Petrofac director sells before demerger

Michael Press has raised £1.4m from selling shares in oil services provider Petrofac ahead of the proposed demerger of its oil and gas assets.

Press is the senior independent non-executive director on the board of Petrofac. He sold 120,000 shares at 1173.65p each. He retains 120,000 shares. This is the first major sale by a director for nearly 11 months.

Shares in Petrofac have been rising ahead of the demerger of its oil and gas assets.

Petrofac is spinning off its oil and gas assets in a new vehicle called EnQuest. Lundin Petroleum will also contribute its North Sea assets to EnQuest.

The Petrofac share price is around RBS's sum of the parts valuation of 1,230p a share.

Top Director Buys

Investec (INVP)
Director name: Mr Ian Kantor
Amount purchased: 2,000,000 @ 520.00p
Value: £10,400,000

Nestor Healthcare (NSR)
Director name: Mr Roger Dye
Amount purchased: 100,000 @ 52.00p
Value: £52,000

Nestor Healthcare (NSR)
Director name: Mr John Rennocks
Amount purchased: 81,500 @ 51.90p
Value: £42,298

Amino Technologies (AMO)
Director name: Mr Peter Murphy
Amount purchased: 100,000 @ 30.00p
Value: £30,000

CLS Holdings (CLI)
Director name: Mr John Whiteley
Amount purchased: 5,000 @ 513.00p
Value: £25,650

Edinburgh Worldwide Inv Trust (EWI)
Director name: Mr David A Coltman
Amount purchased: 10,000 @ 255.00p
Value: £25,500

CLS Holdings (CLI)
Director name: Mr H O Thomas Lundqvist
Amount purchased: 5,000 @ 470.00p
Value: £23,500

Somero Enterprises (Reg S) (SOM)
Director name: Mr Lawrence Horsch
Amount purchased: 128,000 @ 15.00p
Value: £19,200

Nestor Healthcare (NSR)
Director name: Mr M A Ellis
Amount purchased: 25,024 @ 51.95p
Value: £13,000


Top Director Sells

GlobeOp Financial Services (GO.)
Director name: Mr Jonathan Meeks
Amount sold: 5,000,000 @ 257.00p
Value: £12,850,000

SABMiller (SAB)
Director name: Mr M I Wyman
Amount sold: 93,800 @ 1,889.26p
Value: £1,772,126

Morrison (Wm) Supermarkets (MRW)
Director name: Mr Mark Gunter
Amount sold: 480,000 @ 300.00p
Value: £1,440,000

Petrofac Ltd (PFC)
Director name: Mr Michael Warner Press
Amount sold: 120,000 @ 1,173.65p
Value: £1,408,380

SABMiller (SAB)
Director name: Mr Tony van Kralingen
Amount sold: 53,345 @ 1,883.12p
Value: £1,004,550

RSA Insurance Group (RSA)
Director name: Mr Andrew K Haste
Amount sold: 583,930 @ 123.26p
Value: £719,752

SABMiller (SAB)
Director name: Mr John Davidson
Amount sold: 28,256 @ 1,883.12p
Value: £532,094

AssetCo (ASTO)
Director name: Mr John Shannon
Amount sold: 777,777 @ 61.00p
Value: £474,444

Morrison (Wm) Supermarkets (MRW)
Director name: Mr Martyn Jones
Amount sold: 138,000 @ 300.00p
Value: £414,000

RSA Insurance Group (RSA)
Director name: Mr George Culmer
Amount sold: 287,645 @ 123.26p
Value: £354,551