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3i CEO buys 7.7 mln pounds of private equity group's stock
February 27, 2013 / 3:46 PM / in 5 years

3i CEO buys 7.7 mln pounds of private equity group's stock

LONDON, Feb 27 (Reuters) - The chief executive of 3i has bought 7.7 million pounds ($11.65 million) of stock in the British private equity group over the past week, the company said in a regulatory filing on Wednesday.

Former Banker Simon Borrows, who took over last year after shareholder frustration at poor share price performance and weak results from its buyout business, has been on a drive to revive the company’s flagging fortunes and has so far done well from also pegging his own money to the success of that restructuring.

Less than two weeks after he was appointed in May 2012, Borrows spent nearly 7 million pounds on shares in the company, according to a regulatory filing at the time.

3i’s shares have risen more than 80 percent since then.

On Wednesday the company said Borrows had bought a further 2.5 million shares between Feb. 22 and Feb. 26 this year, spending 7.68 million pounds in total.

Along with the shares he already owned before becoming chief executive, and those he has been awarded since as part of an incentive scheme, his total shareholding is now around 8.2 million shares or 0.8 percent of the company - worth nearly 26 million pounds.

Shares in 3i were up 4.2 percent at 316.9 pence by 1514 GMT.

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