John Menzies chairman buys 1.2m shares in firm for £4.74m

posted on 26th September 2019 by William Hayes
John Menzies chairman buys 1.2m shares in firm for £4.74m

John Menzies chairman Phillip Joeinig has bought 1.2 million shares in the firm at 390.3p.

The firm’s shares were flat at 395p on Wednesday after the update posted with the London Stock Exchange.

The Edinburgh-based firm saw its shares fall by around 40 per cent in the 13 months since the deal to severe its historic links with the newspaper business was announced.

It sold its distribution business for £74.5 million to focus on the aviation support market, in which directors saw better prospects.

The firm’s chief executive Giles Wilson last month moved to defend the company’s strategy, saying it would deliver long term growth to the benefit of investors in spite of the plunge in its share price in recent months.

Mr Joeinig had become chairman in July after Dermot Smurfit notified the board of his intention step down.

That came after John Menzies issued a profit warning noting trading had been disappointing before revealing that it had fallen £4.4m into the red in the first half.

Menzies said then that Mr Joening would bring deep experience of the aviation services business on which it has homed its sights.

Former chief executive Forsyth Black left in March, when it highlighted “soft cargo volumes” and continuing labour challenges in North America.