Delcam's chairman Peter Miles, and deputy chairman Hugh Humpreys, have each banked sizeable sums of cash having sold a significant chunk of shares in the Birmingham-based specialist software developer.
On 16 August, Mr Miles sold 44,000 shares, or 39 per cent of his total stake, at 1,675p each, giving him a windfall of £737,000. On the same day, Mr Humphreys offloaded 50,000 shares, equal to 7 per cent of his entire holding, netting him £837,000.
A spokesman for the company said the sell-off was primarily driven by institutional demand for the shares, as Numis Securities, which became Delcam's broker in January, has been trying to widen the shareholder base by attracting institutional investment. To ease the situation, Mr Humphreys, who still retains an 8.62 per cent stake in Delcam, agreed to sell some of his holding. For Mr Miles, however, planning for his grandchildren's school fees was also a major factor.
Lucky for both, then, that Delcam's shares have had an eye-watering ride in recent years. Since the start of 2010, the price has soared eightfold, and more than doubled in the past year alone. That growth, though, has also come with a price tag - the shares are now trading on 26 times forward earnings. So, given the fact that two of the company's top dogs have sold off a load of stock, we think you should do the same. Sell at 1,692p.
Julia Bradshaw
Get in sync with Synthomer seller
Synthomer's (SYNT) recent half-year results were well-received and the share price jumped as much as 17 per cent as investors bet on a recovery at the specialty chemicals company. That, however, proved a trigger for the wife of Alex Catto, non-executive director and grandson of former company chairman Thomas, to sell.
Just two days after the numbers, Elizabeth Catto offloaded 200,000 Synthomer shares at 230p each. True, the beneficial holding of Mr Catto is still worth almost £4m, and Asian demand for nitrile, used in synthetic rubber gloves and condoms, is strong, too. But Europe is struggling, especially in construction, where lower volumes for flooring and coatings wiped 15 per cent off profit. And while the Catto family have been rare sellers in recent years, the last big sale, in March 2012, preceded a significant slump in the share price. Now, there's no suggestion that the same will happen again, but company forecasts for further weakness in Europe and a steady performance in Asia imply only modest profit growth at best during the second half. At 227p - with further upside dependent on a recovery in Europe and significant technical resistance looming not far above the current share price - the shares rate a short-term sell.
Lee Wild
BUYS:
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| AGA Rangemaster | William McGrath (ce) | 21 Aug 13 | 9,160 | 108.73 | 9,960 | 221,886 | 0.32 |
| AGA Rangemaster | Paul Dermody | 21 Aug 13 | 25,000 | 108.5 | 27,125 | 50,591 | 0.07 |
| Alliance Trust | John Hylands | 20 Aug 13 | 5,879 | 428.25 | 25,177 | 75,207 | 0.01 |
| Alliance Trust | John Hylands | 20 Aug 13 | 6,910 | 428.25 | 29,592 | 82,117 | 0.01 |
| Berkeley Group Holdings | RCG Perrins | 15 Aug 13 | 4,619 | 2,154 | 99,493 | 1,206,215 | 0.89 |
| Berkeley Group Holdings* | RCG Perrins | 15 Aug 13 | 1,849 | 2,152 | 39,790 | 1,208,064 | 0.90 |
| BHP Billiton | LP Maxsted | 21 Aug 13 | 3,000 | 2,080.44 | 62,413 | 6,500 | 0.00 |
| Capital & Regional | Mark Bourgeois | 19 Aug 13 | 100,000 | 39.61 | 39,610 | 215,060 | 0.06 |
| CLS Holdings | Henry Klotz | 15 Aug 13 | 60,000 | 1,210 | 726,000 | 71,395 | 0.19 |
| CLS Holdings | Sten Mortstedt (ch) | 19 Aug 13 | 665 | 1,169 | 7,774 | 22,662,292 | 59.30 |
| CLS Holdings | Sten Mortstedt (ch) | 20 Aug 13 | 1,166 | 1,169 | 13,631 | 22,663,458 | 59.30 |
| Coalfield Resources | Jeremy Hague (fd) | 21 Aug 13 | 125,000 | 7.14 | 8,925 | 125,000 | 0.04 |
| Coalfield Resources | Jonson Cox (ch) | 15 Aug 13 | 300,000 | 6.6 | 19,800 | 496,945 | 0.17 |
| Fiske | Amanda J Andrews (fd) | 15 Aug 13 | 18,000 | 58 | 10,440 | 18,000 | 0.21 |
| Fiske | Gerard Luchini | 15 Aug 13 | 39,000 | 58 | 22,620 | 39,000 | 0.46 |
| Foresight 2 VCT | Jocelin Harris (ch) | 19 Aug 13 | 2,944 | 43.5 | 1,281 | 18,937 | 0.04 |
| Hammerson | Gwyn Burr | 16 Aug 13 | 5,000 | 501 | 25,050 | 5,000 | 0.00 |
| Inspired Energy | Robert Holt (ch) | 20 Aug 13 | 229,167 | 8 | 18,333 | 7,500,000 | 1.85 |
| Intu Properties | John Whittaker | 15 Aug 13 | 100,000 | 311.765 | 311,765 | 192,002,358 | 19.86 |
| Intu Properties* | John Whittaker | 21 Aug 13 | 50,000 | 309 | 154,500 | 192,052,358 | 19.86 |
| JPMorgan Indian Inv. | Richard Burns | 20 Aug 13 | 10,000 | 301.6 | 30,160 | 80,000 | 0.08 |
| Land Securities | Chris Bartram | 21 Aug 13 | 2,225 | 890 | 19,803 | 11,478 | 0.00 |
| LMS Capital | Neil Lerner | 15 Aug 13 | 12,637 | 78.5 | 9,920 | 48,438 | 0.03 |
| Newmark Security | Michel Rapoport | 16 Aug 13 | 1,500,000 | 1.4 | 21,000 | 17,055,000 | 3.79 |
| Ophir Energy | William Schrader | 16 Aug 13 | 1,000 | 329.269 | 3,293 | 8,500 | 0.00 |
| Ophir Energy | William Schrader | 19 Aug 13 | 1,700 | 308 | 5,236 | 10,200 | 0.00 |
| Ophir Energy | William Schrader | 16 Aug 13 | 7,500 | 330 | 24,750 | 7,500 | 0.00 |
| Ophir Energy | Vivien M Gibney | 15 Aug 13 | 10,000 | 350 | 35,000 | 10,000 | 0.00 |
| Ophir Energy | Alan Booth | 20 Aug 13 | 25,000 | 306.5 | 76,625 | 125,000 | 0.02 |
| Princess Private Equity | F Dunlop | 15 Aug 13 | 4,000 | 657 | 26,280 | 8,000 | 0.01 |
| PuriCore | Charles Spicer | 16 Aug 13 | 24,390 | 41 | 10,000 | 24,390 | 0.05 |
| Rialto Energy Ltd | N Hackett | 15 Aug 13 | 666,667 | 1.934 | 12,891 | 706,667 | 0.06 |
| Robert Walters | Brian McArthur Muscroft | 16 Aug 13 | 7,140 | 280.25 | 20,010 | 7,140 | 0.01 |
| Secure Trust Bank | Paul Lynam (ce) | 20 Aug 13 | 310 | 2,135 | 6,619 | 9,110 | 0.06 |
| SIG | Stuart Mitchell (ce) | 19 Aug 13 | 53,000 | 180 | 95,400 | 164,260 | 0.03 |
| Skyepharma | Dr Thomas Werner | 15 Aug 13 | 20,000 | 87.5 | 17,500 | 20,000 | 0.04 |
| Sports Direct International | Charles McCreevy | 16 Aug 13 | 1,500 | 634 | 9,510 | 1,500 | 0.00 |
| Standard Chartered | Dr KM Campbell | 16 Aug 13 | 2,000 | 1,521.5 | 30,430 | 2,000 | 0.00 |
| SVG Capital | Andrew Sykes (ch) | 15 Aug 13 | 10,000 | 409.92 | 40,992 | 31,000 | 0.01 |
| Xplorer | J Roddison | 19 Aug 13 | 28,250 | 17.15 | 4,845 | 2,028,300 | 18.03 |
SELLS:
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| AdEPT Telecom | Amanda J Woodruffe | 21 Aug 13 | 25,000 | 127 | 31,750 | 38,209 | 0.18 |
| Baronsmead VCT | Peter Lawrence (ch) | 19 Aug 13 | 10,816 | 73.5 | 7,950 | 811,216 | 0.88 |
| Baronsmead VCT* | Peter Lawrence (ch) | 19 Aug 13 | 10,707 | 73.5 | 7,870 | 800,509 | 0.86 |
| CLS Holdings | Sten Mortstedt (ch) | 15 Aug 13 | 60,000 | 1,210 | 726,000 | 22,661,627 | 59.29 |
| Delcam | Peter Miles (ch) | 16 Aug 13 | 44,000 | 1,675 | 737,000 | 70,000 | 0.88 |
| Delcam | Hugh Humphreys | 16 Aug 13 | 50,000 | 1,675 | 837,500 | 683,926 | 8.62 |
| Jarvis Securities* | Andrew Grant (ch & ce) | 15 Aug 13 | 435,000 | 400 | 1,740,000 | 5,733,150 | 53.44 |
| Share | Iain Wallace | 16 Aug 13 | 52,589 | 21 | 11,044 | 72,550 | 0.05 |
| Synthomer | Alexander Catto | 15 Aug 13 | 200,000 | 230 | 460,000 | 1,746,955 | 0.51 |
| Trifast | Geoff Budd | 20 Aug 13 | 25,000 | 58 | 14,500 | 332,264 | 0.31 |
| Trifast* | Geoff Budd | 20 Aug 13 | 25,000 | 58 | 14,500 | 307,264 | 0.28 |
*Spouse/connnected party
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
