Petroceltic chief increases holding after Dragon Oil walks away from potential bid

Brian O'Cathain, the chief executive officer of Petroceltic, made a show of faith in the oil group on Monday after learning that Dragon Oil was no longer planning to make an offer for the company.

O'Cathain, who took up his role in 2007, spent £123,512 purchasing 106,660 shares at 115.8p, taking his total holding to 377,733.

Ireland-based producer Dragon Oil said it had decided not to proceed with the proposed takeover of Petroceltic due to weak market conditions.

The two firms first announced that they had opened negotiations for a proposed takeover on 6 October, which would have valued Petroceltic at 230p per share.

Petroceltic said it remained confident in the "ongoing execution of its strategy as an independent company".

Top Director Buys

Petroceltic International (PCI)
Director name: Mr Brian O'Cathain
Amount purchased: 106,660 @ 115.80p
Value: £123,512

Countrywide (CWD)
Director name: Mr David Watson
Amount purchased: 3,538 @ 421.46p
Value: £14,911

Fisher (James) & Sons (FSJ)
Director name: Mr Charles J Rice
Amount purchased: 1,422 @ 1,042.00p
Value: £14,817

Top Director Sells

Avon Rubber (AVON)
Director name: Mr Peter Slabbert
Amount sold: 104,548 @ 372.00p
Value: £388,919

Essentra (ESNT)
Director name: Mr Matthew Gregory
Amount sold: 48,277 @ 781.60p
Value: £377,333

Essentra (ESNT)
Director name: Mr Matthew Gregory
Amount sold: 43,280 @ 781.60p
Value: £338,276

Essentra (ESNT)
Director name: Mr Matthew Gregory
Amount sold: 40,280 @ 781.60p
Value: £314,828

Essentra (ESNT)
Director name: Mr Matthew Gregory
Amount sold: 40,280 @ 781.60p
Value: £314,828

Dunelm Group (DNLM)
Director name: Mr David Stead
Amount sold: 32,804 @ 854.57p
Value: £280,333

Avon Rubber (AVON)
Director name: Mr Andrew Lewis
Amount sold: 62,599 @ 372.00p
Value: £232,868

Topps Tiles (TPT)
Director name: Mr Robert Parker
Amount sold: 40,000 @ 117.00p
Value: £46,800