LONDON (ShareCast) - Speciality drugs firm Alliance Pharma announced Monday that Executive Director Anthony Booley's share in the company was reduced by 300,000 shares after his wife Lynette sold a portion of her stake.
Booley, who joined the company in 1998, and his wife earned £100,500 from the sale after disposing of the shares at 33.50p a piece.
The transaction was made on Friday, just a few days after the company revealed it would hit its profit expectations for 2013.
Alliance said annual turnover was expected to hit £45.5m, up marginally from the £44.9m of the year before, with pre-tax profits in line with current market expectations.
The company also announced the acquisition on Tuesday of rights to thyroid product Irenat from Germany’s Bayer, in addition to December’s acquisition of popular lip balm Lypsyl.
Based on the latest full-year sales figures, Lypsyl adds around £1.2m of annual revenue with Irenat bringing a further 0.8m euro.
Despite the positivity of the statement, broker Investec issued a 'sell' recommendation on the shares, saying: "Although the company is cash generative and has debt facilities to provide firepower for acquisitions, we think these will be required to support current forecasts. This, alongside our valuation model indicating that the shares look over-rated, suggests it is time to take profits."
Booley's share sale did little to boost sentiment, with the share price falling 2% on Monday.
Top Director Buys
Falkland Islands Holdings (FKL)
Director name: Mr John Laurence Foster
Amount purchased: 10,000 @ 338.00p
Value: £33,800
North Atlantic Smaller Companies Inv Trust (NAS)
Director name: Mr Christopher H B Mills
Amount purchased: 2,000 @ 1,575.00p
Value: £31,500
Majestic Wine (MJW)
Director name: Mr Ian Harding
Amount purchased: 5,000 @ 500.00p
Value: £25,000
Top Director Sells
ITE Group (ITE)
Director name: Mr Neil Jones
Amount sold: 42,000 @ 311.00p
Value: £130,620
Alliance Pharma (APH)
Director name: Mr Tony Booley
Amount sold: 300,000 @ 33.50p
Value: £100,500
First Derivatives (FDP)
Director name: Mr David Anderson
Amount sold: 2,500 @ 1,356.00p
Value: £33,900
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