The chief executive of IWP, Mr Joe Moran, has bought 1,250,000 shares in the company at £1.70 a share. This cost Mr Moran £2.1 million and he now has 3,261,470 shares in the company or 4.06 per cent. Sources said that the purchase was a vote of confidence by Mr Moran in the company which recently announced a major restructuring plan and a reflection of his belief that the shares were good value at present levels.