Rathbone Brothers (RAT) rewards its investment managers through share schemes, and from time to time they realise some of the rewards granted. Just recently, Clive Hexton, Rupert Baron and Andrew Moss all made modest to moderate share sales, but all three still hold a number of shares in the company.
Rathbone Brothers itself continues to put up a resilient performance in the face of tough trading conditions, and last year pushed funds under management ahead by 13.4 per cent to just under £18bn, at a time when headline indices performed less well. And crucially, this increase comes both from an improved market performance and also a net inflow of funds.
And chief executive Andy Pomfret looks keen to expand further, confirming that the company is seeking more acquisitions. Only last year it bought the private client business of portfolio management group Taylor Young, which is expected to add £350m to assets under management as clients migrate across, and before that it also bought RM Walkden as well as the investment management business of Allied Irish Bank Jersey. And in anticipation of the changes introduced by the Retail Distribution Review at the start of this year, it also acquired a 19.9 per cent stake in Vision Independent Financial Planning, an independent financial advisory business in the South West. And since then Rathbone has signalled its intentions by raising £25m through a share placing that Mr Pomfret ensures will give the company the necessary firepower to move quickly on further acquisition opportunities.
Jonas Crosland
Directors at AZ buy cheap
AZ Electronic Materials (AZEM) has made a lot of money supplying clever chemicals to electronics manufacturers and built up a following in the City, too. A profit warning earlier this month put a spanner in the works (9 April 2013: 'AZ's punishment looks harsh') and the shares collapsed by more than a third. That looked excessive given the size of AZ's potential and modest earnings multiple.
Most of the company's directors certainly thought so and bought almost £500,000 of shares at between 254p and 271p. Chairman John Whybrow, chief executive Geoff Wild and boss of the microchip division, Rico Wiedenbruch, each spent over £100,000. Early movers - Mr Whybrow and the wife of senior independent director, Andrew Allner - got the best price. In fact, the chairman is already sitting on a £10,000 profit. Those who waited 24 hours, including Mr Wild, paid more. Still, all of them have done well and know the shares are cheap.
Analysts agree and have rushed to upgrade the shares. With new products in the pipeline, market-leading positions in many existing lines, and trading at a significant discount to peers, UBS thinks the shares are worth 340p and Goldman Sachs as much as 400p. The share price of AZ has already bounced back, yet, at 279p, the shares trade on just 12 times earnings estimates for 2014. Rapid progress is unlikely, but if the company can restore margins back to 33 per cent - and it should in time - a multiple nearer 15, in line with peers, will be its reward. Buy.
Lee Wild
Buys
Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
---|---|---|---|---|---|---|---|
Alent | David Egan | 11 Apr 13 | 10,000 | 340 | 34,000 | 10,000 | 0.004 |
Alpha Pyrenees | Karl Devon-Lowe | 10 Apr 13 | 84,000 | 6.15 | 5,166 | 108,650 | 0.092 |
Amara Mining | Peter Spivey (ceo) | 10 Apr 13 | 50,000 | 37 | 18,500 | 100,000 | 0.06 |
Aviva | Nitinbhai Amin | 08 Apr 13 | 3,850 | 299.375 | 11,526 | 12,110 | - |
AZ Electronic Materials | John Whybrow (ch) | 09 Apr 13 | 40,000 | 254 | 101,600 | 118,541 | 0.03 |
AZ Electronic Materials | Geoffrey Wild (ceo) | 10 Apr 13 | 40,000 | 268 | 107,200 | 835,749 | 0.21 |
AZ Electronic Materials | Rico Wiedenbruch | 10 Apr 13 | 36,712 | 269.8 | 99,049 | 600,000 | 0.15 |
AZ Electronic Materials | Anand Nambiar | 10 Apr 13 | 10,557 | 269 | 28,398 | 69,784 | 0.01 |
AZ Electronic Materials | David Price | 10 Apr 13 | 10,000 | 269.57 | 26,957 | 14,000 | - |
AZ Electronic Materials | Brian Daniels | 10 Apr 13 | 15,000 | 270.2 | 40,530 | 15,529 | - |
AZ Electronic Materials | Michael Meier | 10 Apr 13 | 5,000 | 270.2 | 13,510 | 828,558 | 0.21 |
AZ Electronic Materials | Philana Poon | 11 Apr 13 | 15,000 | 270.89 | 40,634 | 15,000 | - |
Cello | Mark Scott (ceo) | 08 Apr 13 | 10,000 | 50.78 | 5,078 | 885,919 | 1.1 |
Centamin | Josef El-Raghy (ch, ceo) | 10 Apr 13 | 500,000 | 47.8 | 239,000 | - | - |
City of London Investment Trust | MH Morgan | 08 Apr 13 | 3,300 | 341.75 | 11,278 | 12,200 | 0.005 |
DCG IRIS | Michael Poulding | 08 Apr 13 | 20,000 | 100.67 | 20,134 | 20,000 | 0.0391 |
Deltex Medical | Julian Cazalet | 11 Apr 13 | 150,000 | 14.75 | 22,125 | 3,767,882 | 2.29 |
Deltex Medical | Julian Cazalet | 11 Apr 13 | 150,000 | 14.75 | 22,125 | 4,030,882 | 2.46 |
IMI | Phil Bentley | 09 Apr 13 | 8,000 | 1262 | 100,960 | 8,000 | 0.002 |
InternetQ | Iain Johnston | 10 Apr 13 | 20,000 | 298 | 59,600 | 40,832 | 0.12 |
Ithaca Energy | Jack Lee (ch) | 11 Apr 13 | 35,000 | Can$1.83 | Can$64,050 | 800,000 | 0.31 |
Kazakhmys | Michael Lynch-Bell | 10 Apr 13 | 7,000 | 401.0894 | 28,076 | 7,000 | - |
Mulberry | Steve Grapstein | 08 Apr 13 | 5,000 | 920 | 46,000 | 5,000 | 0.01 |
Mulberry | Steve Grapstein | 08 Apr 13 | 5,000 | 974.55 | 48,728 | 10,000 | 0.02 |
Mulberry | Melissa Ong | 11 Apr 13 | 10,000 | 954 | 95,400 | 10,000 | 0.02 |
NCI Vehicle Rescue | Paul Barrett | 08 Apr 13 | 20,000 | 81 | 16,200 | 75,100 | 0.73 |
New Century Aim VCT | Michael Barnard | 05 Apr 13 | 323,676 | 61.69 | 199,676 | 3,070,639 | 27.19 |
New India Investment Trust | Hasan Askari | 15 Apr 13 | 2,300 | 224.78 | 5,170 | 4,300 | 0.007 |
Ophir Energy | Ronald Blakely | 08 Apr 13 | 8,600 | 443.9 | 38,175 | 25,400 | 0.0043 |
Ophir Energy | Ronald Blakely | 12 Apr 13 | 9,600 | 424.1 | 40,714 | 35,000 | 0.006 |
PureCircle | John Slosar | 09 Apr 13 | 20,000 | 256 | 51,200 | 1,522,302 | - |
RusPetro | Alexander Christyakov | 05 Apr 13 | 12,580 | 29.77 | 3,745 | 56,081,624 | 16.82 |
RusPetro | Alexander Christyakov | 05 Apr 13 | 26,602 | 22.94 | 6,102 | 56,108,226 | 16.83 |
RusPetro | Alexander Christyakov | 10 Apr 13 | 900,000 | 29.9 | 269,100 | 57,008,226 | 17.09 |
RusPetro | Alexander Christyakov | 10 Apr 13 | 243,249 | 29.96 | 72,877 | 57,251,475 | 17.17 |
Shanta Gold | Mike Houston (ceo) | 15 Apr 13 | 84,507 | 17.75 | 15,000 | 267,189 | 0.06 |
Shanta Gold | Edward Johnstone (fd) | 15 Apr 13 | 39,436 | 17.75 | 7,000 | 289,436 | 0.06 |
Shanta Gold | Paul Heber | 15 Apr 13 | 27,960 | 17.75 | 4,963 | 385,428 | 0.08 |
Shanta Gold | Luke Leslie | 15 Apr 13 | 280,000 | 17.75 | 49,700 | 2,656,109 | 0.58 |
Shanta Gold | Nick Davies | 15 Apr 13 | 54,950 | 17.75 | 9,754 | 54,950 | 0.01 |
Shanta Gold | Jonathan Leslie | 15 Apr 13 | 560,000 | 17.75 | 99,400 | 13,144,088 | 2.85 |
Stagecoach | Helen Mahy | 08 Apr 13 | 3,849 | 296.125 | 11,398 | 8,710 | 0.0015 |
Stratex | Christopher Hall | 12 Apr 13 | 105,000 | 4.7 | 4,935 | 212,143 | 0.05 |
Stratex | Dr Robert Foster | 12 Apr 13 | 275,000 | 4.7 | 12,925 | 7,368,527 | 1.58 |
Stratex | Perry Ashwood | 12 Apr 13 | 210,000 | 4.7 | 9,870 | 1,744,485 | 0.37 |
Stratex | David Hall | 12 Apr 13 | 100,000 | 4.7 | 4,700 | 12,684,624 | 2.71 |
Stratex | John Cole-Baker | 12 Apr 13 | 210,000 | 4.7 | 9,870 | 785,669 | 0.17 |
Stratex | Peter Addison | 12 Apr 13 | 75,000 | 4.7 | 3,525 | 217,857 | 0.05 |
Sweett | Michael Henderson (ch) | 04 Apr 13 | 26,666 | 25 | 6,667 | 450,172 | 0.67 |
Sweett | Dean Webster (ceo) | 04 Apr 13 | 6,668 | 25 | 1,667 | 1,060,117 | 1.57 |
Sweett | Chris Goscomb (cfo) | 04 Apr 13 | 6,667 | 25 | 1,667 | 221,290 | 0.33 |
Sweett | Derek Pitcher (md) | 04 Apr 13 | 26,666 | 25 | 6,667 | 1,748,919 | 2.58 |
Sweett | Kim Berry (md) | 04 Apr 13 | 13,333 | 25 | 3,333 | 4,440,952 | 6.56 |
Sweett | Roger Mabey | 04 Apr 13 | 6,667 | 25 | 1,667 | 325,139 | 0.48 |
Sweett | David Wilton | 04 Apr 13 | 6,667 | 25 | 1,667 | 6,667 | 0.01 |
Sweett | Nicholas Woollacott | 04 Apr 13 | 13,333 | 25 | 3,333 | 106,333 | 0.16 |
Trakm8 | J Watkins (ceo) | 08 Apr 13 | 22,870 | 15 | 3,431 | 4,581,162 | 24.05 |
Tristel | Bruce Green | 08 Apr 13 | 50,000 | 19.5 | 9,750 | 1,015,016 | 2.5 |
Tristel | Paul Barnes | 08 Apr 13 | 40,000 | 19.5 | 7,800 | 612,680 | 1.5 |
Tristel | Liz Dixon | 08 Apr 13 | 25,000 | 19.5 | 4,875 | 45,067 | - |
Tristel | Christopher Samler | 08 Apr 13 | 256,410 | 19.5 | 50,000 | 256,410 | 0.6 |
Vesuvius | Chris O'Shea | 05 Apr 13 | 8,304 | 334.5 | 27,777 | 8,304 | 0.003 |
Vesuvius | Chris O'Shea | 05 Apr 13 | 11,805 | 333.1 | 39,322 | 20,109 | 0.007 |
Vesuvius | Chris O'Shea | 08 Apr 13 | 3,389 | 337.792 | 11,448 | 23,498 | 0.008 |
Vesuvius | Chris O'Shea | 08 Apr 13 | 4,423 | 338.6 | 14,976 | 27,921 | 0.01 |
Vesuvius | Jane Hinkley | 09 Apr 13 | 12,000 | 329.32 | 39,518 | 12,000 | 0.004 |
Xaar | Ramon Borrell | 05 Apr 13 | 9,500 | 420 | 39,900 | 178,217 | 0.24 |
Sells
Company | Director | Date | No. of shares | Price (p) | Value (£) | Total shares held | Value (%) |
---|---|---|---|---|---|---|---|
Atkins, WS | Neil Thomas | 09 Apr 13 | 3,206 | 878 | 28,149 | nil | na |
Beazley | George Blunden | 11 Apr 13 | 57,156 | 215.02 | 122,897 | 50,000 | 0.01 |
Bodycote | Paul Clough | 11 Apr 13 | 9,390 | 512.50 | 48,124 | 42,671 | 0.02 |
Bodycote | Dan McCurdy | 11 Apr 13 | 86,287 | 520.50 | 449,124 | 40,332 | 0.02 |
Brooks Macdonald | Nick Holmes | 08 Apr 13 | 4,054 | 1,430 | 57,972 | 40,510 | 0.31 |
EMIS | Sean Riddell | 11 Apr 13 | 1,200,000 | 730 | 8,760,000 | 7,092,605 | 12.11 |
Goals Soccer Centres | Keith Rogers (md) | 10 Apr 13 | 570,825 | 137 | 782,030 | 4,092,986 | 7.9 |
Goals Soccer Centres | William Gow (fd) | 10 Apr 13 | 570,825 | 137 | 782,030 | 1,273,145 | 2.5 |
Hill & Smith | MA Tonks | 09 Apr 13 | 18,006 | 420 | 75,535 | nil | na |
Jupiter Fund Management | Matteo Perruccio | 09 Apr 13 | 6,500 | 330 | 21,450 | 76,833 | 0.0168 |
Mission Marketing | Stephen Boyd | 10 Apr 13 | 10,000 | 34.00 | 3,400 | 309,918 | 0.4 |
Mission Marketing | Stephen Boyd | 12 Apr 13 | 200,000 | 32.00 | 64,000 | 109,918 | 0.1 |
Rathbone Brothers | Clive Hexton | 08 Apr 13 | 2,000 | 1,466 | 29,320 | 76,071 | 0.165 |
Rathbone Brothers | Rupert Baron | 09 Apr 13 | 790 | 1,458 | 11,518 | 92,793 | 0.201 |
Rathbone Brothers | Andrew Morris | 11 Apr 13 | 6,746 | 1,485 | 100,178 | 73,219 | 0.159 |
WH Smith | Ian Houghton | 11 Apr 13 | 28,048 | 784.06 | 219,913 | 84,986 | 0.07 |
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