Directors stock up on Topps shares

StockMarketWire.com has today reported that two members of the senior team at beleaguered UK tile retailer, Topps Tiles, have significantly increased their shareholding in the last few days.

Matthew Williams, Chief Executive Officer, bought 100,000 shares in the company on the 6th December 2011 at a price of 22.75p. He now holds 667,227 shares.

Financial Director, Robert Parker, bought 25,000 shares in the company on the same day, and now holds 97,590 shares.

The purchases have taken place just a week after Topps Tiles revealed a 3.8% decline in revenue for the year to 1st October, reporting sales of £175.5m compared with £182.4m in 2010. Like-for-like store sales decreased 2% in the period, with a 5.8% fall in the second half.

Furthermore, on the 27th September 2011, Topps’ Chairman - J. Michael Jack - bought 30,000 shares in the company at a price of 29.75p, boosting his holding to 74,250 shares.

According to Fox Business and the Financial Times, the last few months have seen a notable increase in executives buying up their own shares ‘on the cheap’; sending an outward message that they believe in their businesses and are confident about the future.

Source : StockMarketWire.com
www.stockmarketwire.com/article/4272283/Director-Deals-Topps-Tiles-PLC-TPT.html