IGas Energy appointed a new non-executive director this month in Robin Pinchbeck, a 38-year oil and gas industry veteran whose last key role was with international oil services company Petrofac, before its merger with Lundin Petroleum. Mr Pinchbeck wasted no time in adding to his initial position of 89,000 IGas shares by purchasing 52,000 shares in the public market at 71p apiece on the day of his appointment. The move is all the more positive as the share price is approaching its 52-week high of 76p. IGas’s chief financial officer, Stephen Bowler – who joined the company last November – also bought 30,000 shares at a similar price, bringing his position up to 70,000 shares.
The purchases come as IGas, a longstanding IC buy tip, is seeking a farm-in partner for its Ince Marshes shale gas prospect. The process should take four to five months and we remain buyers pending its conclusion. A recently drilled well at Ince Marshes found the same shale structure that privately owned Cuadrilla Resources made headlines with last year, when it estimated it had found 200 trillion cubic feet of gas in place based on just two wells.
Weeresinghe liquidates his stake
The London Stock Exchange continues to develop new strategies as part of its ‘Getting in Shape’ programme, and recently migrated Borsa Italiana’s cash equities market to the LSE’s own MilleniumIT trading platform, and has also provided new trading systems for Johannesburg and Oslo.
It is also attracting more business, notably in fixed-income markets, where there has been 10 per cent growth this year. Growth in Italy has been especially strong, with a 120 per cent increase in bonds issued. It has also been busy on the acquisition front, most recently buying up London clearing house LCH Clearnet. One of its earlier acquisitions in 2009 was MilleniumIT; its founder and chief executive, Tony Weeresinghe, then joined the LSE’s executive team at the time of the takeover and became director of global development. Mr Weeresinghe has now decided to liquidate his stake in the LSE, some 224,410 shares, and these were sold in three lots raising £2.25m. The LSE declined to make any comment.
Director buys
| Company | Director | Date | No. of shares | Price (p) | Value (£) |
|---|---|---|---|---|---|
| 3i | Ben Loomes | 12 Jul 12 | 10,000 | 195.32 | 19,532 |
| Accsys Technologies | Lord Sanderson | 12 Jul 12 | 35,000 | €0.17 | €5,950 |
| Altitude | Martin Varley | 16 Jul 12 | 125,000 | 18.75 | 23,438 |
| AquaSource | Oliver Spurling | 17 Jul 12 | 1,004,428 | 1.2555 | 12,611 |
| Assura | Graham Roberts (ceo) | 12 Jul 12 | 1,500,000 | 30 | 450,000 |
| Byrotrol | Duncan Grosvenor (fd) | 16 Jul 12 | 50,000 | 5.75 | 2,875 |
| Cenkos Securities | Jim Durkin | 11 Jul 12 | 47,500 | 50.99 | 24,220 |
| Cenkos Securities | Paul Hodges | 11 Jul 12 | 19,000 | 50.99 | 9,688 |
| Cenkos Securities | Gerry Aherne | 11 Jul 12 | 28,500 | 50.99 | 14,532 |
| Cenkos Securities | Jeff Hewitt | 11 Jul 12 | 19,000 | 50.99 | 9,688 |
| Cenkos Securities | Mike Chilton | 11 Jul 12 | 9,500 | 50.99 | 4,844 |
| Dillistone | Dr Mike Love (ch) | 09 Jul 12 | 145,000 | 68 | 98,600 |
| Falkland Islands | John Foster | 13 Jul 12 | 1,883 | 403 | 7,588 |
| Falkland Islands | Jeremy Brade | 16 Jul 12 | 1,047 | 388 | 4,062 |
| Global Energy Development | Stephen Voss | 17 Jul 12 | 5,000 | 76.5 | 3,825 |
| Highland Gold Mining | Eugene Shvidler (ch) | 13 Jul 12 | 2,037,794 | 110 | 2,241,573 |
| Igas Energy | Robin Pinchbeck | 11 Jul 12 | 52,000 | 71 | 36,920 |
| Igas Energy | Stephen Bowler | 12 Jul 12 | 30,000 | 70 | 21,000 |
| Mwana Africa | Johan Botha | 11 Jul 12 | 500,000 | 4.3 | 21,500 |
| NCC | Rob Cotton | 11 Jul 12 | 5,000 | 792.5 | 39,625 |
| Obtala Resources | Simon Rollason (md) | 13 Jul 12 | 175,000 | 19.84 | 34,720 |
| Omega Diagnostics | Michael Gurner | 13 Jul 12 | 25,000 | 16 | 4,000 |
| Polo Resources | Stephen Dattels (Co-ch) | 11 Jul 12 | 4,000,000 | 2.6 | 104,000 |
| Sainsbury, J | Gary Hughes | 13 Jul 12 | 1,109 | 311.97 | 3,460 |
| San Leon Energy | John Buggenhagen | 17 Jul 12 | 750,000 | 10.75 | 80,625 |
| Sanderson | David Gutteridge | 11 Jul 12 | 30,000 | 36.5 | 10,950 |
| Software Radio Technology | Andrew Lapping | 12 Jul 12 | 50,000 | 20.9 | 10,450 |
| Telford Homes | James Furlong | 16 Jul 12 | 33,627 | 107 | 35,981 |
| Utilico Investment | Susan Hansen | 11 Jul 12 | 4,783 | 143 | 6,840 |
Director sells
| Company | Director | Date | No. of shares | Price (p) | Value (£) |
|---|---|---|---|---|---|
| Asos | Robert Bready | 16 Jul 12 | 143,125 | 1,818 | 2,602,013 |
| BrainJuicer | John Kearon (ceo) | 11 Jul 12 | 15,000 | 326.50 | 48,975 |
| Brewin Dolphin | Sarah Soar | 09 Jul 12 | 13,592 | 149 | 20,184 |
| London Stock Exchange | Tony Weeresinghe | 11 Jul 12 | 95,000 | 1,010 | 959,500 |
| London Stock Exchange | Tony Weeresinghe | 12 Jul 12 | 125,000 | 1,002 | 1,252,500 |
| London Stock Exchange | Tony Weeresinghe | 13 Jul 12 | 4,410 | 1,003 | 44,232 |
| Strategic Equity Capital | Sir Clive Thompson | 10 Jul 12 | 120,000 | 95.81 | 114,972 |
| Wetherspoon, JD | John Hutson (ceo) | 16 Jul 12 | 3,500 | 441.7 | 15,460 |
| Wynnstay | Paul Roberts | 11 Jul 12 | 3,000 | 390 | 11,700 |
Table compiled by Robert Ansted.
Key to abbreviations: ch = chairman; ce = chief executive; cfo = chief financial officer; fd = finance director; coo = chief operating officer; cs =company secretary; md = managing director
