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Follow the leader into Games Workshop

We are fans of Games Workshop and it looks as though Mr Kirby is as well, but Mears' chairman throws a surprise sale.
March 28, 2012

The share price of Games Workshop surged after chairman Tom Kirby snapped up 185,000 shares – at 535p, the transaction was worth close to £1m, and means he now holds 6.7 per cent of the company. We've been fans of the shares for some time, first tipping them at 423p in August 2010 – since then they've risen 36 per cent, but the company's policy of distributing surplus cash to shareholders means that total returns have, in fact, been 67 per cent. That policy is one of the reasons why we're still keen on the shares.

Investment in new manufacturing and a restructuring of Games Workshop's hobby centres is now translating into solid growth, which means net cash is rising and further chunky dividends look likely – analysts have pencilled in a dividend of 40p, which means the shares yield close to 7 per cent. Underpinned by decent trading prospects, including a likely boost from a new range of Hobbit-related products to coincide with the forthcoming film, the shares are still a buy at 577p.

John Hughman

Surprise sale by Mears chairman

Mears, the social housing maintenance and homecare business, has been one of the stock market's most formidable growth stories since it came to the market via a reverse takeover in 1995. Chairman Bob Holt has been stepping back from running the company since handing over the role of chief executive to former chief operating officer David Miles in November 2010. But Mr Holt was the driving force behind the group's ascent, so it is of little surprise that the company's share price was knocked on the news that he had banked £5m from the sale of two million shares – his entire holding.

Mr Holt does, however, maintain a million share interest which is the remainder of a controversial 'special incentive plan'. The sale still looks noteworthy and the company says Mr Holt made the sale to satisfy institutional demand and that it reflects the fact he is now spending more time abroad. The company's recent full-year results were strong, but we see this sale as significant enough to warrant extra investor caution.

Algy Hall

Director buys

CompanyDirectorDateNo. of sharesPrice (p)Value (£)
Best of the BestWilliam Hindmarch (ceo)22 Mar 1225,000225,500
Best of the BestRupert Garton22 Mar 1225,000225,500
Caledonia InvestmentWP Wyatt21 Mar 124,0001536.561,460
Capital Shopping CentresJohn Whittaker21 Mar 12300,000350.49161,051,475
Edinburgh UK TrackerKevin Ingram20 Mar 127,51726619,995
Energy AssetsPhilip Bellamy-Lee (ceo)22 Mar 125,000199.99,995
Energy AssetsRussell Gibson (coo)22 Mar 125,000200.310,015
Energy AssetsDavid Macfarlane22 Mar 127,000202.914,203
Energy AssetsDr Christopher masters23 Mar 1210,00019919,900
Enterprise InnsRM Walker23 Mar 12150,00052.578,750
Enterprise InnsRM Walker26 Mar 1275,00053.2539,938
Games WorkshopTom Kirby (ch)23 Mar 12185,000534.57988,955
GeongHenry Tse (ch)27 Mar 128,45016.51,394
HaloSourceMartin Coles (ceo)21 Mar 12130,00022.529,250
Helius EnergyAngus MacDonald20 Mar 12850,00012.75108,375
Interior ServicesRichard Whittington23 Mar 1229,00013539,150
London Stock ExchangeKevin Milne22 Mar 123,0001002.33830,070
Medusa MiningPeter Hepburn-Brown (md)20 Mar 122,000A$25.18A$10,360
Medusa MiningRobert Weinberg22 Mar 122,500334.28,355
Micro FocusTom Virden23 Mar 125,440461.825,122
MicrogenVanda Murray23 Mar 122,000146.72,934
MirLand DevelopmentEliezer Fishman21 Mar 1213,79417624,277
Premier FoodsIwan Williams (md)19 Mar 12170,30211.6519,840
Premier FoodsAndrew McDonald (cs)21 Mar 1241,08612.094,967
Premier FoodsRichard Johnson23 Mar 12200,00013.1526,300
Progressive Digital mediaMark Freebairn21 Mar 12349,60015.6554,712
Quindell PortfolioRobert Terry (ch ceo)20 Mar 12500,000840,000
Quindell PortfolioLaurence Moorse (fd)20 Mar 12100,00088,000
Randgold ResourcesRobert Israel22 Mar 121,000US$91.479US$91,479
Randgold ResourcesRobert Israel23 Mar 12500US$88.51US$44,255
Randgold ResourcesAndrew Quinn22 Mar 12600US$91.879US$55,127
RenewDavid Forbes23 Mar 1220,00073.414,680
SABMillarGC Bible19 Mar 121,3502608.8335,219
SABMillarJA Manzoni23 Mar 125432562.05713,912
Schroder UK GrowthBob Cowdell20 Mar 128,050131.3710,575
ShanksPeter Johnson22 Mar 129,97799.759,952
Small Companies Dividend TrustLord Lamont26 Mar 129,600101.79,763
SSEJeremy Beeton21 Mar 121,000131413,140
Throgmorton TrustLord Latymer26 Mar 1215,07619529,398
WeirAlan Ferguson26 Mar 122,7301829.6649,950
West African MineralGuy Elliott26 Mar 12500,0001890,000
XchangingDavid Bauernfeind22 Mar 1247,20097.546,020

Director sells

CompanyDirectorDateNo. of sharesPrice (p)Value (£)
Brooks MacdonaldChris Macdonald (ceo)21 Mar 12150,0001,2751,912,500
Brooks MacdonaldRichard Spencer21 Mar 12130,0001,2751,657,500
Brooks MacdonaldJonathan Gumpel21 Mar 12105,0001,2751,338,750
ComputacenterStephen Banadé22 Mar 124,964430.0021,345
DelcamEdward Lambourne26 Mar 121,33375410,055
FidessaAlistair Cairns19 Mar 125001,6998,496
Gulf Keystone PetroleumMehdi Varzi23 Mar 12257,347254.17654,099
LancashireRobert Spass23 Mar 1282,000US$12.02US$985,640
MearsBob Halt (ch)22 Mar 122,000,000250.005,000,000
Polar CapitalTJ Woolley (ceo)21 Mar 12500,0002001,000,000
Premier FoodsCharles Miller Smith (d ch)19 Mar 12680,2721176,531
UnileverPL Sigismondi23 Mar 125002,049.0010,245
XchangingDavid Bauernfeind23 Mar 1222,00095.1320,928
XstrataThras Moraitis22 Mar 12110,8601,110.001,230,546

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