The two top bosses at Associated British Foods (ABF) have recently offloaded shares in the food and retail giant. On 24 November, chief executive George Weston sold 78,541 shares at 3,067p each and, on the same day, finance director John Bason ditched 99,614 shares at the same price.
However, shareholders thinking of following their example may want to think again. Mr Weston's sale was to meet his tax liability from shares vested as part of his long-term incentive plan. While Mr Bason's reason for selling was partly to pay tax on his bonus windfall, but also for "personal liquidity reasons". It just so happened that both timed their disposals well: at the time of the sale the share price was at a 10-year high, although it's now even dearer at 3,205p.
The group's latest full-year results were overshadowed by a slump in sugar prices, which is set to hold back profit growth this year. But that doesn't seem to have scared the markets, presumably reassured by stellar performances from the company's other divisions - which includes Primark's seemingly unstoppable rise.
Buys | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Acorn Income Fund | D J Warr | 26 Nov 14 | 33,000 | 298 | 98,340 | 33,000 | 0.2 |
Bezant Resources | Mr. E F G Nealon (ch) | 26 Nov 14 | 500,000 | 4.16 | 20,800 | 500,000 | 0.6 |
Big Yellow* | Mr. J E Gibson (ceo) | 21 Nov 14 | 9,132 | 547.5 | 49,998 | 2,538,358 | 1.6 |
Big Yellow* | Mr. N J Vetch (ch) | 21 Nov 14 | 9,132 | 547.5 | 49,998 | 9,175,351 | 5.9 |
Big Yellow* | Mr. A C J Lee (ops) | 21 Nov 14 | 5,479 | 547.5 | 29,998 | 781,802 | 0.5 |
Big Yellow* | Mr. R J Cotton | 21 Nov 14 | 4,566 | 547.5 | 24,999 | 68,485 | 0.0 |
Bioquell♥ | C H B Mills | 26 Nov 14 | 500,000 | 88.5 | 442,500 | 12,160,000 | 28.6 |
COLT | S Giacoletto-Roggio | 20 Nov 14 | 20,000 | 135.5 | 27,100 | 50,000 | 0.0 |
Dunedin Enterprise Investment Trust | B Finlayson | 26 Nov 14 | 5,810 | 345.25 | 20,059 | 87,867 | 0.4 |
EnQuest♥ | Dr J W Buckee (ch) | 20 Nov 14 | 470,596 | 64.28 | 302,499 | 3,182,779 | 0.4 |
Enteq Upstream | R Pinchbeck | 20 Nov 14 | 148,701 | 24.95 | 37,101 | 526,812 | 0.9 |
Exova | A G Langlands | 25 Nov 14 | 50,000 | 163.1 | 81,550 | 190,909 | 0.1 |
Exova♥ | I El-Mokadem (ceo) | 20 Nov 14 | 38,569 | 162 | 62,482 | 2,000,000 | 0.8 |
Fenner | N M Hobson (ceo) | 21 Nov 14 | 11,291 | 257 | 29,018 | 300,000 | 0.2 |
Frontier Resources International | Mr. N L Herbert (ch) | 20 Nov 14 | 12,500,000 | 1 | 125,000 | 12,500,000 | 7.6 |
GB | D Wilson (fd) | 24 Nov 14 | 24,000 | 145 | 34,800 | 365,035 | 0.3 |
GETECH♥ | Mr. P F H Stephens | 26 Nov 14 | 100,000 | 44 | 44,000 | 988,000 | 3.3 |
Independent Oil & Gas | Mr. M C Jordan | 20 Nov 14 | 181,818 | 11 | 20,000 | 6,957,560 | 10.0 |
Independent Oil & Gas | Mr. M C Routh (inm ceo & ch) | 20 Nov 14 | 181,821 | 11 | 20,000 | 4,303,010 | 6.2 |
Independent Oil & Gas | Mr. P C Murray | 20 Nov 14 | 181,818 | 11 | 20,000 | 951,420 | 1.4 |
Independent Oil & Gas | Mr. P J Young (cfo) | 20 Nov 14 | 181,818 | 11 | 20,000 | 13,726,638 | 19.8 |
Independent Oil & Gas | Ms. Marie-Louise Clayton | 20 Nov 14 | 181,818 | 11 | 20,000 | 2,732,591 | 3.9 |
London Capital | Mr. C Sabet (ch) | 26 Nov 14 | 650,000 | 35 | 227,500 | 650,000 | 1.2 |
LSL Property Services | W M F Shannon | 26 Nov 14 | 10,000 | 293 | 29,300 | 20,561 | 0.0 |
Mitchells & Butlers♥ | A Darby (ceo) | 25 Nov 14 | 8,475 | 348.4606 | 29,532 | 94,128 | 0.0 |
Montanaro European Smaller Companies Trust | R A Hammond-Chambers | 25 Nov 14 | 5,000 | 455.375 | 22,769 | 22,500 | 0.1 |
Montanaro European Smaller Companies Trust | A R Irvine MBE (ch) | 21 Nov 14 | 5,000 | 452 | 22,600 | 65,000 | 0.4 |
Norman Broadbent* | Mr. P A Casey (ch) | 21 Nov 14 | 469,144 | 19.1 | 89,607 | 3,682,242 | 21.1 |
Ocean Wilsons | K W Middleton (gfd) | 20 Nov 14 | 10,000 | 1070 | 107,000 | 20,000 | 0.1 |
Ocean Wilsons | K W Middleton (gfd) | 21 Nov 14 | 10,000 | 1069 | 106,900 | 30,000 | 0.1 |
Pinnacle Technology* | Dr. J E Dodd (ch) | 21 Nov 14 | 1,569,230 | 6.5 | 102,000 | 3,081,538 | 6.7 |
Pinnacle Technology* | Dr T J Black | 21 Nov 14 | 1,538,461 | 6.5 | 100,000 | 3,686,198 | 8.0 |
R E A | M Parry | 21 Nov 14 | 5,000 | 400 | 20,000 | 19,322 | 0.1 |
Rotala | S L Dunn (ceo) | 24 Nov 14 | 99,976 | 55 | 54,987 | 1,364,634 | 3.5 |
Serco♥ | A G Cockburn (gcfo) | 21 Nov 14 | 84,600 | 173.7 | 146,950 | 84,600 | 0.0 |
Surgical Innovations* | C J Rea OBE (intm md) | 24 Nov 14 | 30,354,893 | 1.3 | 394,614 | 69,814,083 | 14.4 |
UKrproduct♥ | A K Slipchuck | 24 Nov 14 | 451,750 | 7.5 | 33,881 | 14,939,133 | 37.7 |
UKrproduct♥ | S S Evlanchik (ceo) | 24 Nov 14 | 443,550 | 7.5 | 33,266 | 14,939,133 | 37.7 |
Utilico Investments | Mr. E S C Stobart | 24 Nov 14 | 17,352 | 116.5 | 20,215 | 50,000 | 0.1 |
Wilmington | Mr. C J Brady | 20 Nov 14 | 1,300,000 | 210 | 2,730,000 | 4,493,819 | 5.2 |
Xchanging | D Bauernfeind (cfo) | 26 Nov 14 | 20,000 | 167.5 | 33,500 | 520,959 | 0.2 |
Sells | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Associated British Foods | Mr. J G Bason (fd) | 24 Nov 14 | 99,614 | 3067.1 | 3,055,261 | 122,724 | 0.0 |
Associated British Foods | Mr. G G Weston (ceo) | 24 Nov 14 | 78,541 | 3067.1 | 2,408,931 | 3,548,947 | 0.4 |
Close Brothers | J A G Howell (fd) | 21 Nov 14 | 9,691 | 1493.21 | 144,707 | 263,596 | 0.2 |
Ebiquity | A W Beach (fd) | 21 Nov 14 | 189,476 | 105 | 198,950 | 20,000 | 0.0 |
Fidessa | A Malpass (fd) | 21 Nov 14 | 1,350 | 2368.46 | 31,974 | 85,529 | 0.2 |
Fidessa♥ | A Malpass (fd) | 21 Nov 14 | 2,100 | 2366 | 49,686 | 83,429 | 0.2 |
Genel Energy | Dr A B Hayward (ceo) | 25 Nov 14 | 103,176 | 767 | 791,360 | 1,633,876 | 0.7 |
Genel Energy | J Metherell (cfo) | 25 Nov 14 | 103,176 | 767 | 791,360 | 1,633,876 | 0.7 |
Learning Technologies | D Solomon (coo) | 21 Nov 14 | 200,000 | 17.25 | 34,500 | - | 0.0 |
Lombard Risk Management | J P McCormick | 26 Nov 14 | 4,000,000 | 13 | 520,000 | 5,076,756 | 1.9 |
London Stock Exchange | R Jerusalmi | 25 Nov 14 | 15,000 | 2190 | 328,500 | 52,130 | 0.0 |
Mucklow (A&J) | Mr. J D Parker (md) | 26 Nov 14 | 18,990 | 480.225 | 91,195 | 81,020 | 0.1 |
Mucklow (A&J) | Mr. D Wooldridge (fd & cs) | 26 Nov 14 | 13,066 | 480.225 | 62,746 | 76,689 | 0.1 |
Stanley Gibbons | I G Goldbart | 21 Nov 14 | 122,853 | 300 | 368,559 | 245,698 | 0.5 |
Young & Co's Brewery♥ | T C F Sligo-Young | 21 Nov 14 | 12,000 | 1030 | 123,600 | 1,407,778 | 4.8 |
*placing/tender/open offer ♥spouse/connected party †Approved SIP |