Director dealings: Tribal Group take up shares as rights issue completes

Tribal Group's chief executive, chairman and a senior independent director have all subscribed to a total of £1.25m worth of new shares in the cash-strapped company as it looked to shore up its balance sheet after a tough 2015.

The provider of software and services for education management has been working on a £21m one-for-one right issue as it looks to move to AIM and cut costs.

Last year, after suffering lower sales, win rates and delayed project implementation, it proposed the rights issue alongside the sale of its Synergy children's services management information system business to Servelec Group plc for £20.25m.

Chief executive Ian Bowles, who took up the role on 1 March, subscribed for £250,000 worth of shares, while chairman Richard Last and non-executive Roger McDowell both went in for £0.5m apiece at a price of 22p per share.

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Tribal Group (TRB)
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