Director dealings: IG Design chief executive cuts stake

IG Design chief executive Paul Fineman divested 2.08m ordinary shares in the AIM-listed greetings card maker on Wednesday.

Fineman, who joined IG's board back in 2005, sold the shares at an average cost of 554p each, for a total value of £11.54m, with the company aducing financial planning purposes as the motive for the transaction.

Back in November, IG Design Group revealed that its interim profit increased following the recent purchase of Minnesota-based Impact Innovations.

Pre-tax profits for the six-month period ended 30 September stood at £14m, up 48% from the same period the year before, as revenue increased by 23% to £205.2m.

As of 30 September, cash and cash equivalents stood at £1.6m, down from £2.3m at the same point last year, while the interim dividend increased by 25% to 2.5p per share.

Following the transaction, Fineman was left holding 2,369,334 ordinary shares in the firm, representing 3.0% of its capital. On top of that, Fineman also held a non-beneficial interest in an additional 174,608 shares, the company said in a statement.

As of 1650 GMT, IG shares had fallen 5% to 539.73p.

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Top Director Sells

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Director name: Fineman,Paul Elliott

Amount sold: 2,084,200 @ 554.00p

Value: £11,546,467.92