Director dealings: IWG director makes share sale

IWG revealed on Wednesday that non-executive director Francois Pauly had disposed of 25,000 ordinary shares in the FTSE 100-listed serviced offices provider.

Pauly, who formerly served as chief executive of Banque Internationale à Luxembourg, sold the shares on Tuesday at an average price of 324.49p each, for a total value of £81,122.50.

Earlier in the month, IWG posted a big decline in third-quarter revenues but said it had seen a substantial pick up in interest from corporates and boasted of a "strong" performance that saw it move into a net cash position.

On Wednesday, analysts at Barclays initiated coverage on the firm at 'overweight' with a 340.0p target price.

"We see IWG as the most capable operator in the fast-growing market for flexible office space," they said.

"Near term, we think a strong balance sheet, good cash generation and targeted lease negotiation position the business well to emerge from the COVID crisis relatively unscathed. Longer term, we expect market repair to drive improved margins beyond pre-COVID levels, and demand for flexible workspace should continue to grow."

As of 1630 GMT, IWG shares were up 3.02% at 334.60p.

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Top Director Sells

Iwg (IWG)
Director name: Pauly,Francois
Amount sold: 25,000 @ 324.49p
Value: £81,122.50