MAN Group (EMG, 316p) directors have announced the purchase of warrants in MAN, spending GBP 930,000 to give them exposure to 1.64m shares in MAN Group plc.

The warrants cost 57.59p each, and give them a return of the average share price over three years less the strike price (undisclosed). For details of directors transactions see the MAN Group plc website.

Peter Clarke CEO bought 1.12m warrants. He also owns 4.6m shares having picked up a few more last week just short of four pounds.

Kevin Hayes CFO bought 260,000 warrants, as did Christof Moller, who sold 45812 shares to pay for them.

John Aisbitt, non executive Chairman, bought 100,000 shares at 340p taking his holding to 1.6m shares.

Are these moves significant?

I see the warrants as a way to reduce risk to the downside (you only lose 57.59p if the company goes bust, not 300p+), and would prefer to see outright share purchases as a stronger signal of a directors commitment to the group.

Having said that I think these purchases say more about the directors using their experience to see a buying opportunity where others see collapsing markets.

So these purchases count a WEAK Signal.

MAN Group results (link to Dow Jones comment here  ) were announced yesterday, revealing a 40% drop in performance fees in the first half, but a reassuring statement on regulatory capital.