Midway through May, William Macaulay, an independent non-executive director at Glencore (GLEN), pocketed over £84m through a series of disposals that amounted to just under 28m shares in the Anglo-Swiss commodities giant. The transactions were conducted through FR Galaxy Holdings, an investment vehicle linked to Mr Macaulay, who is still left holding upwards of 42m shares in the group.
Continued price weakness for key commodities like copper and thermal coal have weighed on the group's share price, which is down 12.6 per cent over the past 12-months. But there's probably little point in musing on the timing of Mr Macaulay's disposals, given that Glencore's shares are still under water four years on from its IPO in May 2011.
The group's chief executive, Ivan Glasenberg, recently blamed big mining for the group's woeful share price performance subsequent to admission. But you would surely expect that, as one the world's leading trading outfits, Glencore would have been well aware of any large, long-dated mining projects that were likely to lead to surplus capacity in global markets. Still, the partners did OK out of the IPO, if nobody else.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Amara Mining | John McGloin (ch & ce) | 15 May 15 | 199,910 | 15 | 29,987 | 1,488,646 | 0.354 |
| Anglo Pacific ♥ | Patrick Meier | 14 May 15 | 75,000 | 99 | 74,250 | 75,000 | 0.044 |
| Capital & Regional ♥ | L Norval | 18 May 15 | 200,000 | 56.5 | 113,000 | 200,823,237 | 28.658 |
| Churchill Mining * | David Quinlivan (ch) | 20 May 15 | 1,100,000 | 10 | 110,000 | 4,103,575 | 3.106 |
| Churchill Mining * | Fara Luwia | 20 May 15 | 1,150,000 | 10 | 115,000 | 10,087,694 | 7.635 |
| Churchill Mining * | Nicholas Smith | 20 May 15 | 300,000 | 10 | 30,000 | 425,542 | 0.322 |
| Countrywide | Alison Platt (ce) | 15 May 15 | 41,700 | 595.5 | 248,324 | 41,700 | 0.019 |
| Debenhams | Terry Duddy | 15 May 15 | 40,000 | 94.3 | 37,720 | 40,000 | 0.003 |
| Dillistone | Dr. Mike Love (ch) | 14 May 15 | 100,000 | 106.5 | 106,500 | 803,254 | 4.109 |
| Grafton | David Arnold (cfo) | 14 May 15 | 7,600 | 790 | 60,040 | 15,600 | 0.007 |
| Gresham Computing ♥ | MME Royde | 15 May 15 | 20,000 | 97 | 19,400 | 5,927,164 | 9.373 |
| Homeserve | Ben Mingay | 20 May 15 | 20,000 | 419.6 | 83,920 | 40,000 | 0.012 |
| Homeserve | Barry Gibson (ch) | 20 May 15 | 40,000 | 419.4 | 167,760 | 115,000 | 0.035 |
| Intu Properties ♥ | John Whittaker | 19 May 15 | 925,000 | 351 | 3,246,750 | 302,085,452 | 22.831 |
| Intu Properties ♥ | John Whittaker | 20 May 15 | 105,500 | 350 | 369,250 | 303,068,452 | 22.906 |
| Intu Properties ♥ | John Whittaker | 20 May 15 | 877,500 | 350 | 3,071,250 | 302,962,952 | 22.898 |
| KAZ Minerals | Simon Heale (ch) | 20 May 15 | 40,000 | 247.75 | 99,100 | 151,000 | 0.034 |
| Marlowe Holdings * | Alex Dacre | 14 May 15 | 3,333,333 | 60 | 2,000,000 | 3,333,333 | 22.855 |
| Marlowe Holdings * | Derek O'Neill | 14 May 15 | 416,667 | 60 | 250,000 | 416,667 | 2.857 |
| Marlowe Holdings * | Charles Skinner | 14 May 15 | 333,333 | 60 | 200,000 | 333,333 | 2.285 |
| Marlowe Holdings * | Peter Gaze | 14 May 15 | 160,000 | 60 | 96,000 | 188,375 | 1.292 |
| McBride | Chris Smith (cfo) | 19 May 15 | 12,500 | 96.75 | 12,094 | 12,500 | 0.007 |
| McBride ♥ | Chris Smith (cfo) | 19 May 15 | 13,157 | 95 | 12,499 | 25,657 | 0.014 |
| Mitchells & Butlers | Eddie Irwin | 19 May 15 | 10,000 | 450 | 45,000 | 30,000 | 0.007 |
| Mitchells & Butlers | Stewart Gilliland | 14 May 15 | 11,000 | 449.99 | 49,499 | 11,000 | 0.003 |
| Morgan Sindall ♥ | Stephen Crummett (fd) | 19 May 15 | 2,415 | 812.5 | 19,622 | 14,615 | 0.033 |
| Orosur Mining Inc | Ignacio Salazar (ce) | 20 May 15 | 200,000 | 9.2 | 18,400 | 723,000 | 0.748 |
| Oxford BioMedica | Tim Watts (cfo) | 19 May 15 | 194,174 | 10.3 | 20,000 | 5,802,003 | 0.226 |
| Pinnacle Technology * | Nicholas Scallan (ce) | 15 May 15 | 153,846 | 6.5 | 10,000 | 684,846 | 1.157 |
| Pinnacle Technology * | Dr. James Dodd (ch) | 15 May 15 | 904,396 | 6.5 | 58,786 | 4,065,935 | 6.870 |
| Pinnacle Technology * | Dr. Thomas Black | 15 May 15 | 1,077,062 | 6.5 | 70,009 | 4,842,199 | 8.182 |
| President Energy ♥ | Peter Levine (ch & ce) | 15 May 15 | 2,000,000 | 11.75 | 235,000 | 166,817,272 | 34.788 |
| Sage Group (The) | Jonathan Howell | 19 May 15 | 18,167 | 568.05 | 103,197 | 31,000 | 0.003 |
| Sage Group (The) | Stephen Kelly (ce) | 14 May 15 | 46,200 | 541 | 249,942 | 192,346 | 0.018 |
| STM | MichaelRiddell (ch) | 20 May 15 | 137,000 | 36.5 | 50,005 | 137,000 | 0.231 |
| Topps Tiles ♥ | Matthew Williams (ce) | 20 May 15 | 1,000,000 | 127.05 | 1,270,500 | 1,748,585 | 0.903 |
| TT electronics | Neil Carson (ch) | 15 May 15 | 50,000 | 153.41 | 76,705 | 100,000 | 0.063 |
| Verona Pharma ♥ | Dr. David Ebsworth (ch) | 18 May 15 | 300,000 | 3.5 | 10,500 | 3,579,774 | 0.354 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Athelney Trust | Hugo Deschampsneufs (ch) | 15 May 15 | 78,038 | 201 | 156,856 | 0 | 0.000 |
| Bloomsbury Publishing | Nigel Newton (ce) | 20 May 15 | 132,651 | 175 | 232,139 | 1,147,263 | 1.530 |
| Countrywide | Grenville Turner (ch) | 15 May 15 | 300,000 | 595.53 | 1,786,590 | 171,524 | 0.078 |
| Elementis ♥ | Brian Taylorson (fd) | 14 May 15 | 3,000 | 312.25 | 9,368 | 440,778 | 0.095 |
| Euromoney Institutional Investor | PR Ensor (ch) | 15 May 15 | 17,727 | 1,206.80 | 213,929 | 178,612 | 0.139 |
| Euromoney Institutional Investor | PR Ensor (ch) | 20 May 15 | 1,799 | 1,200.82 | 21,603 | 175,918 | 0.137 |
| Euromoney Institutional Investor | PR Ensor (ch) | 19 May 15 | 895 | 1,200 | 10,740 | 177,717 | 0.139 |
| Glencore ♥ | William Macaulay | 18 May 15 | 22,172,511 | 301.6 | 66,872,293 | 47,873,717 | 0.366 |
| Glencore ♥ | William Macaulay | 18 May 15 | 4,139,740 | 301.5 | 12,481,316 | 43,733,977 | 0.334 |
| Glencore ♥ | William Macaulay | 18 May 15 | 163,004 | 301.1 | 490,805 | 42,071,878 | 0.322 |
| Glencore ♥ | William Macaulay | 18 May 15 | 1,499,095 | 301 | 4,512,276 | 42,234,882 | 0.323 |
| Hays | Paul Venables (fd) | 20 May 15 | 750,000 | 163.66 | 1,227,461 | 953,014 | 0.067 |
| Lookers | Neil Davis | 15 May 15 | 190,000 | 161 | 305,900 | 277,041 | 0.071 |
| NewRiver Retail ♥ | Andrew Walker | 20 May 15 | 450,000 | 318 | 1,431,000 | 6,648,418 | 5.231 |
| NewRiver Retail ♥ | Andrew Walker | 20 May 15 | 500,000 | 315 | 1,575,000 | 7,098,418 | 5.585 |
| Randgold Resources | Graham Shuttleworth (fd) | 18 May 15 | 10,000 | 4,931 | 493,100 | 77,974 | 0.084 |
| Randgold Resources | Dr. Mark Bristow | 15 May 15 | 40,000 | 4,832 | 1,932,800 | 730,786 | 0.787 |
| Sprue Aegis | Peter Lawrence | 14 May 15 | 20,000 | 281 | 56,200 | 445,214 | 0.979 |
| SThree ♥ | Justin Hughes | 20 May 15 | 201,840 | 385.28 | 777,649 | 402,357 | 0.316 |
| Vesuvius ♥ | Chris O'Shea (fd) | 20 May 15 | 60,000 | 456 | 273,600 | 31,443 | 0.012 |
| *Placing/tender/open offer ♥Spouse/connected party ΩIsa/Sipp/Trust | |||||||
