News

Marks & Spencer's deputy chairman Sir David Michels has put his faith in the clothes and food retailer with the purchase of more than £100,000 worth of shares.

He bought 47,500 shares at just under 249p each, lifting his holding in the company to 76,250 shares.

Shares in M&S have fallen heavily since Sir David last bought into the company, taking 12,500 shares at 394p a go in January.

The share price lost more than a fifth of its value early this month as it reported that first quarter UK like for like sales fell 5.3% and it warned that tough conditions are here to stay for two years.

"We expect market conditions to continue to remain difficult and we are managing our business accordingly. As we said in May, tight stock control and management of costs are a priority," said chairman Stuart Rose.

The company also announced at the time that the director of its food division, Steven Esom, who was tempted away from the upmarket food retailer Waitrose, would be stepping down.

M&S's warning prompted brokers such as Citigroup and Goldman Sachs to lower their ratings on the company.

Sir David, 61, was appointed deputy chairman on 1 June. He is also a senior independent director of the budget airline Easyjet.
Top Director Buys

Marks & Spencer Group (MKS)
Director name: Sir David M C Michels
Amount purchased: 47,500 @ 248.80p
Value: £118,180

Stratic Energy Corporation (SE.)
Director name: Mr John van der Welle
Amount purchased: 65,000 @ 34.41p
Value: £22,366

Electrocomponents (ECM)
Director name: Mr Simon Boddie
Amount purchased: 25,000 @ 154.50p
Value: £38,625

Electrocomponents (ECM)
Director name: Mr Ian Mason
Amount purchased: 25,000 @ 154.50p
Value: £38,625

Stratic Energy Corporation (SE.)
Director name: Mr John van der Welle
Amount purchased: 68,648 @ 36.00p
Value: £24,713

CQS Rig Finance Fund (RIG)
Director name: Mr Gavin Michael Jasper Strachan
Amount purchased: 20,000 @ 79.00p
Value: £15,800

Intelligent Environments (IEN)
Director name: Mr Clive Richards
Amount purchased: 200,000 @ 7.40p
Value: £14,800

Baobab Resources (BAO)
Director name: Mr Jeremy Dowler
Amount purchased: 100,000 @ 10.00p
Value: £10,000
Top Director Sells

Aveva Group (AVV)
Director name: Mr Richard Longdon
Amount sold: 64,745 @ 1,568.00p
Value: £1,015,202

Aveva Group (AVV)
Director name: Mr Paul R Taylor
Amount sold: 64,071 @ 1,568.00p
Value: £1,004,633