Shares in Russian oil producer RusPetro (RPO) have lost over 90 per cent of their market value over the past year as the company has failed to deliver on promises to extract lots of oil from low-quality reservoirs using artificial recovery techniques.
Following the release of dismal full-year financial results, in which RusPetro admitted it will need to raise additional financing soon in order to keep operating, chief executive Donal Wolcott, president Alexander Chistyakov, and non-executive directors Rolf Stomberg and Robert Jenkins all bought shares in the open market to demonstrate continued faith in RusPetro’s business model.
While the shares have enjoyed a strong rally since the director deals were announced, we don’t advise following their activities here. We're not convinced of management’s ability to turn things around at this stage and rate the shares a sell.
Matthew Allan
Sports Direct’s directors make up their pay
It may seem odd that the chief executive of Sports Direct (SPD), David Forsey, and his right-hand man, finance director Robert Mellors, both disposed of their entire shareholding in the company - 803,922 shares each - on the same day, at 425p, giving them a windfall of £3.41m apiece. Actually, it’s not too surprising when you look at their pay packages. Mr Forsey and Mr Mellors are each paid £150,000 a year, a modest sum compared with senior executives in other FTSE 250 companies. In fact, they’re among the lowest paid executives in their peer group. Added to that, they haven’t received a pay rise or a cash bonus since Sports Direct went public in 2007 and after 25 years with the company, they probably quite understandably felt it was time to cash in, given the stellar share price performance in recent years.
It’s also worth noting that if the company meets certain targets, Mr Forsey and Mr Mellors can expect a further 1m shares each in the next financial year as part of an executive bonus scheme.
Julia Bradshaw
Buys
| Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
|---|---|---|---|---|---|---|---|
| 3Legs Resources | Timothy Eggar (ch) | 27 Mar 13 | 50,000 | 34 | 17,000 | 470,000 | 0.6 |
| 3Legs Resources | Kamlesh Parmar (ceo) | 27 Mar 13 | 15,000 | 33.8 | 5,070 | 3,426,916 | 4 |
| 3Legs Resources | David Bremner | 27 Mar 13 | 30,000 | 34 | 10,200 | 90,000 | 0.1 |
| 3Legs Resources | Richard Hills | 27 Mar 13 | 15,000 | 34 | 5,100 | 15,000 | - |
| 3Legs Resources | Rod Perry | 27 Mar 13 | 50,000 | 34 | 17,000 | 110,000 | 0.1 |
| Amlin | Shonaid Jemmett-Page | 22 Mar 13 | 700 | 423 | 2,961 | 700 | - |
| Avanti Communications | Paul Walsh | 27 Mar 13 | 10,000 | 307 | 30,700 | 117,428 | 0.1 |
| Barclays | Diane de Saint Victor | 27 Mar 13 | 2,000 | 285.6 | 5,712 | 2,000 | - |
| Brewin Dolphin | David Nicol (ceo) | 28 Mar 13 | 30,000 | 209.5 | 62,850 | 40,000 | 0.0158 |
| British American Tobacco | Ann Godbehere | 27 Mar 13 | 2,430 | US$106.191 | US$129,022 | 2,907 | - |
| Cable & Wireless Commns | Alison Platt | 25 Mar 13 | 23,764 | 42.08 | 10,000 | 23,764 | - |
| Catlin | Fiona Luck | 27 Mar 13 | 5,000 | 518.36 | 25,918 | 5,000 | 0.01 |
| City of London Group | Nigel Sidebottom | 27 Mar 13 | 75,000 | 67.5 | 50,625 | 75,000 | 0.37 |
| Forbidden Technologies | Phil Madden (fd) | 27 Mar 13 | 36,260 | 27.31 | 9,903 | 257,638 | 0.3 |
| GlaxoSmithKline | SM Bicknell | 25 Mar 13 | 499 | 1523.45 | 7,602 | - | - |
| Greene King | Matthew Fearn (fd) | 02 Apr 13 | 1,857 | 699.4 | 12,988 | 9,654 | - |
| Hydrodec | Andrew Black | 27 Mar 13 | 2,000,000 | 11 | 220,000 | 83,267,021 | 19.7 |
| Intu Properties | Mike Butterworth (coo) | 25 Mar 13 | 9,000 | 330 | 29,700 | 9,000 | 0.009 |
| Johnson Matthey | AM Ferguson | 27 Mar 13 | 1,245 | 2257 | 28,100 | 2,200 | - |
| JPMorgan Inc & Capital Trust | James West | 28 Mar 13 | 25,000 | 81.4 | 20,350 | 35,663 | 0.05 |
| Jupiter European Opps Trust | Andrew Lang Sutch | 25 Mar 13 | 936 | 401.9 | 3,762 | 7,640 | 0.00916 |
| Kenmare Resources | Justin Loasby | 27 Mar 13 | 25,000 | 30.55 | 7,638 | 25,000 | - |
| Ladbrokes | Richard Moross | 25 Mar 13 | 5,000 | 222.389 | 11,119 | 5,000 | - |
| Liontrust Asset Management | John Lons | 27 Mar 13 | 16,078 | 166.14 | 26,712 | 335,379 | 0.84 |
| McBride | Sandra Turner | 25 Mar 13 | 10,000 | 118.9 | 11,890 | 10,000 | 0.005 |
| Melrose Industries | Christopher Miller (ch) | 25 Mar 13 | 365,000 | 261 | 952,650 | 14,540,344 | 1.15 |
| Mission Marketing | Christopher Goodwin | 27 Mar 13 | 60,000 | 34 | 20,400 | 251,635 | 0.3 |
| NB Global Floating Rate Income Fund | Richard Battey | 26 Mar 13 | 20,000 | 100 | 20,000 | 20,000 | - |
| North American Income Trust | Archie Hunter | 25 Mar 13 | 1,800 | 811.25 | 14,603 | 2,800 | 0.009 |
| office2office | Hugh Cawley (fd) | 26 Mar 13 | 20,000 | 98.5 | 19,700 | - | - |
| Picton Property | Trevor Ash | 25 Mar 13 | 75,000 | 39.65 | 29,738 | 225,000 | 0.0651 |
| Quintain Estates and Development | William Rucker | 28 Mar 13 | 4,545 | 66 | 3,000 | - | - |
| Renold | Robert Purcell (ceo) | 28 Mar 13 | 248,526 | 23.5 | 58,404 | 1,748,526 | 0.79 |
| Resolution | Timothy Tookey | 27 Mar 13 | 30,000 | 273.84 | 82,152 | 97,735 | 0.0069 |
| Rio Tinto | Richard Goodmanson | 27 Mar 13 | 232 | 3130.135 | 7,262 | - | - |
| Rio Tinto | Paul Tellier | 27 Mar 13 | 202 | 3130.135 | 6,323 | - | - |
| RSA Insurance | Vanessa Evans | 28 Mar 13 | 9,695 | 115.628 | 11,210 | - | - |
| RTC | Bill Douie | 26 Mar 13 | 71,468 | 9 | 6,432 | 2,280,541 | 16.89 |
| RTC | Andy Pendlebury | 26 Mar 13 | 101,613 | 9 | 9,145 | 1,351,163 | 10 |
| RTC | Sarah Dye | 26 Mar 13 | 43,000 | 9 | 3,870 | 43,000 | 0.32 |
| RTC | John White | 26 Mar 13 | 71,469 | 9 | 6,432 | 2,262,986 | 16.75 |
| RusPetro | Donald Wolcott (ceo) | 26 Mar 15 | 800,147 | 17.5 | 140,026 | 23,660,147 | 7.097 |
| RusPetro | Alexander Chistyakov | 26 Mar 13 | 656,521 | 15.91 | 104,452 | 43,864,914 | 13.16 |
| RusPetro | Rolf Stomberg | 27 Mar 13 | 30,000 | 28.47 | 8,541 | 100,000 | 0.03 |
| SABMiller | JA Manzoni | 25 Mar 13 | 501 | 3439.283 | 17,231 | - | - |
| SABMiller | Ms HA Weir | 26 Mar 13 | 100 | 3463 | 3,463 | - | - |
| SkyePharma | Peter Grant | 28 Mar 13 | 20,000 | 44.5 | 8,900 | 82,707 | 0.1793 |
| Talisman First VCT | Brian May | 28 Mar 13 | 75,000 | 34 | 25,500 | 187,800 | 3.54 |
| Treatt | Tim Jones (ch) | 28 Mar 13 | 569 | 421.85 | 2,400 | 11,320 | 0.108 |
| Vesuvius | John McDonough | 27 Mar 13 | 50,000 | 355.2416 | 177,621 | 50,000 | 0.01795 |
| WYG | David Jeffcoat | 27 Mar 13 | 32,545 | 76.4 | 162,986 | 162,986 | 0.25 |
| Xaar | Alex Bevis (fd, cs) | 28 Mar 13 | 4,765 | 417.1 | 19,875 | 37,502 | 0.05 |
Sells
| Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
|---|---|---|---|---|---|---|---|
| Abbey Protection | Adrian Green (fd) | 27 Mar 13 | 13,750 | 113.25 | 15,572 | 1,806,028 | 1.81 |
| Brunner Investment Trust | Sir William Worsley | 25 Mar 13 | 1,300 | 470.25 | 6,113 | 108,700 | 0.25 |
| Dairy Farm International | Michael Kok | 27 Mar 13 | 8,100 | US$12.15 | US$98,415 | - | - |
| Filtrona | Jon Green (cs) | 25 Mar 13 | 25,000 | 703.2 | 175,800 | 50,000 | - |
| Helical Bar | Jack Struan Pitman | 26 Mar 13 | 9,590 | 237.25 | 22,752 | 421,808 | 0.35 |
| HML | James Howgego (fd) | 26 Mar 13 | 55,000 | 16.90 | 9,295 | 1,140,000 | 3.15 |
| HSBC | IM Dorner | 25 Mar 13 | 69,000 | 708.30 | 488,727 | - | - |
| Hydrogen | Ian Temple | 26 Mar 13 | 100,750 | 92 | 92,438 | 4,048,726 | 17.15 |
| James Fisher | NP Henry | 25 Mar 13 | 1,800 | 1,028 | 18,504 | 88,506 | 0.176 |
| Kerry | Gerry Behen | 22 Mar 13 | 800 | €44.12 | €35,296 | - | - |
| Perform | Simon Denyer | 28 Mar 13 | 2,000,000 | 465 | 9,300,000 | 24,142,188 | - |
| Perform | Oliver Slipper | 28 Mar 13 | 2,000,000 | 465 | 9,300,000 | 4,025,576 | - |
| Perform | David Surtees | 28 Mar 13 | 150,000 | 465.00 | 697,500 | 976,976 | - |
| Rathbone Brothers | Carl Stick | 27 Mar 13 | 1,300 | 1,419 | 18,447 | 25,174 | 0.055 |
| Sports Direct | David Forsey (ceo) | 27 Mar 13 | 803,922 | 425 | 3,416,669 | nil | na |
| Sports Direct | Robert Mellors (fd) | 27 Mar 13 | 803,922 | 425 | 3,416,669 | nil | na |
| Staffline | Andy Hogarth (ceo) | 27 Mar 13 | 50,000 | 392 | 196,000 | - | 8.8 |
| Staffline | Tim Jackson (fd) | 27 Mar 13 | 50,000 | 392 | 196,000 | - | - |
| TeleCity | James Tyler | 25 Mar 13 | 1,100 | 915.10 | 10,066 | 1,566 | 0.001 |
| Winkworth | Anthony Snarey | 28 Mar 13 | 350,000 | 87.50 | 306,250 | 880,487 | 6.9 |
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
