Date: Tuesday 12 Jun 2012
LONDON (ShareCast) - Glencore International's Chief Executive Officer Ivan Glasenberg bought himself another chunk of shares in the mining titan, his third in the past week, it was announced on Tuesday.
Since earning a whopping $110m in the latest dividend payout at the start of this month, the director has paid out just over £29.9m, with this latest purchase totalling £9.8m.
Broker Jefferies commented that Glencore's planned merger with sector peer Xstrata has a high probability of being achieved on its original terms.
Jefferies originally believed that Glencore would have to bump up its proposed merger ratio in order to win the approval of Xstrata shareholders. However, now the broker expects that the majority of shareholders who would oppose the merger will have sold their shares by the day of the vote, adding that Glencore's assets offer a lower risk than they previously did.
The broker has maintained its buy ratings on both stocks, despite saying that it expects each stock to underperform the sector in the short term before the crucial shareholder vote.
Xavier Rolet, the Chief Executive of the London Stock Exchange (LSE) has ditched £0.9million-worth of shares which he earned through the firm's long-term incentive plan.
The deal was announced on the same day it was revealed the company is losing its chief financial officer, Doug Webb, as part of a wider management shake up.
Webb joined the firm in 2008, but will step down from the board on July 2nd, and leave the firm on July 31st. He’ll be replaced by David Warren, a recruit from US stock exchange NASDAQ where he has been for 11 years, two of which were spent as a senior adviser.
Rolet said he believes Warren’s international experience would be an asset to the group.
Others being moved around the management chess board include Antoine Shagoury, who becomes Chief Operating Officer, and David Lester who gets the Director of Strategic Development brief.
Top Director Buys
Glencore International (GLEN)
Director name: Mr Ivan Glasenberg
Amount purchased: 2,700,000 @ 364.81p
Value: £9,849,870
G4S (GFS)
Director name: Mr John Connolly
Amount purchased: 100,000 @ 278.60p
Value: £278,600
Ashmore Global Opportunities Ltd USD Shares (AGOU)
Director name: Mr Jonathan Agnew
Amount purchased: 15,000 @ $5.10
Value: $76,500
Severfield-Rowen (SFR)
Director name: Mr Tom Haughey
Amount purchased: 20,000 @ 147.15p
Value: £29,430
Weir Group (WEIR)
Director name: Mr Keith Ruddock
Amount purchased: 2,000 @ 1,420.80p
Value: £28,416
Chesnara (CSN)
Director name: Mr Ken Romney
Amount purchased: 9,000 @ 174.61p
Value: £15,715
Top Director Sells
London Stock Exchange Group (LSE)
Director name: Mr Xavier Rolet
Amount sold: 96,683 @ 975.00p
Value: £942,659
News Corp. 'A' Shares (NCRA)
Director name: Mr Lachlan Murdoch
Amount sold: 17,000 @ $19.55
Value: $332,350
Private Equity Investor (PEQ)
Director name: Mr Charles Julian Cazalet
Amount sold: 29,632 @ 241.66p
Value: £71,609
Ashmore Global Opportunities Ltd GBP Shares (AGOL)
Director name: Mr Jonathan Agnew
Amount sold: 10,000 @ 532.50p
Value: £53,250
Private Equity Investor (PEQ)
Director name: Mr Peter Dicks
Amount sold: 4,823 @ 241.66p
Value: £11,655
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