Director dealing: Somero CEO sells half stake for tax bill

Somero Enterprises chief executive Jack Cooney and his wife sold off over £2m of the company's shares, reportedly in order to satisfy a US tax bill.

The Cooney's sold 1.4m shares, representing 2.49% of the current issued share capital of the company and approximately half of their total holding, at a price of 144p per share on 18 March, the day before Somero went ex-dividend.

"The US tax legislation obliges Mr and Mrs Cooney to make withdrawals from their current pension plans during 2016, the assets of which consist solely of Somero shares," the company said in a statement.

Earlier this month Somero's 2015 results rounded off a successful year, with a 5.0 cent final dividend being paid after a year of 18% revenue growth to $70.2m and adjusted net income per share grew 28% to US$0.23.

Shares in the Florida-based concrete levelling company are trading close to their all-time high.

Elsewhere, a non-executive director in Hutchison China MediTech (Chi-Med) splashed out $0.55m on buying the company's American depositary shares (ADSs) after they were listed for the first time in the US last Thursday.

The ADSs, which each represent one-half of one ordinary share of Chi-Med, were listed on the Nasdaq as part of a $101.25m fundraising.

Chi-Med director Edith Shih, group general counsel and company secretary of the wider Hutchison group, purchased 40,741 ADSs of the company at the offer price.

Also announced on Monday, Chi-Med subsidiary Hutchison MediPharma has begun a Phase III registration trial of its sulfatinib drug in patients with pancreatic neuroendocrine tumours (NETs).

The study will be performed in China and focused on patients with low or intermediate grade advanced NET where disease had progressed either locally advanced or distant metastasized and where there is no available effective therapy.

Top line results are expected in 2018.

Top Director Buys

Hutchison China Meditech Ltd (HCM)
Director name: Shih,Edith
Amount purchased: 40,741 ADS at $13.50
Value: $550,000

Cls Holdings (CLI)
Director name: Mortstedt,Sten A
Amount purchased: 1,232 @ 1,490.00p
Value: £18,356.80

Kier Group (KIE)
Director name: Brook,Nigel
Amount purchased: 12 @ 1,292.00p
Value: £155.04

Kier Group (KIE)
Director name: Dew ,Bev
Amount purchased: 12 @ 1,292.00p
Value: £155.04

Kier Group (KIE)
Director name: Mursell,Haydn
Amount purchased: 10 @ 1,292.00p
Value: £129.20

Top Director Sells

Somero Enterprises Inc. (di) (SOM)
Director name: Cooney,Jack
Amount purchased: 1,400,000 @ 144.00p
Value: £2,016,000.00