3rd Nov 2015 10:55
LONDON (Alliance News) - Northbridge Industrial Services PLC on Tuesday said that Chairman Peter Harris and Chief Executive Eric Hook have increased their shareholdings in the company.
The director dealings come just shy of two weeks since the industrial services and rental company made a note of a decline in its share price, and said it knew no specific reason for the movement.
At the end of September, Craig Robinson left his role as finance director in order to cut costs as Northbridge said it swung to a GBP2.1 million pretax loss in the six months to June 30 from a GBP3.3 million pretax profit in the corresponding half the prior year, amid tough market conditions for the parts of the company involved in the oil and gas industry, which has suffered from a slump in the price of crude oil.
Harris now owns 6.7% of the company, following the purchase of 100,000 shares. His resulting stake consists of slightly more than 1.2 million shares.
CEO Hook bought 150,000 shares to give himself a total of 500,000 shares in the company, equivalent to a 2.7% stake.
In addition, Western Selection PLC, which is chaired by Northbridge Non-Executive Director David Marshall, bought 600,000 shares. That means Western Selection now owns 13.6% of Northbridge.
The shares were bought on Monday at 70 pence each, valuing the combined purchase at GBP595,000.
Shares in Northbridge were up 21% at 86.20p on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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