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CWW’s chairman snaps up stock after price collapse
CABLE & Wireless Worldwide (CWW) chairman John Barton has snapped up £23,000 worth of shares in the company after its dramatic price collapse yesterday.
The company tanked after reporting losses of £443m – fueled by writedowns of more than £620m – and said it planned to scrap its dividend.
Chief executive John Pluthero – who was paid £2.8m last year – quit following the announcement, saying the company needed someone willing to commit to its long term future. Former Vodafone executive Gavin Darby will now lead the firm.
Barton’s show of confidence in CWW did not lead to a rally yesterday, with its shares losing a further two per cent, taking the total losses this week to around 28 per cent.