Landsec chief executive Mark Allan has bought almost £150,000 worth of shares in the company, days after saying the company is “entering the recovery phase” from the Covid-19 pandemic.
Allan bought 20,979 shares in the company at 707.8p per share, or £148,508 in total, according to a regulatory filing published this afternoon.
Company bosses buying their own stock is usually seen as a bullish sign of their own belief in the business’s prospects.
The chief executive bought about £312,000 in shares at 682.2p last November, and roughly £149,000 in shares at 502.7p last May, a few weeks after joining the company.
Landsec this week posted a £1.4bn loss for the year to 31 March, but Allan told shareholders there is “the real prospect of a strong consumption-led [economic] recovery across the remainder of 2021 and 2022”.
The company’s shares edged up to 719.2p on Tuesday after the results were published, falling back to 707.4p on Wednesday. During today’s session, they traded as low as 704.8p before closing up 1.6% at 719p.
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