Irish telephone operator Smart Telecom has had a pretty difficult year, though the last few months have really tested its directors' mettle.

Shares in the group slumped after it revealed in February that Ireland's regulator had revoked its 3G licence to provide high-speed wireless telephone services. Since the announcement, shares in Smart have nearly halved.

Last week's statement from the company that it was delaying its expected breakeven date by around six months to the middle of next year simply served to increase the pressure on the management.

Demonstrating their faith however, Commercial Director Paul Sullivan and IT Director Maria Pearl Roche each snapped up 1m shares in the group at a price of 16p per share.

The transactions cost the directors £160,000 a piece and leaves Sullivan with a stake of some 6.6m shares and Roche with a holding of some 3.6m.

Last week Smart Telecom said it was continuing to pursue legal measures to regain its 3G mobile licence and said it remains confident of benefiting from broadband take-up.

Top Director Buys

Smart Telecom (SMR)
Director name: Mr Pearl Roche
Amount purchased: 1,000,000 @ 16.00p
Value: £160,000

Smart Telecom (SMR)
Director name: Mr Paul Sullivan
Amount purchased: 1,000,000 @ 16.00p
Value: £160,000

Brambles Industries (BI.)
Director name: Mr Donald Robert (Don) Argus
Amount purchased: 18,800 @ 421.40p
Value: £79,223

Kingspan Group (KGP)
Director name: Mr Gerry McCaughey
Amount purchased: 5,000 @ € 13.00
Value: € 65,000

Christian Salvesen (SVC)
Director name: Mr Stewart Oades
Amount purchased: 100,000 @ 64.50p
Value: £64,500

Brambles Industries (BI.)
Director name: Mr David Gosnell
Amount purchased: 14,450 @ 413.50p
Value: £59,751

Mediterranean Oil & Gas (MOG)
Director name: Mr Michael Bonte-Friedheim
Amount purchased: 13,000 @ 209.00p
Value: £27,170

Spectrum Interactive (SIN)
Director name: Mr Mark Lewarne
Amount purchased: 100,000 @ 24.00p
Value: £24,000

Hardman Resources (HNR)
Director name: Mr John Conlin
Amount purchased: 25,000 @ 62.00p
Value: £15,500

Mckay Secs. (MCKS)
Director name: Mr S Perkins
Amount purchased: 2,600 @ 385.00p
Value: £10,010

Top Director Sells

Debenhams (DEB)
Director name: Mr Michael Sharp
Amount sold: 2,141,209 @ 190.00p
Value: £4,068,297

United Utilities (UU.)
Director name: Mr Charles Cornish
Amount sold: 6,856 @ 645.00p
Value: £44,221