Earlier this month, Mr Aspinwall spent £132,997 buying 10,441 shares, while Mr Hamer spent a more modest £31,845 on 2,500 shares. But following last month’s less than ideal trading update, it’s not clear when the pair can expect to see their respective investments grow materially.
Fidessa revealed that grim financial market conditions have persisted for longer than anticipated, resulting in the group’s customers having become even more “cost constrained”. Management concedes that a significant improvement in trading is unlikely in the short term. And while Fidessa has continued to develop opportunities within the derivatives market, management say that’s unlikely to offset near-term pressures.
The group’s net cash pile – £51m at the end of June – does offer some comfort. But, despite having derated in recent months, the shares still trade on 18.5 times broker Merchant Securities’ full-year adjusted earnings estimate – that’s still looks too punchy given the group’s uncertain near-term prospects.
Quite a coup for Randgold’s Bristow
Dr Mark Bristow, chief executive of FTSE 100 gold miner Randgold Resources (RES), has pocketed around £3.06m in the run-up to Christmas after selling 45,000 shares in the company at 6,799p apiece.
This year has proved to be a difficult year; Dr Bristow and his team have had to contend with the fallout from a military coup in Mali, where Randgold operates three mines.
Investors have subsequently been presented with a mixed third-quarter update that detailed a fall in production from the preceding quarter’s record levels due to grid power supply problems at the Tongon mine and lower grades at Gounkoto. All this combined to reduce gold output to 204,475 ounces; a 3 per cent reduction from the second quarter.
This was hardly a disaster given that third-quarter production was significantly higher than the corresponding period of 2011, and given the slump in Randgold’s share price this year, we wouldn’t follow Dr Bristow’s lead. Buy.
Buys
| Company name | Director | Date | No. of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| 600 Group | Derek Zissman | 14 Nov 12 | 50,000 | 10.75 | 5,375 | 100,000 | 0.119 |
| 600 Group | Derek Zissman | 16 Nov 12 | 50,000 | 13.25 | 6,625 | 150,000 | 0.180 |
| Admiral | John Sussens | 13 Nov 12 | 10,000 | 1,081 | 108,100 | 72,000 | 0.026 |
| Admiral | John Sussens | 09 Nov 12 | 10,000 | 1,064 | 106,400 | 62,000 | 0.023 |
| Alliance Trust | Katherine L Garrett-Cox (ce) | 12 Nov 12 | 1,116 | 371.5 | 4,146 | 404,208 | 0.072 |
| Alliance Trust | Alastair Kerr | 19 Nov 12 | 3,000 | 367.27 | 11,018 | 3,000 | neg |
| Ashcourt Rowan | Jonathan Polin (ce) | 13 Nov 12 | 31,645 | 158 | 49,999 | 231,645 | 0.858 |
| Avanti Communications | Paul Walsh | 13 Nov 12 | 10,000 | 249.5 | 24,950 | 97,428 | 0.087 |
| Avanti Capital | Richard Kleiner | 15 Nov 12 | 8,280 | 70 | 15,152 | 750,440 | 9.350 |
| BlackRock Greater Europe Inv | JL Walker-Haworth (ch) | 08 Nov 12 | 6,786 | 183 | 12,418 | 40,718 | 0.034 |
| Chemring | Mark Papworth (ce) | 14 Nov 12 | 50,000 | 225.25 | 112,627 | 50,000 | 0.026 |
| Chemring | Peter Hickson (ch) | 14 Nov 12 | 50,000 | 223.71 | 111,853 | 140,000 | 0.072 |
| Chemring | Vanda Murray | 13 Nov 12 | 3,000 | 221.52 | 6,646 | 3,000 | 0.002 |
| CLS Holdings | Richard Tice (ce) | 14 Nov 12 | 4,459 | 669 | 29,831 | 263,425 | 0.608 |
| Crakshaw | Lynda Sherratt | 16 Nov 12 | 1,250,000 | 2 | 2,500 | 1,270,000 | 2.197 |
| Dialight | Bill Ronald (ch) | 14 Nov 12 | 2,350 | 1,055 | 24,793 | 15,850 | 0.049 |
| Fidessa | Chris Aspinwall (ce) | 14 Nov 12 | 10,441 | 1,273.80 | 132,997 | 109,434 | 0.295 |
| Fidessa | John Hamer (ch) | 14 Nov 12 | 2,500 | 1,273.80 | 31,845 | 87,705 | 0.236 |
| First Derivatives | Keith MacDonald | 13 Nov 12 | 10,000 | 535 | 53,500 | 10,000 | 0.058 |
| Foreign & Colonial Inv | Sir Roger Bone | 08 Nov 12 | 159 | 314 | 499 | 26,099 | 0.005 |
| Frontera Resources Corp | Steve Nicandros (ch & ce) | 12 Nov 12 | 6,252,857 | 0.5 | 31,264 | 202,237,970 | 8.797 |
| Frontera Resources Corp | Steve Nicandros (ch & ce) | 09 Nov 12 | 4,250,000 | 0.49 | 20,825 | 180,982,256 | 7.873 |
| Frontera Resources Corp | Steve Nicandros (ch & ce) | 12 Nov 12 | 2,250,000 | 0.49 | 11,025 | 189,485,113 | 8.243 |
| HML Holdings | James Howgego (fd) | 15 Nov 12 | 10,000 | 15 | 1,500 | 1,115,000 | 3.080 |
| HML Holdings | Robert Plumb (ce) | 15 Nov 12 | 30,000 | 13.7 | 4,110 | 1,964,067 | 5.420 |
| InterQuest | Gary Ashworth (ch) | 13 Nov 12 | 10,000 | 45.75 | 4,575 | 12,754,912 | 38.469 |
| JPM US Smaller Companies | Julia Le Blan | 09 Nov 12 | 1,500 | 1,003 | 15,045 | 1,500 | 0.029 |
| Lok'n Store | Richard Holmes | 13 Nov 12 | 27,500 | 108.5 | 29,838 | 188,500 | 0.736 |
| Macfarlane | Michael Arrowsmith | 14 Nov 12 | 100,000 | 25 | 25,000 | 100,000 | 0.087 |
| Macfarlane | Stuart Patterson | 16 Nov 12 | 79,550 | 25 | 19,888 | na | 0.070 |
| Marshalls | Mark Edwards | 09 Nov 12 | 10,000 | 96 | 9,600 | 20,000 | 0.010 |
| Mediwatch | Dr Philip Stimpson (ce) | 14 Nov 12 | 250,000 | 2.25 | 5,625 | 24,318,021 | 17.263 |
| Metric Property Investment | Andrew Jones (ce) | 12 Nov 12 | 93,793 | 101.5 | 95,200 | 2,149,513 | 1.131 |
| Metric Property Investment | Mark Stirling | 12 Nov 12 | 60,689 | 101.5 | 61,599 | 1,595,382 | 0.840 |
| Metric Property Investment | Valentine Beresford | 12 Nov 12 | 60,689 | 101.5 | 61,599 | 2,170,382 | 1.142 |
| Metric Property Investment | Sue Ford (fd) | 12 Nov 12 | 41,931 | 101.5 | 42,560 | 118,739 | 0.062 |
| Nakama | Stefan Ciecierski (ce) | 16 Nov 12 | 285,745 | 140 | 400,043 | 13,291,882 | 11.280 |
| New World Oil & Gas* | Chris Einchcomb | 08 Nov 12 | 73,435 | 9.8 | 7,197 | 244,901 | 0.068 |
| New World Oil & Gas* | Frederick Hodder | 08 Nov 12 | 19,822 | 9.8 | 1,943 | 353,693 | 0.099 |
| Norcros | M G Towers (ch) | 13 Nov 12 | 75,000 | 12.96 | 9,720 | 577,356 | 0.099 |
| Penna Consulting | Stephen Rowlinson (ch) | 15 Nov 12 | 5,500 | 76.82 | 4,225 | 7,698,540 | 29.680 |
| Petroceltic International | David Thomas (coo) | 09 Nov 12 | 504,500 | 6.78 | 34,205 | 3,144,500 | 0.072 |
| Plexus Holdings | Christopher Fraser | 12 Nov 12 | 5,000 | 191.89 | 9,595 | 5,000 | 0.006 |
| Praetorian Resources | Malcolm Burne | 08 Nov 12 | 27,500 | 46 | 12,650 | 1,395,228 | 2.772 |
| President Energy | John Hamilton (ce) | 19 Nov 12 | 80,000 | 24 | 19,200 | 380,000 | 0.100 |
| PureCircle Ltd | Tan Boon Seng | 09 Nov 12 | 3,000,000 | 247 | 7,410,000 | 25,854,150 | 15.710 |
| PureCircle Ltd | Tan Boon Seng | 13 Nov 12 | 815,000 | 239.5 | 1,951,925 | 26,669,150 | 16.206 |
| Regenersis | Michael Peacock | 08 Nov 12 | 3,000 | 150 | 4,500 | 3,000 | 0.007 |
| Shanks | Adrian Auer (ch) | 08 Nov 12 | 60,000 | 82.93 | 49,758 | 103,333 | 0.026 |
| Sierra Rutile | Mike Brown | 16 Nov 12 | 20,000 | 51.75 | 10,350 | 145,000 | 0.030 |
| StatPro* | J Wheatley (ce) | 14 Nov 12 | 49,505 | 101 | 50,000 | 7,329,672 | 10.862 |
| StatPro* | CR Bacon (ch) | 14 Nov 12 | 24,752 | 101 | 25,000 | 793,752 | 1.176 |
| StatPro* | Jane Tozer | 14 Nov 12 | 24,752 | 101 | 25,000 | 24,752 | 0.037 |
| StatPro* | AM Fabian (fd & cs) | 14 Nov 12 | 14,852 | 101 | 15,001 | 264,647 | 0.392 |
| Tangent Communications* | MP Green (ch) | 13 Nov 12 | 30,081,266 | 10 | 3,008,127 | 83,158,190 | 30.081 |
| Tangent Communications* | T Green (ce) | 13 Nov 12 | 1,547,659 | 10 | 154,766 | 4,278,429 | 1.548 |
| Tangent Communications* | KJ Cameron (fd & cs) | 13 Nov 12 | 151,706 | 10 | 15,171 | 874,230 | 0.316 |
| Tangent Communications* | DA Steyn | 13 Nov 12 | 149,147 | 10 | 14,915 | 300,000 | 0.109 |
| Tangent Communications* | A Smith | 13 Nov 12 | 100,000 | 10 | 10,000 | 600,000 | 0.217 |
| Tate & Lyle | Dr. Ajai Puri | 14 Nov 12 | 2,000 | 759 | 15,180 | 2,000 | 0.000 |
| TLA Worldwide* | B Campbell (ch) | 09 Nov 12 | 159,068 | 23 | 36,586 | 1,179,257 | 1.847 |
| Unite | Manjit Wolstenholme | 15 Nov 12 | 7,300 | 268 | 19,564 | 7,300 | 0.005 |
| Xchanging | I Cormack | 12 Nov 12 | 8,569 | 116.688 | 9,999 | 8,569 | 0.004 |
| *Placing |
Sells
| Company | Director | Date | No. of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| ARM Holdings | Mike Muller | 08 Nov 12 | 200,000 | 711.6 | 1,423,200 | 1,343,625 | 0.097 |
| ARM Holdings | Tim Score (cfo) | 08 Nov 12 | 200,000 | 711.12 | 1,422,240 | 654,297 | 0.047 |
| ARM Holdings | Mike Inglis | 08 Nov 12 | 100,000 | 711.5 | 711,500 | 101,238 | 0.007 |
| ARM Holdings | Warren East (ce) | 08 Nov 12 | 60,000 | 710.9 | 426,540 | 1,429,522 | 0.104 |
| Diageo | P S Walsh (ce) | 12 Nov 12 | 50,000 | 1,801 | 900,500 | 764,582 | 0.030 |
| First Derivatives | Michael O'Neill | 12 Nov 12 | 330,000 | 535 | 1,765,500 | 310,000 | 1.805 |
| First Derivatives | Michael O'Neill | 13 Nov 12 | 10,000 | 535 | 53,500 | 300,000 | 1.727 |
| Galliford Try | Gregory Fitzgerald (ce) | 14 Nov 12 | 300,000 | 724.1 | 2,172,300 | 676,193 | 0.826 |
| Hambledon Mining | George Eccles (ch) | 12 Nov 12 | 120,500 | 1.675 | 2,018 | 24,250 | 0.002 |
| Randgold Resources | Dr Mark Bristow (ce) | 13 Nov 12 | 45,000 | 6,799 | 3,059,550 | 692,730 | 0.753 |
| SVG Capital | Lynn Fordham (ce) | 08 Nov 12 | 44,289 | 266 | 117,809 | 173,742 | 0.063 |
Note: *Placing ** ADRs
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
