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Ex-CEO sells shares in Countrywide

Grenville Turner has sold almost half his stake in the company he led back into the public eye
December 18, 2014

Estate-agency group Countrywide (CWD) may be well placed to profit from a hotter housing market, but its shares have fallen from a peak of 700p earlier this year to 439p. That's not so far from the 350p share price achieved at the group's flotation in March 2013.

IC TIP: Buy

But that didn't stop non-executive chairman Grenville Turner nearly halving his stake in the company with the sale of 880,000 shares. Mr Turner led the IPO process, but stepped down as chief executive earlier this year. Mirroring his increasingly detached role, the share sale is part of a "rebalancing of his personal portfolio and family trusts", according to the market notice.

Separately, shareholders are faced with a decision on 8 January that could decide the future of the group's share buy-back programme, which was announced in October. It seems Countrywide's previous owner Oaktree Capital, a Los Angeles private equity firm, does not want to participate in any buy-back scheme. But as it still holds a 29.6 per cent stake, any reduction in the number of shares in issue could technically trigger a mandatory offer by Oaktree, because its shareholding would increase to 30 per cent. However, the Takeover Panel has agreed to a waiver of Oaktree's obligations, subject to shareholder approval.

Buys
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Aberdeen Asset Management Simon Troughton04 Dec 1420,00046292,40060,0000.005
Access Intelligence Michael Jackson (ch)09 Dec 14700,0003.524,50025,865,85811.002
Bank of Georgia Holdings Alasdair Breach09 Dec 142,1212,06443,77716,4000.042
Bank of Georgia Holdings Neil Janin (ch)05 Dec 1420,0002,087417,40045,7290.116
BATM Advanced Communications Dr Gideon Chitayat (ch)10 Dec 14600,00015.37592,250600,0000.149
Better Capital PCC Richard Battey08 Dec 1430,0008625,80060,0000.029
Chesnara *Mike Evans05 Dec 146,45231020,0016,4520.005
Chesnara *Graham Kettleborough (ce)05 Dec 147,32231022,69880,6120.064
Collagen Solutions *David Evans (ch)10 Dec 147,142,8567500,00012,638,7307.392
Collagen Solutions *Gill Black ((cfo & cs)10 Dec 14357,143725,000357,1430.209
Collagen Solutions *Dr. Kevin Wilson10 Dec 14714,286750,0001,792,2961.048
Collagen Solutions *Dr. Stewart White (ce)10 Dec 14357,143725,0003,464,3272.026
Collagen Solutions *Malcolm Gillies10 Dec 14714,286750,0001,214,2860.710
Conygar Investment Company (The) Preston Rabl05 Dec 14140,000180252,0001,485,4801.768
Corero Network Security *Jens Montanana (ch)09 Dec 1411,746,667151,762,00045,690,35439.512
Egdon Resources †Mark Abbott †09 Dec 14200,00012.4524,9007,663,8243.462
Glanbia Patrick Coveney08 Dec 143,9001,267.549,4333,9000.001
Grainger Ian Coull08 Dec 1425,000200.550,12525,0000.006
Independent News & Media Len O'Hagan08 Dec 14110,00013.514,850111,9930.008
Ironveld Nick Harrison08 Dec 14200,0006.212,40011,323,5813.793
Ironveld ♥Giles Clarke (ch)10 Dec 14150,000710,50016,252,0995.444
Ironveld ♥Giles Clarke (ch)08 Dec 14175,0006.1810,81516,102,0995.394
Ironveld ♥Nick Harrison10 Dec 14150,000710,50011,473,5813.843
ITE  Marco Sodi (ch)08 Dec 1418,90415529,301150,0000.060
Ithaca Energy Jack Lee (ch)05 Dec 14200,00064.35953128,7191,400,0000.425
Ithaca Energy Les Thomas (ce)05 Dec 14200,00061122,000204,0140.062
Jubilee Platinum Colin Bird (ch)10 Dec 141,000,0001.2512,5006,517,9911.023
KBC Advanced Technologies ♥Oliver Scott05 Dec 1450,00086.943,4509,570,92811.739
KBC Advanced Technologies ♥Oliver Scott04 Dec 1450,00086.443,2009,520,92811.672
London Capital  Holdings Charles-Henri Sabet (ch)10 Dec 141,000,00033330,0001,650,0002.959
Majedie Investments Paul Gadd05 Dec 145,00024212,10040,0000.076
Majedie Investments Paul Gadd05 Dec 145,00023711,85035,0000.067
Nord Gold NV **Alexy Mordashov05 Dec 143,587,9421505,381,913326,258,80886.284
Patagonia Gold *William Humphries *09 Dec 142,222,2224.5100,00030,892,6992.952
Patagonia Gold *Carlos Miguens (ch)09 Dec 1477,848,5484.53,503,185211,187,53320.178
Patagonia Gold *Gonzalo Tanoira *09 Dec 141,415,4284.563,69410,191,0350.974
Proxama *Gavin Breeze10 Dec 144,000,0002.5100,000150,006,65114.729
Proxama *David Bailey (ch)10 Dec 142,000,0002.550,00013,324,1261.308
Qannas Investments Jassim Alseddiqi Alansaari04 Dec 1431,2509028,1257,827,14610.213
Reckitt Benckiser  Adrian Hennah (cfo)04 Dec 1413,2225,177684,50326,8510.004
Richoux  Salvatore Diliberto (ce)04 Dec 14200,0001530,00019,658,67221.364
Sage Group (The) Stephen Kelly (ce)04 Dec 1478,646442.75348,205146,1460.014
Seeing Machines *James Walker (cfo)05 Dec 14280,0005.515,4003,291,5320.354
Servoca Andy Church (ce)08 Dec 14115,27417.3520,0006,128,7974.896
Smith (DS) Kathleen O'Donovan05 Dec 1410,471305.631,99910,4710.001
Smith (DS) Louise Smalley05 Dec 1414,615305.644,66314,6150.002
Symphony International Holdings Anil Thadani09 Dec 14300,00082246,00057,117,99110.910
Symphony International Holdings Anil Thadani10 Dec 14100,1828282,14957,218,17310.929
Vedanta Resources Tom Albanese (ce)10 Dec 149,500647.561,51382,7000.031
Weatherly International *Charilaos Stavrakis08 Dec 14421,0522.92512,3161,421,0520.183
Weatherly International *Dr Wolf Martinick08 Dec 143,720,0002.925108,81022,983,2002.957
Weatherly International *John Bryant (ch)08 Dec 14341,8802.92510,000739,3800.095
Weatherly International *Rod Webster (ce)08 Dec 14928,0002.92527,14428,271,8003.637

Sells
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
BATM Advanced Communications Peter Sheldon10 Dec 14600,00015.37592,250150,0000.037
Betfair  Alexander Gersh (cfo)08 Dec 1420,0001,460292,00000.000
British Polythene Industries ♥John Langlands (ce)10 Dec 1435,000615215,250283,6831.047
Countrywide Grenville Turner (ch)10 Dec 14880,0004463,924,8001,071,5240.495
CSR Ron Mackintosh (ch)09 Dec 146,115845.6651,712106,0000.064
Helical Bar Gerald Kaye05 Dec 14270,386354.17957,6261,126,3670.953
Helical Bar Matthew Bonning-Snook05 Dec 14123,605354.17437,772154,4290.131
Helical Bar Michael Slade (ce)05 Dec 14309,013354.171,094,43112,739,80710.780
Helical Bar Nigel McNair Scott (ch)05 Dec 14181,545354.17642,9782,674,3962.263
Helical Bar Tim Murphy05 Dec 1435,451354.17125,557156,8060.133
Nord Gold NV **Nikolai Zelenskiy (ce)05 Dec 142,511,5591503,767,33900.000
Onesavings Bank Stephan Wilcke05 Dec 14826,0002011,660,2602,999,7111.234
Rio Tinto Ann Godbehere09 Dec 142,1112,847.5660,1126,450<0.001
* placing/tender/open offer ♥ spouse/connected party † SIPP ** GDRs