Property company Capital & Regional (CAL) has been late to join the recovery party, having spent many years reducing its huge debt pile by withholding dividends and selling off assets. However, the long slog of deleveraging, combined with resurgent appetite for regional property, finally earned the company sufficient credit with investors that it managed to raise £165m through a placing at 47p a share last month.
That paved the way for it to buy out more of its joint venture partners in the Mall fund - a holding vehicle for six regional shopping centres. It now owns 92 per cent of the fund, up from about 29 per cent before the fund-raising.
Directors in the company and other senior managerial staff gave the offer the thumbs up by buying some of the new shares. Significantly, the two major shareholders in the company made substantial purchases. Non-executive director Louis Norval bought 88.9m shares, taking his holding to over 199m shares or 28.5 per cent of the issued share capital, while fellow non-executive director Neno Haasbroek bought 73.5m shares, taking his total holding to 184m shares or 26.3 per cent of the share capital.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| AVEVA | Jennifer Allerton | 15 Jul 14 | 1,000 | 2,043 | 20,430 | 2,000 | 0.003 |
| Capital & Regional * | Charles Staveley (fd) | 14 Jul 14 | 257,354 | 47 | 120,956 | 540,475 | 0.077 |
| Capital & Regional * | John Clare (ch) | 14 Jul 14 | 296,299 | 47 | 139,261 | 592,599 | 0.085 |
| Capital & Regional * | Hugh Scott-Barrett (ce) | 14 Jul 14 | 479,999 | 47 | 225,600 | 1,832,054 | 0.261 |
| Capital & Regional * | Tony Hales | 14 Jul 14 | 149,999 | 47 | 70,500 | 299,999 | 0.043 |
| Capital & Regional * | Philip Newton | 14 Jul 14 | 163,800 | 47 | 76,986 | 327,600 | 0.047 |
| Capital & Regional * | Mark Bourgeois | 14 Jul 14 | 187,989 | 47 | 88,355 | 402,989 | 0.058 |
| Capital & Regional * | Kenneth Ford | 14 Jul 14 | 319,149 | 47 | 150,000 | 1,898,581 | 0.271 |
| Capital & Regional * | Neno Haasbroek | 14 Jul 14 | 82,147,912 | 47 | 38,609,519 | 184,003,825 | 26.258 |
| Capital & Regional * | Louis Norval | 14 Jul 14 | 97,476,246 | 47 | 45,813,836 | 199,903,409 | 28.527 |
| Cenkos Securities | Gerry Aherne (ch) | 11 Jul 14 | 7,700 | 232 | 17,864 | 36,200 | 0.060 |
| Chrysalis VCT | Dr Martin Knight | 16 Jul 14 | 25,000 | 64 | 16,000 | 200,232 | 0.669 |
| Coral Products | Joe Grimmond (ch) | 11 Jul 14 | 40,000 | 13.4 | 5,360 | 5,073,337 | 8.768 |
| Eleco * | John Ketteley (ch) | 10 Jul 14 | 455,882 | 20.75 | 94,596 | 9,049,760 | 12.244 |
| Eleco * | Jonathan Edwards | 10 Jul 14 | 62,500 | 20.75 | 12,969 | 112,500 | 0.152 |
| Eleco * | Jonathan Cohen | 10 Jul 14 | 35,063 | 20.75 | 7,276 | 166,400 | 0.225 |
| Eleco * | Jonathan Cohen | 10 Jul 14 | 121,950 | 20.75 | 25,305 | 288,350 | 0.390 |
| Ensor Holdings | Roger Harrison (ce) | 15 Jul 14 | 14,250 | 70 | 9,975 | 4,172,750 | 13.628 |
| Enteq Upstream | Raymond Garcia | 11 Jul 14 | 76,000 | 34 | 25,840 | 585,196 | 0.993 |
| Future | Zillah Byng-Maddick (ce) | 16 Jul 14 | 191,738 | 7.75 | 14,860 | 191,738 | 0.057 |
| Globo | Makis Bonanos | 16 Jul 14 | 50,000 | 50 | 25,000 | 298,685 | 0.080 |
| Globo | Barry Ariko (ch) | 15 Jul 14 | 50,000 | 50 | 25,000 | 50,000 | 0.013 |
| Globo | D Gryparis (cfo) | 16 Jul 14 | 50,000 | 50 | 25,000 | 303,685 | 0.081 |
| Globo | Costis Papadimitrakopoulos (ce) | 16 Jul 14 | 89,000 | 49.75 | 44,278 | 69,734,197 | 18.661 |
| Globo | Gavin Burnell | 16 Jul 14 | 50,000 | 50 | 25,000 | 320,000 | 0.086 |
| Howden Joinery | Mark Robson (cfo) | 11 Jul 14 | 12,627 | 307.5 | 38,828 | 1,950,443 | 0.302 |
| Howden Joinery ♥ | Mark Robson (cfo) | 11 Jul 14 | 15,577 | 307.5 | 47,899 | 1,966,020 | 0.304 |
| HSBC Holdings † | Safra Catz | 10 Jul 14 | 185 | 606.07 | 1,121 | 19,665 | <0.001 |
| InternetQ | Timothy Weller (ch) | 10 Jul 14 | 18,835 | 265.15 | 49,941 | 66,041 | 0.166 |
| Landore Resources * | William Humphries (ch) | 14 Jul 14 | 1,200,000 | 2.5 | 30,000 | 38,160,000 | 7.374 |
| Landore Resources * | Richard Prickett (ce & fd) | 14 Jul 14 | 400,000 | 2.5 | 10,000 | 8,255,899 | 1.595 |
| Landore Resources * | Helen Green | 14 Jul 14 | 400,000 | 2.5 | 10,000 | 527,583 | 0.102 |
| Landore Resources * | Charles Wilkinson | 14 Jul 14 | 400,000 | 2.5 | 10,000 | 2,154,047 | 0.416 |
| LondonMetric Property ♥ | Rosalyn Wilton | 15 Jul 14 | 50,000 | 139.9 | 69,950 | 50,000 | 0.008 |
| Marks & Spencer | Robert Swannell (ch) | 15 Jul 14 | 20,000 | 436.39 | 87,279 | 120,000 | 0.007 |
| Mwana Africa | Stuart Morris (ch) | 10 Jul 14 | 590,910 | 2.55 | 15,068 | 3,000,000 | 0.215 |
| Pinnacle Technology | Nicholas Scallan (ce) | 14 Jul 14 | 49,875 | 10 | 4,988 | 270,019 | 0.723 |
| Pittards | Reg Hankey (ce) | 16 Jul 14 | 5,000 | 118.95 | 5,948 | 165,000 | 1.781 |
| Premier Energy and Water Trust | Michael Wigley | 14 Jul 14 | 47,095 | 185 | 87,126 | 125,150 | 0.733 |
| Progility | Donald Stewart | 15 Jul 14 | 40,032 | 7.4 | 2,962 | 40,032 | 0.020 |
| Progility | Donald Stewart | 15 Jul 14 | 38,850 | 7.63 | 2,962 | 78,882 | 0.040 |
| Progility | Donald Stewart | 15 Jul 14 | 26,483 | 7.75 | 2,052 | 105,365 | 0.053 |
| Progility | Donald Stewart | 15 Jul 14 | 325,182 | 8 | 26,015 | 430,547 | 0.216 |
| Progility | Paul Lever | 14 Jul 14 | 25,000 | 6.8 | 1,700 | 210,000 | 0.105 |
| Rightster ♥ | Michael Broughton | 16 Jul 14 | 43,860 | 57 | 25,000 | 43,860 | 0.037 |
| Saga | Stuart Howard (fd) | 11 Jul 14 | 54,054 | 177.2 | 95,784 | 1,449,403 | 0.130 |
| Saga | Andrew Goodsell (ch) | 11 Jul 14 | 79,712 | 176.42 | 140,626 | 2,405,293 | 0.217 |
| Saga | Andrew Goodsell (ch) | 14 Jul 14 | 33,288 | 176.5 | 58,753 | 2,438,581 | 0.220 |
| Smith (DS) ♥ | Ian Griffiths | 14 Jul 14 | 15,000 | 266.6 | 39,990 | 15,000 | 0.002 |
| TVC Holdings | John Fagan (cfo & cs) | 14 Jul 14 | 6,133,883 | 3.97 | 243,708 | 7,177,302 | 7.515 |
| TVC Holdings | John Tracey (ce) | 14 Jul 14 | 6,133,883 | 3.97 | 243,708 | 8,452,488 | 8.851 |
| VP | Allison Bainbridge (fd) | 16 Jul 14 | 3,500 | 662.3 | 23,181 | 25,000 | 0.062 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| AdEPT Telecom | Ian Fishwick (ce) | 16 Jul 14 | 290,000 | 120 | 348,000 | 1,195,977 | 5.419 |
| Cropper (James) | Martin Thompson | 10 Jul 14 | 2,500 | 395 | 9,875 | 30,744 | 0.343 |
| Cropper (James) ♥ | Martin Thompson | 10 Jul 14 | 2,500 | 395 | 9,875 | 21,942 | 0.245 |
| Green Dragon Gas ♥ | Randeep Grewal (ch & ce) | 14 Jul 14 | 1,142,330 | 500 | 5,711,650 | 87,169,631 | 61.251 |
| * placing/tender/open offer ♥ spouse/connected party † depositary receipts | |||||||
