LONDON (ShareCast) - Having hit their highest point since early 2005, shares in Lombard Risk Management stumbled slightly on Wednesday after non-executive director John McCormick sold not far off half his stake in the company for over £0.5m.
McCormick sold 4m shares at a price of 13p per share, missing out on the multi-year 14.15p high the shares touched on Friday.

Following the sale, McCormick, who has only been on the board for a year after leaving a 16-year career at Royal Bank of Scotland, still held onto 5.1m shares, representing a 1.93% stake.

AIM-listed Lombard, which provides risk management and regulatory compliance solutions to the financial services industry and large corporations, has bounced back strongly from a 9.6p low in April following the surprise resignation of finance director Paul Tuson.

With drivers such as new regulation coming through in the UK and Europe, especially in the banking sector, October's interims saw revenue up 28% and supported by a strong order book of contracted revenue.

The regulatory programme for the European Banking Authority's common reporting (COREP) guidelines exceeded management expectation with 121 clients signed up, with 62 for new names.

November saw Lombard agree a collaboration with Nasdaq-listed business process outsourcing group Genpact to provide the Lombard's Colline collateral management product, driving shares to their recent heights, leaving McCormick's decision looking a strange one.

Top Director Buys

Acorn Income Fund Ld (AIF)
Director name: Mr David Warr
Amount purchased: 33,000 @ 298.00p
Value: £98,340

Exova Group (EXO)
Director name: Mr Allister G Langlands
Amount purchased: 50,000 @ 163.10p
Value: £81,550

FirstGroup (FGP)
Director name: Mr John McFarlane
Amount purchased: 10,472 @ 108.60p
Value: £11,373


Top Director Sells

Associated British Foods (ABF)
Director name: Mr John Bason
Amount sold: 99,614 @ 3,067.10p
Value: £3,055,261

Associated British Foods (ABF)
Director name: Mr George G Weston
Amount sold: 78,541 @ 3,067.10p
Value: £2,408,931

Lombard Risk Management (LRM)
Director name: Mr John McCormick
Amount sold: 4,000,000 @ 13.00p
Value: £520,000

London Stock Exchange Group (LSE)
Director name: Mr Raffaele Jerusalmi
Amount sold: 15,000 @ 2,190.00p
Value: £328,500

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