
That was followed on Thursday by Independent Non-Executive Director John Mack, who bought 550,000 shares in the company for 80.78 pence per share, giving the acquisition a total value of GBP444,290.
Mack is the former chief executive and chairman of US investment bank Morgan Stanley and was at the helm of Morgan Stanley when Lehman Brothers collapsed in 2008, sparking the global financial crisis. He stepped down as the bank's chief executive in 2009 and retired as chairman in 2011.
Glencore shares were up 0.7% to 91.61 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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