Shares in Hansard Global (HSD) took a big hit a couple of years ago after the long-term savings provider saw a significant fall in single premium new business sales and a negative investment performance. At the time it slashed the dividend payment by 42 per cent.
Since then, the mainland European division - Hansard Europe - has been closed to new business. Moreover, while transferring policy administration to the Isle of Man, the group identified certain weaknesses relating to the issue of Chargeable Events certificates, which are required by the UK tax authorities. Remedying these will cost around £5m.
Trading remains weak: new business as measured by the present value of new business premiums (PVNBP) fell to £72.1m in the nine months to March - down 44.8 per cent from a year ago. This was mainly as a result of the suspension of new business flows from Japan, following the end of a large distribution relationship.
However, a revised business strategy, including a range of new products and a beefed-up online offering, is expected to increase sales in the second half of this year. Shareholders might also derive some comfort from news that non-executive chairman and founder Dr Leonard Polonsky has bought 2m shares at 90p per share, taking his holding (including the 400,000 shares held by his wife) to 56.8m shares or just over 41 per cent of the issued share capital.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| African Barrick Gold | Rachel English | 03 Jun 14 | 17,383 | 215 | 37,373 | 17,383 | 0.004 |
| Aminex | Keith Phair | 04 Jun 14 | 1,400,000 | 1.053 | 14,748 | 7,675,534 | 0.416 |
| Anglo Pacific ♥ | Julian Treger (ce) | 03 Jun 14 | 75,000 | 184 | 138,000 | 1,305,768 | 1.178 |
| Anglo Pacific ♥ | Michael Blyth (ch) | 03 Jun 14 | 10,600 | 186 | 19,716 | 20,600 | 0.018 |
| Breedon Aggregates | Susie Farnon | 03 Jun 14 | 200,000 | 41.5 | 83,000 | 1,914,365 | 0.188 |
| Breedon Aggregates | Peter Tom (ch) | 03 Jun 14 | 200,000 | 41.5 | 83,000 | 47,941,867 | 4.720 |
| Breedon Aggregates | Rob Wood (fd) | 03 Jun 14 | 100,000 | 41.5 | 41,500 | 100,000 | 0.010 |
| Caffyns | Simon Caffyn (ce) | 03 Jun 14 | 1,850 | 615 | 11,378 | 48,216 | 1.749 |
| Cello | Mark Bentley (fd & cs) | 03 Jun 14 | 15,000 | 87.4 | 13,110 | 238,500 | 0.283 |
| Cineworld ♥ | Moshe Greidinger (ce) | 04 Jun 14 | 1,600,000 | 340 | 5,440,000 | 67,982,694 | 25.774 |
| Cyprotex | Steve Harris | 03 Jun 14 | 400,000 | 6.4 | 25,600 | 2,005,142 | 0.894 |
| Eland Oil & Gas | Ian Blair (ce) | 03 Jun 14 | 80,000 | 109.3 | 87,440 | 680,349 | 0.482 |
| Eland Oil & Gas | George Maxwell (cfo) | 03 Jun 14 | 20,000 | 109.9 | 21,980 | 420,000 | 0.297 |
| Gable Holdings | William Dewsall (ce) | 03 Jun 14 | 50,000 | 82 | 41,000 | 24,539,467 | 18.169 |
| Hansard Global | Dr. Leonard Polonsky (ch) | 29 May 14 | 2,000,000 | 90 | 1,800,000 | 56,788,319 | 41.337 |
| Hutchison China Meditech | Christopher Nash | 03 Jun 14 | 4,036 | 842 | 33,983 | 30,542 | 0.059 |
| Orosur Mining | Ignacio Salazar (ce) | 30 May 14 | 150,000 | 14.711 | 22,066 | 523,000 | 0.669 |
| Renovo | Matt Cooper (ch) | 30 May 14 | 3,000,000 | 16 | 480,000 | 4,565,038 | 2.084 |
| Serco | Michael Clasper | 29 May 14 | 28,000 | 373.88 | 104,686 | 28,000 | 0.005 |
| Spirent Communications | Alex Walker (ch) | 29 May 14 | 30,000 | 101.193 | 30,358 | 213,014 | 0.035 |
| Vitec Group (The) | Stephen Bird (ce) | 29 May 14 | 10,000 | 565 | 56,500 | 230,054 | 0.521 |
| Vodafone | Gerard Kleisterlee (ch) | 30 May 14 | 41,000 | 204 | 83,640 | 100,775 | 0.000 |
| Xchanging | David Bauernfeind (cfo) | 30 May 14 | 40,000 | 146 | 58,400 | 439,982 | 0.180 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Avingtrans | Roger McDowell (ch) | 02 Jun 14 | 125,000 | 158 | 197,500 | 2,376,409 | 8.686 |
| Brammer ♥ | Ian Fraser (ce) | 29 May 14 | 400,000 | 479.46 | 1,917,840 | 915,151 | 0.708 |
| Brewin Dolphin Holdings | Stephen Ford | 04 Jun 14 | 62,500 | 319 | 199,375 | 142,611 | 0.052 |
| Brooks Macdonald | Simon Jackson (fd) | 04 Jun 14 | 7,750 | 1,608 | 124,581 | 78,549 | 0.587 |
| Brooks Macdonald ♥ | Andrew Shepherd | 04 Jun 14 | 2,250 | 1,608 | 36,169 | 48,915 | 0.366 |
| BT | Tony Chanmugam (fd) | 02 Jun 14 | 125,000 | 400 | 500,000 | 899,227 | 0.011 |
| Canaccord Genuity | Paul Reynolds (ce) | 04 Jun 14 | 100,000 | 704.847 | 704,847 | 1,095,297 | 1.085 |
| Canaccord Genuity ♥ | Paul Reynolds (ce) | 04 Jun 14 | 43,500 | 704.847 | 306,609 | 1,051,797 | 1.042 |
| Catlin | Benjamin Meuli (cfo) | 04 Jun 14 | 50,000 | 522 | 261,000 | 664,689 | 0.184 |
| Frenkel Topping | Julie Dean (fd & cs) | 02 Jun 14 | 269,982 | 40.5 | 109,343 | 1,180,707 | 1.850 |
| GKN | Andrew Smith | 03 Jun 14 | 100,000 | 389 | 389,000 | 704,089 | 0.043 |
| Origin Enterprises | Brendan Fitzgerald (cfo) | 29 May 14 | 55,000 | 790 | 434,500 | 502,321 | 0.397 |
| Premier Oil | Simon Lockett (ce) | 04 Jun 14 | 800,000 | 346.26 | 2,770,080 | 442,540 | 0.085 |
| Private Equity Investor * | Julian Cazalet | 29 May 14 | 9,651 | 218.546 | 21,092 | 35,347 | 0.239 |
| Produce Investments | Derek Porter | 04 Jun 14 | 4,000 | 286 | 11,440 | 111,020 | 0.419 |
| Serabi Gold | Daniel Kunz | 03 Jun 14 | 5,096,084 | 5.75 | 293,025 | 468,642 | 0.071 |
| Severn Trent † | AJ Ballance | 02 Jun 14 | 582 | 1,973 | 11,483 | 16,180 | 0.007 |
| Severn Trent † | AP Smith | 02 Jun 14 | 747 | 1,973 | 14,738 | 27,061 | 0.011 |
| Severn Trent † | MJ Kane | 02 Jun 14 | 664 | 1,973 | 13,101 | 24,969 | 0.010 |
| Severn Trent † | MJE McKeon (fd) | 02 Jun 14 | 1,226 | 1,973 | 24,189 | 37,595 | 0.016 |
| TT electronics | Tim Roberts | 29 May 14 | 60,000 | 206 | 123,600 | 137,011 | 0.086 |
| Victrex ** | David Hummel (ce) | 03 Jun 14 | 23,409 | 1,800 | 421,362 | 3,039,895 | 3.569 |
| Victrex ** | David Hummel (ce) | 02 Jun 14 | 26,591 | 1,806 | 480,233 | 3,063,304 | 3.596 |
* placing/tender/open offer ♥ spouse/connected party † sold to cover tax liabilities ** to fund charitable donation | |||||||
