Empire Online has had a torrid time along with the rest of the online-gaming sector following the passing of legislation in America that has in effect banned internet gambling.

Last year’s reversal triggered the departure of non-executive chairman Leonard Steinberg, and halted the group’s US business, which it said will have a “material” impact on future earnings.

Its shares have fallen 35 per cent since the US decision and 75 per cent on Empire’s flotation price 19 months ago. Last week, it baled out of the sector by selling its gaming assets to Party Gaming for 83.3m ordinary shares, worth $37.96m (£20m).

The group intends to become an investment company after the disposal is completed, subject to shareholder approval. Chief executive Noam Lanir, through his company Groverton Management, has shown his confidence in the move by snapping up 5.5m shares for £2.34m. The transaction

increases Lanir’s stake to 101.1m, or 34.5 per cent, of the issued share capital.

• A director at energy-services group John Wood, Wendell Ray Brooks, has sold 100,000 shares at 263p each to raise £263,000. This has reduced his holding to about 692,000 shares.

  Brooks has been a consistent seller of his exercised options in the group. He last exercised 125,000 options in September 2006 at 17p each.

  The company is forecasting full-year earnings before interest, tax and amortisation to be ahead of market expectations. Earnings are expected to rise about 45 per cent to $210m.

  Results for the year to December 31 will be announced in March.
  
  
  
  Directors have in-depth knowledge of their businesses, so it can pay to track their moves. Every week Digitallook.com reveals the bosses who have bought or sold big stakes.
  
  
  
  For more investment articles visit www.timesonline.co.uk/invest

Times Recommends

• How to turn yourself into a model borrower
• The art world is no longer a safe haven
• Stampede for safe but sorry returns