Bob Spooner, group operations director of Premier Foods, has served himself £13,350 worth of shares, just days after the struggling firm was given a bit of breathing space by its bankers.

The bankers have agreed to defer the company's end-of-year loan covenant tests by three months, in a move which forms part of the company's discussions about longer term refinancing of the group's debt and confirms ongoing bank support for the business.

No doubt feeling relieved at this decision, Spooner pocketed 300,000 shares at 4.45p, his second purchase this fortnight, taking his total holding to 800,000 shares.

In October the company, which has lost 71% on its share price in the past year, issued a profits-warning after struggling with rising raw material costs hit third quarter results.

Speaking at the time, Investec analyst Martin Deboo said it was a question of "whether this company can survive".

Investors appear to have kept their faith in the company, however, with shares soaring 69% in the past week.


Top Director Buys

Sterling Energy (SEY)
Director name: Mr Angus MacAskill
Amount purchased: 100,000 @ 41.88p
Value: £41,880

Sterling Energy (SEY)
Director name: Mr Malcolm Hood Pattinson
Amount purchased: 50,000 @ 42.75p
Value: £21,375

Tristel (TSTL)
Director name: Mr Francisco Angel Soler
Amount purchased: 50,000 @ 39.60p
Value: £19,800

Premier Foods (PFD)
Director name: Mr Bob Spooner
Amount purchased: 300,000 @ 4.45p
Value: £13,350


Top Director Sells

Medusa Mining Ltd. (DI) (MML)
Director name: Mr Geoffrey John Davis
Amount sold: 1,000,000 @ 428.16p
Value: £4,281,600

Victoria Oil & Gas (VOG)
Director name: Mr Grant C Manheim
Amount sold: 4,800,000 @ 4.12p
Value: £197,760

Related share prices
Sterling Energy (SEY) share price
Premier Foods (PFD) share price
Victoria Oil & Gas (VOG) share price
Tristel (TSTL) share price
Medusa Mining Ltd. (DI) (MML) share price