Top management of British parcels group Business Post have underlined their confidence in thecompany by increasing their personal shareholdings. The dealings, just days after a renewed profit
warning, increase the control of chairman Peter Kane over the company.In a stock exchange announcement, Business Post said that Kane had bought 100,000 shares at aprice of 338 pence on November 15. This took his personal shareholding to 18.2 million shares, or33.46 per cent, and raised his overall holding combined with family and related interests to 58.54per cent of issued shares.
Over the last few days, other top managers including chief executive Paul Carvell, the spousesof finance director Peter Fitzwilliam and of IT director Alec Ross, along with non-executivedirectors Bill Cockburn (deputy chairman) and Philip Stephens have also increased their personalholdings through small share acquisitions.
Business Post shares slumped about 25 per cent on November 14 after the company announced lowerhalf-year profits due to the slowing UK market and warned that full-year profits would be around 20per cent below current market expectations.
