Investec reaffirmed its buy rating on Alternative Networks (AN.) last month after the company released a year-end update broadly in line with market expectations. However, the group's chief executive Edward Spurrier chose to take the opposing tack by selling off 357,173 shares in Alternative Networks at 415p. The sale was completed to cover a capital-gains tax (CGT) liability crystalised by the simultaneous sale of 3.47m shares to a company jointly owned by Mr Spurrier and his wife. Put simply, the chief executive has rebased his CGT floor in expectation of a share price rise.
Alternative Networks, which provides managed voice and data services, reported a debt pile equivalent to its net asset base following January's deals to acquire Intercept IT and Control Circle. These subsidiaries are engaged in hosted desktop technologies and cloud-based services respectively, and were acquired to offset declining revenues from the group's fixed-line telephony services. They have since helped drive the group's cash generation, enabling Alternative Networks to reduce net debt by 15 per cent since the March interim, to £29.4m as of 30 September.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Aberforth Smaller Companies Trust | P Trickett (ch) | 24 Oct 14 | 1,450 | 1,035.86 | 15,020 | 3,950 | 0.004 |
| Altitude | Stephen Yapp (ch) | 29 Oct 14 | 170,000 | 13 | 22,100 | 170,000 | 0.396 |
| Amara Mining | John McGloin (ch & ce) | 27 Oct 14 | 178,034 | 18.97 | 33,773 | 1,180,579 | 0.359 |
| Baron Oil | Bill Colvin | 28 Oct 14 | 1,000,000 | 1.7 | 17,000 | 1,000,000 | 0.073 |
| Boot (Henry) | Jonathan Sykes | 24 Oct 14 | 10,000 | 187.71 | 18,771 | 20,000 | 0.015 |
| Centrica | Lesley Knox | 27 Oct 14 | 689 | 295.2 | 2,034 | 10,818 | <0.001 |
| CloudBuy | Lyn Duncan (ce) | 28 Oct 14 | 25,000 | 37.2 | 9,300 | 14,720,928 | 12.276 |
| CVS | Mike McCollum | 24 Oct 14 | 30,000 | 370 | 111,000 | 50,000 | 0.085 |
| Development Securities | Marcus Shepherd (fd) | 23 Oct 14 | 10,000 | 197 | 19,700 | 60,390 | 0.048 |
| Europa Oil & Gas (Holdings) | Phil Greenhalgh (fd) | 29 Oct 14 | 50,000 | 7.75 | 3,875 | 437,640 | 0.214 |
| Europa Oil & Gas (Holdings) | Colin Bousfield | 31 Oct 14 | 100,000 | 7.8 | 7,800 | 100,000 | 0.050 |
| Fundsmith Emerging Equities Trust | JS Spencer FCA | 27 Oct 14 | 2,000 | 1,081 | 21,620 | 5,000 | 0.026 |
| GAME Digital | Lesley Watkins | 27 Oct 14 | 3,000 | 312.515 | 9,375 | 3,000 | 0.002 |
| GAME Digital | Caspar Woolley | 27 Oct 14 | 5,000 | 309.63 | 15,482 | 5,000 | 0.003 |
| Imaginatik * | Simon Charles | 29 Oct 14 | 1,339,285 | 5.6 | 75,000 | 2,083,182 | 3.302 |
| JPMorgan Global Convertibles Income Fund | LPC Taylor | 29 Oct 14 | 71,326 | 105.15 | 74,999 | 96,326 | 0.045 |
| JPMorgan Smaller Companies Investment Trust | Frances Davies | 24 Oct 14 | 809 | 679.4 | 5,496 | 809 | 0.004 |
| Kennedy Wilson Europe Real Estate * | Mary Ricks | 23 Oct 14 | 14,940 | 1,006 | 150,296 | 80,916 | 0.060 |
| Kennedy Wilson Europe Real Estate * | William McMorrow | 23 Oct 14 | 14,940 | 1,006 | 150,296 | 80,916 | 0.060 |
| Ladbrokes | John Kelly | 27 Oct 14 | 10,000 | 116 | 11,600 | 28,041 | 0.003 |
| Ladbrokes | Darren Shapland | 27 Oct 14 | 10,000 | 116.7 | 11,670 | 35,000 | 0.004 |
| Ladbrokes | David Martin | 27 Oct 14 | 25,000 | 117.3 | 29,325 | 55,000 | 0.006 |
| Ladbrokes | Peter Erskine (ch) | 24 Oct 14 | 40,000 | 119.71 | 47,884 | 158,095 | 0.017 |
| Lok'n Store | Charles Peal | 23 Oct 14 | 150,000 | 210 | 315,000 | 855,000 | 3.371 |
| Mothercare * | Angela Brav | 27 Oct 14 | 3,619 | 125 | 4,524 | 7,641 | 0.005 |
| Mothercare * | Imelda Walsh | 27 Oct 14 | 3,619 | 125 | 4,524 | 7,641 | 0.005 |
| Mothercare * | Lee Ginsberg | 27 Oct 14 | 5,130 | 125 | 6,413 | 10,830 | 0.006 |
| Mothercare * | Amanda Mackenzie | 27 Oct 14 | 23,184 | 125 | 28,980 | 48,944 | 0.029 |
| Mothercare * | Richard Rivers | 27 Oct 14 | 33,285 | 125 | 41,606 | 70,269 | 0.042 |
| Mothercare * | Mark Newton-Jones (ce) | 27 Oct 14 | 99,180 | 125 | 123,975 | 209,380 | 0.124 |
| Mothercare * | Matt Smith (cfo) | 27 Oct 14 | 3,718 | 125 | 4,648 | 7,850 | 0.005 |
| Mothercare * | Alan Parker (ch) | 27 Oct 14 | 209,298 | 125 | 261,623 | 441,852 | 0.262 |
| Mothercare * ♥ | Nick Wharton | 27 Oct 14 | 3,456 | 125 | 4,320 | 7,296 | 0.004 |
| Northern Petroleum | Keith Bush (ce) | 28 Oct 14 | 35,000 | 15.795 | 5,528 | 120,000 | 0.126 |
| Ocado | Ruth Anderson | 23 Oct 14 | 10,000 | 237.24 | 23,724 | 80,000 | 0.013 |
| Pittards | Reg Hankey (ce) | 23 Oct 14 | 5,000 | 103 | 5,150 | 175,000 | 1.889 |
| Plus500 | Charles Fairbairn | 24 Oct 14 | 9,644 | 518 | 49,956 | 174,861 | 0.152 |
| Qatar Investment Fund | Leonard O'Brien | 29 Oct 14 | 17,857 | 139.475 | 24,906 | 43,944 | 0.028 |
| Quadrise Fuels International * ♥ | Jason Miles | 28 Oct 14 | 1,593,626 | 31.375 | 500,000 | 2,230,633 | 0.276 |
| R E A Holdings | M Parry | 24 Oct 14 | 2,271 | 404 | 9,175 | 12,359 | 0.035 |
| R E A Holdings ♥ | M Parry | 24 Oct 14 | 1,963 | 403 | 7,911 | 14,322 | 0.041 |
| Robinson | Richard Clothier (ch) | 24 Oct 14 | 5,000 | 174 | 8,700 | 34,976 | 0.213 |
| SDL ♥ | Mark Lancaster (ce) | 24 Oct 14 | 24,500 | 349.8 | 85,701 | 1,371,137 | 1.694 |
| Shire | Dr. Flemming Ornskov (ce) | 24 Oct 14 | 15,500 | 4,042 | 626,510 | 37,500 | 0.006 |
| Shire † | Susan Kilsby (ch) | 24 Oct 14 | 7,500 | 4,044.03 | 303,302 | 9,123 | 0.002 |
| Sopheon | Stuart Silcock | 27 Oct 14 | 11 | 18,419.64 | 2,026 | 297 | 2.040 |
| Sopheon | Barry Mence (ch) | 27 Oct 14 | 33 | 18,419.64 | 6,078 | 2,066 | 14.192 |
| Standard Life Equity Income Trust | JJ Tigue | 24 Oct 14 | 25,238 | 394.25 | 99,501 | 25,238 | 0.062 |
| StatPro | Mark Adorian | 27 Oct 14 | 82,600 | 71 | 58,646 | 2,956,148 | 4.381 |
| StatPro | Justin Wheatley (ce) | 27 Oct 14 | 55,000 | 74.5 | 40,975 | 7,433,672 | 11.016 |
| Tangiers Petroleum * | Stephen Staley | 27 Oct 14 | 4,166,667 | 0.32827 | 13,678 | 4,166,667 | 0.922 |
| Tangiers Petroleum * | Michael Evans (ch) | 27 Oct 14 | 4,166,667 | 0.32827 | 13,678 | 5,166,667 | 1.143 |
| TR European Growth Trust | Simona Heidempergher | 29 Oct 14 | 1,600 | 490 | 7,840 | 1,600 | 0.003 |
| Unilever † | Dr. B Grote | 29 Oct 14 | 500 | 2,462.83 | 12,314 | 6,700 | 0.001 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Alternative Networks ♥ | Edward Spurrier (ce) | 28 Oct 14 | 357,173 | 415 | 1,482,268 | 3,110,000 | 6.431 |
| Bioquell ♥ | C H B Mills | 23 Oct 14 | 8,000 | 107 | 8,560 | 11,500,000 | 27.102 |
| Churchill China | Andrew Roper | 23 Oct 14 | 20,000 | 540 | 108,000 | 642,430 | 5.880 |
| Lok'n Store | Simon Thomas (ch) | 23 Oct 14 | 156,385 | 210 | 328,409 | 2,000,000 | 7.885 |
| * placing/tender/open offer ♥ spouse/connected party † Depositary receipts | |||||||
