Join our community of smart investors

Hochschild bang to rights

Eduardo Hochschild leads by example as the silver miner starts to reel in its debts.
November 11, 2015

Last month, the share price of Hochschild Mining (HOC) pulled back after it announced plans to generate around £65m through a 3-for-8 rights issue, the proceeds of which would be utilised to retire a portion of the silver miner's debt overhang and increase cash reserves. A group of directors duly exercised their rights, most notably chairman and eponymous principal shareholder, Eduardo Hochschild, who alone parted with £35m for another 74.7m shares in the Peru-based miner.

IC TIP: Buy at 67p

Hochschild was in hock to the tune of $456m at the half-year mark with the bulk of borrowings ploughed into the Inmaculada plant. Capital budgets are out of fashion in mining circles at the moment, but Inmaculada has the potential to transform Hochchild's operating profile, both in terms of scale and costs.

 

Buys
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Albion Technology & General VCT PH Reeve30 Oct 156,39277.944,982559,3370.667
Ariana Resources Michael de Villiers (ch)02 Nov 154,588,888145,88924,500,0003.055
B.P. Marsh & Partners ΩDaniel Topping30 Oct 152,606152.53,97428,3840.097
Banco Santander SAIgnacio Cabeza de Vaca02 Nov 151,592,793367.735,857,1112,926,3720.020
BlackRock Income Strategies Trust James Long (ch)29 Oct 157,225138.49,99937,3360.014
BT  Michael Inglis02 Nov 151,200464.45,5731,200<0.001
C&C  Joris Brams30 Oct 1513,700365.5450,07991,4770.027
Candover Investments Malcolm Fallen (ce)02 Nov 152,4542235,47266,5220.305
Equiniti  Guy Wakeley (ce)29 Oct 1563,291158100,0001,196,7120.399
Equiniti  John Parker04 Nov 1531,43915849,67457,0200.019
Equiniti  Dr Tim Miller29 Oct 1563,291158100,00063,2910.021
FlowGroup Clare Spottiswoode (ch)03 Nov 15187,6231630,020939,9100.296
FlowGroup ♥Clare Spottiswoode (ch)03 Nov 15187,6231630,0201,127,5330.355
Gaming Realms Michael Buckley (ch)04 Nov 151,000,00025250,00021,000,0008.427
Genel Energy Ben Monaghan (cfo)30 Oct 1520,00025851,60020,0000.008
Genel Energy Murat Ozgul (ce)30 Oct 1530,00026078,00037,9420.015
Hochschild Mining *Nigel Moore04 Nov 1518,750478,81368,7500.019
Hochschild Mining *Dr Graham Birch04 Nov 153,750471,76313,7500.004
Hochschild Mining *Eduardo Hochschild (ch)04 Nov 1574,745,1014735,130,197274,065,37374.537
Hochschild Mining *Ignacio Bustamante (ce)04 Nov 1545,4664721,369166,7100.045
Hochschild Mining *Roberto Danino04 Nov 1575,0004735,250275,0000.075
Hochschild Mining *Sir Malcolm Field04 Nov 155,356472,51719,6410.005
HSBC Holdings Sir Simon Robertson04 Nov 159,770511.6249,98533,812<0.001
Inchcape Alison Cooper03 Nov 15181797.51,4434,1340.001
Inchcape Coline McConville03 Nov 15181797.51,443717<0.001
Inchcape John Langston03 Nov 15214797.51,7072,146<0.001
Inchcape Nigel Northridge03 Nov 15250797.51,99427,1820.006
Inchcape Till Vestring03 Nov 15273797.52,17762,7420.014
Jardine Lloyd Thompson  Mark Drummond-Brady04 Nov 151,760881.915,521113,4780.052
Jardine Lloyd Thompson ♥  Mark Drummond-Brady04 Nov 151,742888.5415,478115,2200.053
Lloyds Banking  Alan Dickinson30 Oct 1550,00074.4037,19950,000<0.001
Lombard Risk Management Steve Rogers03 Nov 15125,00093116,250344,9840.113
Meggitt Douglas Webb (cfo)30 Oct 1530,000352.67105,80178,2400.010
Meggitt Guy Berruyer02 Nov 1510,000355.4335,54313,0000.002
Meggitt Sir Nigel Rudd (ch)29 Oct 1527,300348.7695,21167,3000.009
Meggitt ♥Stephen Young (ce)30 Oct 15100,000352.67352,670637,4190.082
Meggitt ♥ Sir Nigel Rudd (ch)29 Oct 1529,700348.76103,58297,0000.013
Mortgage Advice Bureau (Holdings) Nathan Imlach29 Oct 154233151,33216,8070.033
Mortgage Advice Bureau (Holdings) Richard Verdin29 Oct 153663151,15313,0320.026
Nanoco  Gordon Hall29 Oct 15100,00044.7544,750200,0000.084
Northbridge Industrial Services Ω David Marshall02 Nov 15600,00070420,0002,500,00013.568
Northbridge Industrial Services Ω Eric Hook (ce)02 Nov 15150,00070105,000500,0002.714
Northbridge Industrial Services Ω Peter Harris (ch)02 Nov 15100,0007070,0001,235,0006.703
Plutus PowerGen Paul Lazarevic02 Nov 151,083,9281.415,17531,441,0715.502
Plutus PowerGen Paul Lazarevic30 Oct 15357,1431.384,92930,357,1435.312
Plutus PowerGen Paul Lazarevic03 Nov 15142,3081.291,83631,583,3795.527
Plutus PowerGen Paul Lazarevic04 Nov 15620,0001.297,99832,203,3795.636
Schroders Robin Buchanan04 Nov 151082,292.992,4768,7380.004
Shoe Zone Nick Davis (cfo)29 Oct 1515,70019029,83015,7000.031
Smith & Nephew R A D Freestone30 Oct 1515,0001,101165,15015,0000.002
Smith & Nephew †Vinita Bali04 Nov 151,2001,118.8413,4266,1860.001
Trinity Mirror * L D Ginsberg30 Oct 1510,00015815,80010,0000.004
Trinity Mirror *David Kelly30 Oct 1510,00015815,80010,0000.004
Trinity Mirror * David Grigson (ch)30 Oct 1520,00015831,600220,0000.085
Trinity Mirror * Helen Stevenson30 Oct 1525,00015839,50035,0000.014
Trinity Mirror * Simon S R Fox (ce)30 Oct 1525,00015839,50087,6590.034
Trinity Mirror * Vijay Vaghela (fd)30 Oct 1525,00015839,500527,8730.205
U and I  Richard Upton02 Nov 156,25024015,0002,793,9492.236
Union Jack Oil * Joe O'Farrell03 Nov 158,705,8830.1714,800118,870,0634.916
Union Jack Oil * Raymond Godson03 Nov 1511,764,7060.1720,00025,764,7061.065
Waterman  Nicholas Taylor (ce)30 Oct 152,70483.892,268178,2460.579
William Hill Gareth Davis (ch)30 Oct 1531,600316.1999,916146,4880.017

Sells
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Boxhill Technologies Lord Razzall (ch)02 Nov 1514,000,0000.3244,80062,965,9864.325
Moneysupermarket.com  Peter Plumb (ce)30 Oct 15400,000330.31,321,200895,1420.164
Nakama  EK Ford (ch)30 Oct 15500,000420,00013,499,99711.461
Proton Power Systems Thomas Melczer30 Oct 15200,0005.2510,50000.000
Shoe Zone Charles Smith29 Oct 151,108,5281902,106,20311,109,40822.219
Shoe Zone Anthony Smith (ce)29 Oct 151,386,4721902,634,29713,895,59227.791
*Placing/tender/open offer ♥Spouse/connected party Ω ISA/SIPP/Trust †Depositary receipts