There are few clearer signs of confidence in a company’s prospects than management’s willingness to invest its own cash. Tungsten Corporation (TUNG) is a good example: earlier this month, five board members spent a total of £2.26m buying shares that were issued at 340p each as part of a placing.
The placing raised £12m to fund the acquisition and integration of DocuSphere. That company provides accounts-payable automation services, which should support the development of Tungsten’s e-invoicing platform. Management was sufficiently impressed by the virtues of the deal for chief executive Edmund Truell to snap up a further 524,742 shares - worth a hefty £1.78m - bringing his stake in the company to nearly 15 per cent. Moreover, three non-executive directors also put up money: Michael Spencer bought about £379,000-worth of shares, while Peter Kiernan and Daniel Truell invested nearly £70,000 in total. Executive director Phil Ashdown spent about £24,000 on stock, too.
Investors would be wise to follow their lead. As companies and governments increasingly embrace e-invoicing to pay suppliers, Tungsten’s growth should be stellar. The group’s transaction flow volumes have nearly doubled to over £100bn since 2011, yet it’s estimated that a mere 3 per cent of invoices are currently settled electronically. Broker Canaccord Genuity expects the company to turn profitable in the current financial year (to end-April 2015), with earnings rising five-fold in 2016 to 23.2p a share.
Buys | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
AFH Financial Group PLC | ML Chambers | 05-Sep-14 | 20,000 | 150.00 | 30,000 | 20,000 | 0.10 |
Amara Mining PLC | J McGloin (ch & ceo) | 09-Sep-14 | 130,639 | 22.75 | 29,720 | 1,002,599 | 0.30 |
Amara Mining PLC | Mr. PAS Gardner (cfo) | 09-Sep-14 | 100,000 | 22.92 | 22,920 | 855,109 | 0.26 |
Amara Mining PLC | The Right Honourable P G Hain MP | 04-Sep-14 | 28,726 | 24.19 | 6,949 | 141,806 | 0.04 |
Anpario PLC | Karen L Prior (gfd & cs) | 10-Sep-14 | 12,000 | 257.00 | 30,840 | 64,751 | 0.33 |
Baron Oil PLC | R Berends (ch) | 10-Sep-14 | 2,000,000 | 1.85 | 37,000 | 40,333,335 | 2.93 |
Biofrontera AG | Mr. T Schaffer (cfo) | 04-Sep-14 | 2,000 | 185.35 | 3,707 | 10,088 | 0.05 |
Biofrontera AG | Mr. T Schaffer (cfo) | 04-Sep-14 | 1,500 | 187.50 | 2,813 | 11,588 | 0.05 |
BP PLC | B Gilvary (cfo) | 05-Sep-14 | 50,000 | 466.64 | 233,318 | 544,931 | 0.00 |
Brewin Dolphin Holdings PLC | Ms. Caroline Taylor | 09-Sep-14 | 2,500 | 275.68 | 6,892 | 2,500 | 0.00 |
bwin.party digital entertainment PLC | Sylvia Coleman | 04-Sep-14 | 75,000 | 94.59 | 70,943 | 75,000 | 0.01 |
Canaccord Genuity Group Inc | Mr. MD Harris | 08-Sep-14 | 500 | 745.34 | 3,727 | 79,700 | 0.08 |
Carr's Milling Industries PLC | T Davies (ceo) | 05-Sep-14 | 1,000 | 1,617.00 | 16,170 | 2,000 | 0.02 |
CLS Holdings PLC | Mr. L Sten | 10-Sep-14 | 2,971 | 1,329.00 | 39,485 | 2,971 | 0.01 |
CRH PLC | N Hartery (ch) | 08-Sep-14 | 10,800 | 1,461.33 | 157,824 | 12,253 | 0.00 |
Daily Internet PLC | Mr. JM Edelson (ch) | 09-Sep-14 | 13,698,630 | 1.83 | 250,000 | 21,265,296 | 4.73 |
Dart Group PLC | MAS Laurence | 08-Sep-14 | 25,000 | 219.83 | 54,957 | 200,000 | 0.14 |
Diploma PLC | I Henderson (coo) | 08-Sep-14 | 9,000 | 656.00 | 59,040 | 559,727 | 0.49 |
Dods Group PLC | Ms. Cheryl C Jones | 09-Sep-14 | 500,000 | 5.00 | 25,000 | 2,100,000 | 0.62 |
ECR Minerals PLC | R A Watts | 08-Sep-14 | 1,000,000 | 0.24 | 2,380 | 14,250,000 | 0.44 |
ECR Minerals PLC | Mr. P Johnson (ch) | 08-Sep-14 | 1,000,000 | 0.23 | 2,314 | 28,947,810 | 0.89 |
ECR Minerals PLC | Mr. S J Clayson (ceo) | 05-Sep-14 | 500,000 | 0.23 | 1,150 | 18,734,890 | 0.57 |
Edinburgh Investment Trust (The) PLC | G Suarez | 09-Sep-14 | 5,000 | 604.50 | 30,225 | 7,000 | 0.00 |
Helius Energy PLC* | AEH Salvesen CBE | 04-Sep-14 | 4,500,000 | 7.00 | 315,000 | 51,654,045 | 26.45 |
Helius Energy PLC* | AF Macdonald OBE | 04-Sep-14 | 2,857,143 | 7.00 | 200,000 | 35,214,917 | 18.03 |
Helius Energy PLC* | CM Corner | 04-Sep-14 | 357,143 | 7.00 | 25,000 | 5,915,385 | 3.03 |
Helius Energy PLC* | JM Seed (ch) | 04-Sep-14 | 357,143 | 7.00 | 25,000 | 3,634,616 | 1.86 |
Helius Energy PLC* | WJI Hill (coo & cs) | 04-Sep-14 | 142,857 | 7.00 | 10,000 | 1,027,857 | 0.53 |
Helius Energy PLC* | Dr AC Bowles (ceo) | 04-Sep-14 | 107,143 | 7.00 | 7,500 | 2,134,616 | 1.09 |
Helius Energy PLC* | A G Lyons (fd) | 04-Sep-14 | 100,000 | 7.00 | 7,000 | 103,000 | 0.05 |
Intu Properties PLC♥ | RM Gordon | 08-Sep-14 | 5,000 | 343.00 | 17,150 | 6,994,818 | 0.53 |
ITM Power PLC | Sir Roger Bone KCMG | 05-Sep-14 | 38,250 | 25.90 | 9,907 | 38,250 | 0.02 |
Latham (James) PLC | Mr. Meryl A Bushell | 09-Sep-14 | 1,000 | 499.00 | 4,990 | 4,400 | 0.02 |
Lenta Ltd | J Oliver (ch) | 08-Sep-14 | 15,000 | 1,195.00 | 179,250 | 625,000 | 0.73 |
Lenta Ltd | J Oliver (ch) | 04-Sep-14 | 10,000 | 1,173.00 | 117,300 | 610,000 | 0.71 |
McKay Securities PLC | Mr. DO Thomas (ch) | 10-Sep-14 | 13,523 | 206.44 | 27,917 | 136,536 | 0.15 |
Menzies (John) PLC | IJG Napier (ch) | 08-Sep-14 | 2,000 | 598.02 | 11,960 | 7,000 | 0.01 |
Nature Group PLC | P Snell | 10-Sep-14 | 25,000 | 22.40 | 5,600 | 700,000 | 0.88 |
Nature Group PLC | NDA Sandy (ch) | 10-Sep-14 | 25,000 | 21.50 | 5,375 | 375,500 | 0.47 |
NetPlay TV PLC | AC Lapping | 10-Sep-14 | 200,000 | 10.86 | 21,725 | 2,693,684 | 0.91 |
NetPlay TV PLC♥ | AC Lapping | 10-Sep-14 | 200,000 | 10.86 | 21,725 | 2,893,684 | 0.98 |
Nostrum Oil & Gas PLC | Sir Christopher Codrington Bt | 09-Sep-14 | 1,292 | 766.91 | 9,908 | 1,292 | 0.00 |
RSA Insurance Group PLC | SAM Hester (ceo) | 08-Sep-14 | 21,500 | 466.40 | 100,276 | 21,500 | 0.00 |
SafeCharge International Group Ltd | TS Mickley (cfo) | 10-Sep-14 | 11,100 | 224.75 | 24,947 | 11,100 | 0.01 |
Scholium Group PLC | Mr. CAL Sebag-Montefiore | 05-Sep-14 | 10,000 | 81.00 | 8,100 | 20,000 | 0.15 |
Smart Metering Systems PLC♥ | PB Dollman (ch) | 09-Sep-14 | 10,000 | 377.00 | 37,700 | 10,000 | 0.01 |
Smart Metering Systems PLC♥ | Miriam V Greenwood OBE DL | 09-Sep-14 | 10,000 | 372.50 | 37,250 | 10,000 | 0.01 |
Stadium Group PLC | C Peppiatt (ceo) | 10-Sep-14 | 30,000 | 100.00 | 30,000 | 45,000 | 0.14 |
Stadium Group PLC | Joanne E Estell (fd &cs) | 10-Sep-14 | 5,500 | 100.00 | 5,500 | 15,500 | 0.05 |
Standard Life PLC | P Danon | 04-Sep-14 | 16,400 | 409.00 | 67,076 | 54,627 | 0.00 |
Standard Life PLC | JGH Paynter | 08-Sep-14 | 5,000 | 401.70 | 20,085 | 50,000 | 0.00 |
Synety Group PLC | Mr. PJ Williams (cfo) | 09-Sep-14 | 2,283 | 218.45 | 4,987 | 39,514 | 0.47 |
Synety Group PLC | MJK Seemann (ceo) | 09-Sep-14 | 524 | 219.00 | 1,148 | 876,077 | 10.40 |
Tracsis PLC | Mr. C Cole (ch) | 10-Sep-14 | 7,000 | 364.00 | 25,480 | 7,000 | 0.03 |
Tungsten Corp PLC*♥ | E Truell (ceo) | 09-Sep-14 | 524,742 | 34,000 | 178,412,280 | 15,392,426 | 14.87 |
Tungsten Corp PLC* | Mr. MA Spencer | 09-Sep-14 | 111,400 | 34,000 | 37,876,000 | 1,941,885 | 1.88 |
Tungsten Corp PLC* | D Truell | 09-Sep-14 | 14,118 | 34,000 | 4,800,120 | 414,118 | 0.40 |
Tungsten Corp PLC* | P Ashdown | 09-Sep-14 | 7,059 | 34,000 | 2,400,060 | 207,059 | 0.20 |
Tungsten Corp PLC* | P Kiernan | 09-Sep-14 | 6,212 | 34,000 | 2,112,080 | 182,199 | 0.18 |
Sells | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
AFH Financial Group PLC | Mr. A Hudson (ceo) | 05-Sep-14 | 20,000 | 150.00 | 30,000 | 7,555,700 | 39.12 |
Bank of Georgia Holdings PLC | S Gvalia | 08-Sep-14 | 7,654 | 2,551.00 | 195,254 | 135,522 | 0.39 |
Bankers Petroleum Ltd | Mr. R Cross (ch) | 09-Sep-14 | 100,000 | 362.25 | 362,252 | 200,000 | 0.08 |
Cambria Automobiles PLC | Sir Peter Burt | 08-Sep-14 | 850,000 | 51.00 | 433,500 | 1,046,950 | 1.05 |
Diploma PLC | I Henderson (coo) | 08-Sep-14 | 9,000 | 656.00 | 59,040 | 550,727 | 0.49 |
Euromoney Institutional Investor PLC | Diane E Alfano | 08-Sep-14 | 5,000 | 1,117.00 | 55,850 | 78,006 | 0.06 |
Hays PLC | Mr. AR Cox (ceo) | 09-Sep-14 | 178,793 | 129.21 | 231,018 | 2,946,979 | 0.21 |
Hays PLC | P Venables (gfd) | 09-Sep-14 | 130,511 | 129.21 | 168,633 | 1,968,151 | 0.14 |
Hyder Consulting PLC†♥ | I Catto (ceo) | 05-Sep-14 | 156,435 | 730.00 | 1,141,976 | 14,170 | 0.04 |
Hyder Consulting PLC† | R Down (fd) | 05-Sep-14 | 41,884 | 730.00 | 305,753 | 3,116 | 0.01 |
Hyder Consulting PLC† | J Hume (ch) | 05-Sep-14 | 10,000 | 730.00 | 73,000 | - | 0.00 |
Hyder Consulting PLC† | Mr. K Taylor | 05-Sep-14 | 7,490 | 730.00 | 54,677 | - | 0.00 |
Park Group PLC | PR Johnson (ch) | 10-Sep-14 | 175,000 | 60.00 | 105,000 | 50,546,066 | 25.92 |
Young & Co's Brewery PLC | P Dardis | 05-Sep-14 | 7,395 | 972.89 | 71,945 | 1,165,900 | 4.00 |
Young & Co's Brewery PLC♥ | TCF Sligo-Young | 09-Sep-14 | 2,000 | 720.00 | 14,400 | 1,419,778 | 4.85 |
Young & Co's Brewery PLC | TCF Sligo-Young | 09-Sep-14 | 2,000 | 720.00 | 14,400 | 1,421,778 | 4.85 |
*Placing/tender/open offer ♥Spouse/connected party †In respect of voting rights held indirectly by ARCADIS N.V |