Data storage and computer use have shifted rapidly over the past few years away from unwieldy desktop PCs and towards the storage of data in vast data centres. Cloud computing has changed the way many of use and process data and companies like Iomart (IOM) have not been slow to build up a niche, particularly at small and medium-sized companies. That has been reflected in a share price which has gained 40 per cent in 12 months, and the company's directors have been selling into the rally.
This week founder and chief executive Angus MacSween sold over 3.6m shares at 275p to raise £10m, although he retains a holding of 16.8m shares. In addition, financial director Richard Logan sold 272,000 shares at 275p and chief operating officer Sarah Haran over 381,000 shares at the same price. In January, the same directors sold significant blocks of shares, which were related to the award of share options. After a strong run Iomart shares now trade on a punchy forward PE ratio of 27 and it looks like the time to follow management's lead and book profits. Sell at 277p.
Julian Hofmann
Shrewd director buying at LXB Retail
Steve Webb's decision to buy nearly quarter of a million pounds' worth of stock in Aim-listed developer LXB Retail (LXB) looks canny. Having slid this year despite a substantial share buy-back programme, the shares now trade at 113p - a 4 per cent discount to the March book value of 117p. That book value takes no account of four major disposals in May and June that are likely to have crystallised further gains.
Mr Webb, a non-executive director who used to be investor relations chief at Tesco, would presumably not be buying if serious problems had emerged. The dull share-price performance since the June interims probably reflects little more than a lack of news from LXB's infamously tight-lipped management team.
The share-price discount at LXB is a clear arbitrage opportunity because the company faces a continuation vote in a year's time. If its shares continue to trade below book value, investors may vote for a wind-up. This will not be too costly: following the disposals this summer the group only has a few assets left on its books.
Stephen Wilmot
BUYS
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| Alliance Trust † | Karin Forseke (ch) | 01 Oct 13 | 6,000 | 426.74 | 25,604 | 100,181 | 0.02 |
| Altitude | Martin Varley (ce) | 30 Sep 13 | 410,000 | 14 | 57,400 | 11,472,559 | 26.74 |
| Ariana Resources | Michael de Villiers (ch) | 01 Oct 13 | 314,498 | 1.12 | 3,522 | 8,050,000 | 1.45 |
| Ariana Resources | William Payne † | 03 Oct 13 | 400,000 | 1,249 | 4,996,000 | 1,557,178 | 0.28 |
| Avanti Communications | Paul Walsh | 27 Sep 13 | 30,000 | 238 | 71,400 | 205,000 | 0.18 |
| Avanti Communications | Paul Walsh | 27 Sep 13 | 25,000 | 236 | 59,000 | 175,000 | 0.16 |
| Charles Taylor | Gill Rider | 03 Oct 13 | 1,000 | 215 | 2,150 | 1,000 | 0.002 |
| Clarkson | Peter Backhouse | 27 Sep 13 | 3,500 | 2,262 | 79,170 | 3,500 | 0.02 |
| CLS Holdings | Thomas Lundqvist | 02 Oct 13 | 1,330 | 1,168 | 15,532 | 80,000 | 0.19 |
| Compass | John Bason | 27 Sep 13 | 1,760 | 849.5 | 14,951 | 8,454 | 0.00 |
| CVS | Nick Perrin (fd) | 03 Oct 13 | 2,000 | 247 | 4,940 | 8,000 | 0.01 |
| Daniel Stewart Securities | Peter Shea (ch & ce) | 01 Oct 13 | 16,245,462 | 0.23 | 37,365 | 72,187,873 | 13.88 |
| Daniel Stewart Securities | Peter Shea (ch & ce) | 01 Oct 13 | 11,651,000 | 0.23 | 26,797 | 83,838,873 | 16.44 |
| DDD | Nicholas Brigstocke (ch) | 03 Oct 13 | 200,000 | 5.6875 | 11,375 | 1,807,045 | 1.30 |
| Fidessa | John Hamer (ch) | 02 Oct 13 | 931 | 1,987 | 18,499 | 66,368 | 0.18 |
| Fuller Smith & Turner | Alastair Kerr | 26 Sep 13 | 1,000 | 925 | 9,250 | 3,941 | 0.01 |
| Hiscox | Andrea S Rosen | 30 Sep 13 | 2,985 | 643.78 | 19,217 | 65,391 | 0.02 |
| Hiscox | Ernst Jansen | 30 Sep 13 | 2,757 | 643.78 | 17,749 | 74,888 | 0.02 |
| Intercede | Richard Parris (ch & ce) | 27 Sep 13 | 23,000 | 106 | 24,380 | 5,572,878 | 11.45 |
| Intercede | Richard Parris (ch & ce) | 30 Sep 13 | 23,290 | 110 | 25,619 | 5,596,168 | 11.50 |
| KBC Advanced Technologies † | Oliver Scott | 27 Sep 13 | 36,000 | 84 | 30,240 | 7,188,510 | 12.20 |
| KCOM † | Martin Towers | 30 Sep 13 | 15,000 | 90.8 | 13,620 | 237,990 | 0.05 |
| Lancashire Holdings | Samantha Hoe-Richardson | 30 Sep 13 | 1,000 | 754 | 7,540 | 2,307 | 0.00 |
| LXB Retail Properties | Steve Webb | 30 Sep 13 | 131,447 | 114 | 149,850 | 243,385 | 0.11 |
| Morgan Sindall | Simon Gulliford | 26 Sep 13 | 3,350 | 742.72 | 24,881 | 3,350 | 0.01 |
| NetScientific | Barry Wilson | 27 Sep 13 | 6,150 | 161 | 9,902 | 15,525 | 0.04 |
| North River Resources | Martin French | 02 Oct 13 | 1,000,000 | 0.63 | 6,300 | 90,261,919 | 8.06 |
| North River Resources * | Brett Richards | 26 Sep 13 | 8,333,333 | 0.6 | 50,000 | 22,619,047 | 2.02 |
| North River Resources * | Martin French | 26 Sep 13 | 8,333,333 | 0.6 | 50,000 | 89,261,919 | 7.97 |
| PZ Cussons | Richard Harvey (ch) | 30 Sep 13 | 3,010 | 411 | 12,371 | 54,037 | 0.01 |
| Redhall | Richard Shuttleworth (ce) | 27 Sep 13 | 20,000 | 43.23 | 8,646 | 50,000 | 0.17 |
| Sound Oil | James Parsons (ce) | 27 Sep 13 | 63,829 | 9.4 | 6,000 | 263,366 | 0.09 |
| StatPro | Stuart Clark | 26 Sep 13 | 90,000 | 83 | 74,700 | 90,000 | 0.13 |
| Sutton Harbour Holdings | Graham Miller (ch) | 02 Oct 13 | 97,000 | 25.5 | 24,735 | 97,000 | 0.10 |
| Thomas Cook | Peter Marks | 30 Sep 13 | 13,482 | 147.6 | 19,899 | 145,041 | 0.01 |
| Tiger Resource Finance | Colin Bird (ce) | 01 Oct 13 | 625,000 | 1.8 | 11,250 | 8,395,000 | 6.07 |
| TVC Holdings | David Doyle | 26 Sep 13 | 100,000 | 47.09444 | 47,094 | 1,201,000 | 1.31 |
| Utilico Investments | Peter Burrows | 01 Oct 13 | 5,453 | 130 | 7,089 | 39,858 | 0.04 |
SELLS
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
|---|---|---|---|---|---|---|---|
| FirstGroup | Martin Gilbert (ch) | 30 Sep 13 | 476,037 | 117.25 | 558,153 | 0 | 0.00 |
| Hiscox † | Bronek Masojada (ce) | 27 Sep 13 | 10,000 | 650.5 | 65,050 | 3,326,053 | 0.94 |
| Informa | Peter Rigby (ce) | 26 Sep 13 | 197,114 | 532.26 | 1,049,159 | 326,410 | 0.05 |
| Informa | Peter Rigby (ce) | 27 Sep 13 | 76,835 | 531.03 | 408,017 | 249,575 | 0.04 |
| Iomart * | Angus MacSween (ce) | 01 Oct 13 | 3,636,364 | 275 | 10,000,001 | 16,800,552 | 15.89 |
| Iomart * | Richard Logan (fd) | 01 Oct 13 | 272,727 | 275 | 750,000 | 981,393 | 0.9 |
| Iomart * | Sarah Haran | 01 Oct 13 | 381,818 | 275 | 1,050,000 | 1,963,747 | 2 |
* Placing † Spouse/Connected Persons
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
