Tesco's self-imposed director dealings ban lifted

Tesco director Deanna Oppenheimer has purchased 17,000 American Depository Receipts (ADR) after a self-imposed ban on director dealings was lifted.

Each ADR is the equivalent of three shares in the company, giving her a total of 51,000 shares.

The move comes after chairman John Allen, chief executive Dave Lewis, chief financial officer Alan Stewart and directors Richard Cousins and Mikael Olsson all increased their stake in the supermarket following news the company’s underlying profits are down 55% for the first half.

It’s a big u-turn from the company, which initially banned director dealings after the results announcement.

Tesco boss Dave Lewis told journalists after the results announcement that the board had agreed to exclude themselves from trading while the retailer was conducting a portfolio review because it was “the right corporate governance”, Retail Week reported.

“We are in possession of quite considerable inside information about what may or may not happen in the Tesco group,” Lewis said.

“Add to that the regulatory review, which we have to deal with confidentially, and we as a board took a decision that while those things were ongoing, we would exclude ourselves from being able to trade Tesco shares.”

Top Director Buys

Tesco (TSCO)

Director name: Ms Deanna Oppenheimer

Amount purchased: 51,000 @ 200.47p

Value: £102,240

Aquarius Platinum Ld (AQP)

Director name: Sir Nigel Rudd

Amount purchased: 456,107 @ 7.08p

Value: £32,292

Phaunos Timber Fund Ltd. (PTF)

Director name: Mr William Vanderfelt

Amount purchased: 100,000 @ $0.34

Value: $33,500

PureTech Health (PRTC)

Director name: Ms Marjorie Scardino

Amount purchased: 13,100 @ 130.00p

Value: £17,030

At the time of publication, there were no director sells.