The most interesting transactions are the buys because there is nearly always a legitimate reason why directors want to sell and almost certainly does not reflect the trading position of their companies. Yet what is interesting about this current batch of transactions is the quantity and the value of directors who are taking the opportunity to sell.
Over the past week there were 29 deals where the directors have sold and amassed £52.8m - previously there were only six. If this trend were to continue then it would be indicating a stock market top. Certainly, the UK stock market indices are flying high and flirting with directors to offload a proportion of their shares - yet the market is not displaying signs that it is running out of steam. What's also interesting is the multiple sales within the same company. Four directors from the Bank of Georgia have decided to follow each other and relinquish some of their holdings and likewise the same number in Rolls-Royce. In one transaction, Nigel Wray from Domino's Pizza netted himself £29.4m, although he still retains a holding of 4.91m shares.
While the buys were smaller than the sells, there were a couple of deals that stood out from the rest. Simon Borrows, the chief executive officer for 3i, spent out £7.68m over two consecutive days. Chakib Sbiti of the oil and gas explorer Genel Energy splashed out £232,291 on shares, while other board members or persons discharging managerial responsibilities from the same company were awarded shares under a performance share plan.
Buys
| Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
|---|---|---|---|---|---|---|---|
| 3i | Simon Borrows (ceo) | 22 Feb 13 | 550,000 | 308.22 | 1,695,210 | - | - |
| 3i | Simon Borrows (ceo) | 25 Feb 13 | 374,809 | 312.38 | 1,170,828 | - | - |
| 3i | Simon Borrows (ceo) | 26 Feb 13 | 1,575,191 | 305.84 | 4,817,564 | - | - |
| Biotech Growth Trust | Dr John Gordon | 4 Mar 13 | 10,000 | 350.25 | 35,025 | 70,000 | 0.11 |
| Coral Products | Joe Grimmond | 13 Feb 13 | 10,000 | 10.5 | 1,050 | 5,008,337 | 11.94 |
| Coral Products | Joe Grimmond | 13 Feb 13 | 25,000 | 10.9 | 2,725 | 5,033,337 | 12 |
| Energy XXI | John Schiller Jr | 28 Feb 13 | 5,000 | US$29.15 | US$145,750 | 1,248,066 | 1.572 |
| Genel Energy | Chakib Sbiti | 1 Mar 13 | 30,100 | 771.73 | 232,291 | 30,100 | 0.01 |
| Havelock Europa | Andrew Burgess | 27 Feb 13 | 25,000 | 18 | 4,500 | 8,490,038 | 22.03 |
| Jupiter Fund Management | Philip Johnson | 4 Mar 13 | 3,422 | 331.9195 | 11,358 | 1,603,422 | 0.3503 |
| Lloyds Banking | Nicholas Luff | 4 Mar 13 | 80,000 | 51.93 | 41,544 | - | - |
| Natasa Mining | Ian Mann | 28 Feb 13 | 50,000 | 83 | 41,500 | 200,595 | 0.7 |
| Pan African Resources | JAJ Loots | 1 Mar 13 | 100,000 | 16 | 16,000 | 181,575 | 0.01 |
| Quintain Estates and Developments | William Rucker | 1 Mar 13 | 4,342 | 69.08 | 2,999 | - | 0.07 |
| Renold | Robert Purcell | 26 Feb 13 | 500,000 | 25 | 125,000 | 1,500,000 | 0.68 |
| Robert Walters | Carol Hui | 4 Mar 13 | 10,000 | 212.5 | 21,250 | 10,000 | 0.01 |
| Shaftesbury | Sally Walden | 22 Feb 13 | 20,000 | 581.5 | 116,300 | 20,000 | 0.01 |
| Top Level Domain | Caspar Veltheim | 27 Feb 13 | 80,000 | 8.5 | 6,800 | 429,500 | 0.08 |
| Top Level Domain | Michael Salazar | 27 Feb 13 | 500,000 | 8.5 | 42,500 | 500,000 | 0.09 |
| Top Level Domain | Guy Elliott | 27 Feb 13 | 100,000 | 8.5 | 8,500 | 31,036,350 | 5.77 |
| Top Level Domain | Guy Elliott | 28 Feb 13 | 750,700 | 9 | 67,563 | 31,787,050 | 5.91 |
| Tristel | Elizabeth Dixon (fd) | 1 Mar 13 | 6,567 | 22.5 | 1,478 | 20,067 | 0.05 |
| WH Smith | Simon Smith | 26 Feb 13 | 1,000 | 682 | 6,820 | 34,576 | 0.03 |
| Whitbread | Nicholas Cadbury | 28 Feb 13 | 600 | 2522.88 | 15,137 | 600 | - |
Sells
| Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
|---|---|---|---|---|---|---|---|
| Bank of Georgia | Irakli Burdiladze | 21 Feb 13 | 23,600 | 1,355 | 319,780 | 68,500 | 0.062 |
| Bank of Georgia | Sulkan Gvalia | 21 Feb 13 | 14,500 | 1,354 | 196,330 | 145,304 | 0.064 |
| Bank of Georgia | Vasil Revishvili | 20 Feb 13 | 6,000 | 1,407 | 84,420 | 117,250 | - |
| Bank of Georgia | Irakli Gilauri | 22 Feb 13 | 200,000 | 1,364 | 2,728,000 | 382,431 | 0.19 |
| Bank of Georgia | Irakli Gilauri | 25 Feb 13 | 20,000 | 1,349 | 269,800 | 402,431 | 0.4 |
| British American Tobacco | R Oberlander | 4 Mar 13 | 1,000 | 3,494.03 | 34,940 | 31,427 | - |
| CML Microsystems | George Gurry | 27 Feb 13 | 800,000 | 410 | 3,280,000 | 1,575,869 | 0.33 |
| Domino's Pizza | Stephen Hemsley (ch) | 28 Feb 13 | 1,790,462 | 518 | 9,274,593 | 1,100,000 | 1.06 |
| Domino's Pizza | Nigel Wray | 28 Feb 13 | 5,675,000 | 518 | 29,396,500 | 4,910,179 | 1.12 |
| Gooch & Housego | Andrew Boteler | 28 Feb 13 | 7,466 | 434 | 32,402 | 18,533 | 9.93 |
| Gooch & Housego | Terry Scribbins | 28 Feb 13 | 7,466 | 434 | 32,402 | 2,468 | 0.67 |
| Gooch & Housego | Gareth Jones | 28 Feb 13 | 7,466 | 434 | 32,402 | 10,468 | 2.99 |
| Gulf Keystone Petroleum | Todd Kozel | 1 Mar 13 | 1,000,000 | 187.75 | 1,877,500 | 10,255,004 | - |
| Gulf Keystone Petroleum | Mehdi Varzi | 1 Mar 13 | 268,219 | 187.75 | 503,581 | 643,323 | 1.16 |
| Jupiter Fund Management | Adrian Creedy | 4 Mar 13 | 149,729 | 331.41 | 496,218 | 3,023,080 | 0.66049 |
| Lavendon | Jan Astrand | 4 Mar 13 | 56,983 | 174.50 | 99,435 | nil | - |
| Lavendon | Mark Johnson | 28 Feb 13 | 27,365 | 177.00 | 48,436 | 47,635 | 0.03 |
| Mitchells & Butler | Simon Cope | 26 Feb 13 | 8,356 | 339 | 28,327 | 1,019 | 0.07 |
| Pacific Assets Trust | Stuart Paul | 27 Feb 13 | 80,000 | 148.02 | 118,413 | nil | 0.07 |
| Rathbone Brothers | Tim Bolton-Carter | 26 Feb 13 | 2,091 | 1,413 | 29,546 | 28,583 | 0.01 |
| Rathbone Brothers | Tim Bolton-Carter | 26 Feb 13 | 1,000 | 1,416 | 14,160 | 29,583 | 0.04 |
| Rolls-Royce | Lawrie Haynes | 1 Mar 13 | 40,448 | 1,023.50 | 413,985 | 51,726 | - |
| Rolls-Royce | James Guyette | 1 Mar 13 | 194,024 | 1,013.49 | 1,966,414 | 302,112 | - |
| Rolls-Royce | Colin Smith | 1 Mar 13 | 56,178 | 1,023.50 | 574,982 | 229,037 | 0.01 |
| Rolls-Royce | John Paterson | 4-5 Mar 13 | 50,000 | 1,030.03 | 515,015 | 103,943 | 0.0055 |
| Rolls-Royce | John Paterson | 4-5 Mar 13 | 10,000 | 1,025.19 | 102,519 | 93,943 | 0.0049 |
| Rolls-Royce | John Paterson | 4-5 Mar 13 | 4,616 | 1,025.75 | 47,349 | 89,327 | 0.0047 |
| Rolls-Royce | John Paterson | 4-5 Mar 13 | 3,615 | 1,023.03 | 36,982 | 85,712 | 0.0045 |
| SSE | Ian Marchant (ceo) | 4 Mar 13 | 12,062 | 1,463.16 | 176,487 | 222,412 | - |
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
