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Paddy Power's Kennedy cashes in

Paddy Power's chief executive takes advantage of a high share price and a good set of results.
March 14, 2012, Malar Velaigam and Robert Ansted

Paddy Power's surging share price over the past year was underpinned by an impressive set of recent full-year results. The Irish bookie's reliance on free-spending Aussie gamblers and an impressive digital operation meant that a €1m (£840,000) share sale by chief executive Patrick Kennedy looks decidedly well earned - especially after annoying the National Trust by 'painting' a jockey on the Uffington white horse. And, let's face it, with the Cheltenham Gold Cup already underway, and quickly followed by the Grand National at Aintree, which true punter wants to keep money in the bank earning just 0.5 per cent interest?

Julian Hofmann

Results analysed this week for two transactions

Peter Rose, the finance director for the international energy services group Hunting, sold 22,302 shares in his company netting himself £206,405. This transaction was made in part to satisfy his personal tax liabilities. See Hunting’s latest results where we upgrade our view on the company.

Three of Aga Rangemaster’s directors, on the other hand, have been busy buying up shares in their company which specialises in range cooking and kitchen living. Aga faces tough conditions ahead -see the preliminary results.

Robert Ansted

Rice ups his stake again in CWC

Cable & Wireless Communication (CWC) chief executive Tony Rice has scooped up yet more shares in his company. He forked out some £716,000 and bought two million shares in two tranches back in February. This took place a week after the half-year management statement was released, providing an update on the company's trading and financial position. This time round he is buying 2.5m ordinary shares at 32.85p each, which took his holding in the company to 19,915,751 ordinary shares, representing 0.79 per cent of the business. It seems that Mr Rice was capitalising on the company’s painfully low share price. The price of shares in the embattled emerging market telecoms operator have shed 36 per cent of its value in the past 12 months, and lost further investor confidence following its February profits warning, on the back of weaker operations in Panama. Mr Rice also announced the refinancing of £1bn of CWC’s £1.4bn debt but the size of the debt burden has certainly raised concerns on CWC’s dividend payouts, with analysts expecting a 30 to 50 per cent cut in dividends this year. CWC shares currently yield 15.11 per cent, and even if this halved, it would still yield on a par with Vodafone or BT. That said, we still prefer Vodafone for emerging market exposure, yield and most importantly, stability.

Malar Velaigam

Director buys

CompanyDirectorDateNo. of sharesPrice (p)Value (£)
Access IntelligenceMichael Jackson (ch)12 Mar 121,800,000354,000
Access IntelligenceKole Dhoot (fd)12 Mar 121,800,000354,000
Access IntelligenceJeremy Harner12 Mar 12360,000310,800
Access IntelligenceRay Jackson12 Mar 12900,000327,000
Access IntelligenceHenrik Bang12 Mar 12301,50039,045
Aga RangemasterJonathan Carling08 Mar 125,00087.954,398
Aga RangemasterWilliam McGrath (ceo)08 Mar 1228,0458724,399
Aga RangemasterShaun Smith (fd)08 Mar 1216,0908713,998
Alliance TrustKarin Forseke07 Mar 1210,000366.0836,608
British American TobaccoJB Stevens12 Mar 123453092.93310,671
BritvicJoanne Averiss07 Mar 126,00038122,860
Cable & Wireless CommunicationsTony Rice09 Mar 122,500,00032.85821,250
CentricaLesley Knox07 Mar 123,500306.5610,730
Fidelity EuropeanDr Robin Niblett08 Mar 125001123.045,615
Galliford TryGreg Fitzgerald12 Mar 128,19060549,550
Hargreaves LansdownAlexander Davies09 Mar 126,457464.629,999
Independent Investment TrustMaxwell Ward09 Mar 12170,000203345,100
MicroGenPeter Whiting09 Mar 1224,00014534,800
NorthacreKen MacRae (fd)07 Mar 122,00091.51,830
Rolls-RoyceIain Conn07 Mar 12305812.52,478
Taylor WimpeyMike Hussey07 Mar 1250,00048.2324,115
Triple Plate JunctionChristopher Goss09 Mar 12150,0003.154,725
Triple Plate JunctionSimon Bullock (cfo)08 Mar 12200,0003.356,700
Triple Plate JunctionFraser McGee07 Mar 12150,0003.07954,619

Director sells

CompanyDirectorDateNo. of sharesPrice (p)Value (£)
British Polythene IndustriesDavid Duthie07 Mar 128,09437130,029
British Polythene IndustriesDavid Harris08 Mar 1217,500365.0063,875
HuntingPeter Rose (fd)12 Mar 1222,302925.50206,405
Independent Investment TrustMaxell Ward08 Mar 12100,000203.00203,000
Intercontinental HotelsGeorge Turner12 Mar 1222,0001,456320,211
International PowerAnthony Concannon12 Mar 1275,000361.21270,908
KingspanEugene Murtagh13 Mar 125,120,000€8€40,960,000
Paddy PowerPatrick Kennedy08 Mar 1222,200€47.5653€1,055,950

Table compiled by Robert Ansted.

Key to abbreviations: ch = chairman; ce = chief executive; cfo = chief financial officer; fd = finance director; coo = chief operating officer; cs =company secretary; md = managing director