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Pace chiefs take different tacks

One of Pace's chief executives has bought shares, but another has sold - sending mixed signals
May 15, 2014

Directors tempted to cash out can leave their peers picking up the pieces. Roddy Murray, finance director of set-top-box maker Pace (PIC), spent £105,000 on 30,000 of Pace’s shares this week - raising his stake by nearly a third - even after chief executive Michael Pulli sold 50,000 shares or about 8 per cent of his holdings in April.

IC TIP: Buy at 380p

Mr Murray’s move may seek to renew investors' confidence in Pace, whose shares have slumped nearly a fifth to 380p since the all-time high in March. That may be due to a mixed trading performance last year: its North American sales climbed 17 per cent, but that was offset by declines across Europe, Asia, Australasia and Africa. A recent trading update also revealed that revenues so far this year are down, but that management nonetheless expects them to grow by 9 per cent to $2.7bn (£1.6bn) for the full 12 months.

Buys 
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Aquarius Platinum Timothy Freshwater05 May 1475,98820.7515,76684,7770.006
Aquarius Platinum Timothy Freshwater06 May 14176,24320.9136,857261,0200.018
Aquarius Platinum Timothy Freshwater07 May 14214,81320.6744,407475,8330.032
Aquarius Platinum Timothy Freshwater07 May 14500,00020.62103,100975,8330.067
Babcock International *Archie Bethel 07 May 1422,060790174,274209,4320.042
Babcock International *Archie Bethel 07 May 1419,893790157,155229,3250.046
Babcock International *Archie Bethel 06 May 1425,798790203,804262,0630.052
Babcock International *Bill Tame (fd)07 May 141,56779012,379526,9290.105
Babcock International *Bill Tame (fd)07 May 1447,064790371,806410,0620.082
Babcock International *Bill Tame (fd)07 May 1425,500790201,450435,5620.087
Babcock International *John Davies07 May 147,29379057,61526,2550.005
Babcock International *Justin Crookenden07 May 142,67779021,14814,3240.003
Babcock International *Justin Crookenden07 May 141,80279014,23616,1260.003
Babcock International *Kevin Thomas07 May 1410,00479079,032178,1540.036
Babcock International *Kevin Thomas07 May 1451,735790408,707229,8890.046
Babcock International *Peters Rogers (ce)07 May 14342,1687902,703,1271,231,8070.246
Coal of Africa Michael Meeser (cfo)06 May 14300,0004.5313,590600,0000.057
GLI Finance James Carthew02 May 1415,00059.228,883250,0000.178
Hangar8 Dustin Dryden (ce)07 May 1480,000210168,0002,846,93329.882
Hangar8 George Rolls07 May 1450,000210105,00099,5651.045
Home Retail ♥ John Coombe (ch)01 May 146,635206.213,681125,4100.015
Kofax Chris Conway01 May 1410,00045345,300320,0000.347
Kofax Joe Rose07 May 148,000402.3832,190110,0000.119
Modern Water Michael Gradon02 May 14300,00029.588,5001,246,5181.568
Numis Corp Gerald Corbett (ch)07 May 1430,00030090,00030,0000.026
Pace Roddy Murray (cfo)06 May 1430,000349.9104,970130,0000.041
Pendragon Melvyn Egglenton (ch)07 May 1455,25231.517,404255,2520.018
PureCircle Paul Selway-Swift (ch)06 May 142,30060213,846202,3000.123
SciSys Klaus Heidrich (ce)06 May 1450,00092.7546,37550,0000.172
Serco  Alastair Lyons (ch)02 May 1429,000344.96100,03862,6000.011
Serco  Rupert Soames (ce)02 May 14242,000354.30857,406242,0000.044
Silence Therapeutics *Ali Mortazavi (ce)06 May 14129,399230297,6181,777,3993.418
Silence Therapeutics *Tim Freeborn (fd & cs)06 May 1410,00023023,00014,0000.027
Sinclair IS Pharma Stuart Swanson01 May 14320,22630.6798,2194,855,8540.976
Sinclair IS Pharma Stuart Swanson07 May 14319,14630.597,3409,200,0001.850
Sinclair IS Pharma *Jean-Charles Tschudin01 May 14500,00032160,0002,000,1170.402
Sinclair IS Pharma *Stuart Swanson01 May 143,125,000321,000,0007,980,8541.604
Snoozebox Holdings *David Morrison (ch)07 May 141,000,00010100,0003,000,0001.416
Snoozebox Holdings *Lorcan Murchu (ce & cs)07 May 141,000,00010100,0002,104,0000.993
Snoozebox Holdings *Richard Davies07 May 14150,0001015,000391,6000.185
Snoozebox Holdings *Stephen East07 May 14250,0001025,000354,0000.167
SThree Nadhim Zahawi01 May 1424,058404.597,31543,2280.035

Sells 
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
CLS Holdings*Thomas Lundqvist02 May 141,3561,49520,27278,6440.179
CLS Holdings*Thomas Thomson02 May 141,3991,49520,91581,1490.185
CLS Holdings* ♥Sten Mortstedt (ch)02 May 14381,2181,4955,699,20922,140,28250.372
Good Energy  Garry Peagam02 May 1420,00025350,600100,0000.682
Good Energy ♥ Garry Peagam02 May 1420,00025350,60080,0000.545

*Placing/tender/open offer ♥Spouse/connected party