Beazley director sells shares as company plans debt buy back
Wed 17 Oct 2012
LONDON (SHARECAST) - Adrian Cox, an Executive Director at Beazley, the FTSE 250 specialist insurer, traded in a handful of shares in the company on August 8th, it was announced today.
Cox, 39, who joined the board in December 2010 and heads up the specialty lines division, sold 13,071 shares at 165.20p each, reducing his stake to 422,618, equal to 0.08% of the issued share capital.
The announcement came on the same day the company revealed it is to buy back some of its fixed/floating rate notes due 2026 by means of a modified Dutch auction.
There are £150m worth of notes in issue, and Beazley intends to buy back up to £25m of them. The minimum purchase price will be 92% of redemption value. Beazley will also pay an amount equal to accrued and unpaid interest on the relevant notes accepted for purchase.
Although the tender offer uses the Dutch auction principle of sellers undercutting each other, there will only be one selling price, which means all sellers whose offers are accepted will get the same price; the trick will be bidding low enough to beat the cut off point. Bids may be scaled back on a pro rata basis should demand be high.
Top Director Buys
Travis Perkins (TPK)
Director name: Ms Ruth Anderson
Amount purchased: 1,000 @ 1,122.00p
Top Director Sells
Director name: Mr Adrian Cox
Amount sold: 13,071 @ 165.20p