Ibstock directors selling shares and some buying

It is all change at Ibstock, with some directors b. Chief executive Wayne Sheppard, together with a “person closely associated” with him, has sold 3.73m shares at 207p a share, but he still holds 7.57m shares. Chief financial officer Kevin Sims sold 2.42m shares, leaving him with 4.92m.

Ibstock floated in October 2015 and directors were subject to a lock-in period — now expired — and this is the first sale that Mr Sheppard and Mr Sims have made. At the same time, chairman Jamie Pike bought 72,500 shares and non-executive director Justin Read bought 10,000. Founder shareholder Bain Capital Private Equity Europe recently reduced its stake from 37 per cent to 25 per cent through the sale of just under 50m shares.

Trading at the UK’s largest clay brick manufacturer has been brisk now that last year’s de-stocking by merchants and distributors has reversed. And with the undiminished appetite for bricks from housebuilders, trading at the start of 2017 has been encouraging.

Source Financial Times

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