News

Music retailer HMV was on song Tuesday, helped by buoyant equity markets and company bosses picking up shares not far from all-time lows.

Chief executive Simon Fox paid £198,000 for 183,233 shares at 108.23p each, taking his stake in the group to 249,194.

Meanwhile, non executive chairman Carl Symon forked out almost £27,000 for 25,000 at 107.5p a pop. He now owns 101,392 shares in total.

Last month, HMV reported a slump in profits to £21.6m from £80.2m previously, on sales down by 3.5% on like-for-like terms.

But the firm maintained that the turnaround plan announced in March is progressing well and is on track.

"The benefits of our actions are beginning to come through and are reflected in the good start we have made to our new financial year," said the group at the end of June.

Earlier today, the company said it has sold its Japanese business to DSM Investments for about £70m on a debt and cash-free basis.

"The sale of HMV Japan enables the group to focus on the markets where it has market-leading positions," said Fox. "The proceeds will be used to pay down the group's debt, which is an important step towards meeting our medium term leverage targets."

Top Director Buys

Julius Baer Hldgs AG (JUB)
Director name: Mr Daniel J Sauter
Amount purchased: 13,000 @ 3,426.00p
Value: £445,380

GSH Group (GSH)
Director name: Mr Colin R Tennent
Amount purchased: 50,000 @ 467.50p
Value: £233,750

GSH Group (GSH)
Director name: Mr David T Simons
Amount purchased: 50,000 @ 467.50p
Value: £233,750

HMV Group (HMV)
Director name: Mr Simon Fox
Amount purchased: 183,233 @ 108.23p
Value: £198,313

Renold (RNO)
Director name: Mr Matthew Roy Peacock
Amount purchased: 125,000 @ 131.90p
Value: £164,875

Invista Foundation Property Trust (IFD)
Director name: Mr David Warr
Amount purchased: 100,000 @ 122.00p
Value: £122,000

Invista Foundation Property Trust (IFD)
Director name: Mr David Warr
Amount purchased: 100,000 @ 122.00p
Value: £122,000

Paragon Group Of Companies (PAG)
Director name: Mr Robert Dench
Amount purchased: 25,000 @ 433.50p
Value: £108,375

Zetar (ZTR)
Director name: Mr Clive Beecham
Amount purchased: 13,273 @ 565.00p
Value: £74,992

Compass Group (CPG)
Director name: Mr Sven Kado
Amount purchased: 20,500 @ 318.25p
Value: £65,241

Top Director Sells

Jubilee Platinum (JLP)
Director name: Mr Colin Bird
Amount sold: 3,000,000 @ 111.00p
Value: £3,330,000

International Nuclear Solutions (INS)
Director name: Mr Anthony Moore
Amount sold: 200,000 @ 63.00p
Value: £126,000

International Nuclear Solutions (INS)
Director name: Mr Geoff J Mellor
Amount sold: 150,000 @ 63.00p
Value: £94,500

Fuller Smith and Turner (FSTA)
Director name: Mr M J Turner
Amount sold: 866 @ 1,865.00p
Value: £16,151