Marconi directors buy up stock
John Mayo, former finance director and now deputy chief executive at Marconi, has bought an extra 200,000 shares in the troubled electronics giant to shore up investor confidence.
The move follows a dip in the company’s share price by more than 50%.
Marconi’s new FD Steve Hare indicated his support by buying 25,000 shares bought at 113.25p each.
The fresh round of buying takes Mayo’s holding in Marconi to around 360,000 shares valued (5pm Friday)at £374,000 following a further fall to 104p.
According to Marconi on Wednesday operating profits would be halved in the years to March 2002.
Mayo is expected to take on the post of chief executive succeeding Lord George Simpson.