LONDON (ShareCast) - Simon Bax, a Non-Executive Director of Inmarsat, the UK-based satellite telecommunications company, on Friday acquired 1,500 shares, doubling his stake in the FTSE 250-listed group.

Together with his wife, Bax bought the stock at 752.50p a piece for a total trade value of £11,287.50.

The deal comes after the group last month warned that 2014 profits would not only be squeezed by the well-flagged delays to its next-generation satellite, but also by extra costs from other projects and lower spending from the US government.

The company said it was on target to achieve its full-year objectives after third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 3.6% on revenues that were down 5.8% to $306.9m, below analyst expectations.

December has been a busy month for the group, with the launch of the Inmarsat 5 F1 satellite confirmed, acquired Globe Wireless, a provider of maritime communications services to the shipping market, and also signed a strategic distribution partnership agreement for the game-changing Global Xpress service with pace technology firm Astrium Services.

Elsewhere, Tom Albanese, advisor to Vedanta Resources, has acquired a further 25,163 shares in the group, adding to the 9,587 he purchased last week. He now holds a total of 65,250 shares.


Top Director Buys

Seeing Machines Ltd. (SEE)
Director name: Mr Michael Gerald Roberts
Amount purchased: 1,265,926 @ 3.75p
Value: £47,472

Inmarsat (ISAT)
Director name: Mr Simon Bax
Amount purchased: 1,500 @ 752.50p
Value: £11,288


Top Director Sells

Baronsmead VCT 3 (BMD)
Director name: Mrs Gillian Nott
Amount sold: 25,461 @ 106.12p
Value: £27,019

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