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Non-exec likes the look of Dechra

A non-executive director seems to be taking advantage of recent share price falters
June 16, 2016

Last month veterinary pharmaceuticals specialist Dechra (DPH) completed its proposed acquisition of Putney Inc, a US company that develops low-cost pet medication. Despite the fact that this acquisition is expected to more the double the size of Dechra's US business, investors haven't been terribly enthusiastic and the share price has experienced an uncharacteristic fall in recent months.

IC TIP: Buy at 1,047p

One investor not to be deterred was non-executive director Tony Rice* who, at the start of June, spent roughly £228,000 on 20,000 shares in the company, giving him a 0.02 per cent holding. While non-executive directors are required to acquire and retain a stake in Dechra by the third anniversary of their appointment, Mr Rice's purchase was well above the level he is required to hold, indicating a significant dose of confidence.

*17 June 2016: This original version of this article referred to Mr Rice as Tim Rice. This has been updated.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Actual Experience Robin Young07 Jun 163,500274.99,6227,2000.019
Blancco Technology  Jog Dhody (cfo)07 Jun 1615,00021532,25023,4690.040
Blancco Technology♥  Matthew Peacock (ch)07 Jun 16100,000215215,000209,7280.360
Caffyns Mike Warren07 Jun 165,00058529,2505,0000.181
Capital & Regional♥ Louis Norval07 Jun 162,500,00060.41,510,000136,460,30319.500
Carclo♥ Peter Slabbert07 Jun 1610,000158.3615,83610,0000.015
Challenger Acquisitions  Mark Gustafson (ceo)06 Jun 1615,000243,600825,0005.545
Challenger Acquisitions  Mark Gustafson (ceo)06 Jun 1615,00024.53,675860,0005.780
Challenger Acquisitions  Mark Gustafson (ceo)06 Jun 1620,00023.754,750810,0005.444
Challenger Acquisitions  Mark Gustafson (ceo)06 Jun 1620,000244,800845,0005.680
Challenger Acquisitions  Mark Gustafson (ceo)06 Jun 1630,000257,500890,0005.982
Computacenter Greg Lock (ch)02 Jun 164,000837.533,500464,0000.378
Computacenter♥ Greg Lock (ch)02 Jun 164,940836.541,323476,7000.389
Computacenter♥ Greg Lock (ch)03 Jun 161,900840.515,970478,6000.390
Computacenter Greg Lock (ch)03 Jun 164,700840.539,504471,7600.385
Croma Security Solutions  Nicholas Hewson08 Jun 1613,75038.18185,250203,5651.205
Croma Security Solutions  Roberto Fiorentino (ceo)08 Jun 1625,000379,2503,775,00022.346
Dechra Pharmaceuticals Tony Rice03 Jun 1620,0001140.7228,14020,0000.022
EKF Diagnostics* Julian Baines (ceo)07 Jun 16133,33311.2515,0001,855,2880.400
EKF Diagnostics* Adam Reynolds07 Jun 1688,88911.2510,0003,318,6130.715
Fidelity Japanese Values Mami Mizutori07 Jun 1611,06390.3910,00011,0630.008
Fisher (James) & Sons Charles Rice (ch)07 Jun 162,294136331,26724,3100.048
Greka Engineering & Technology♥  Randeep Grewal (ch & ceo)06 Jun 1637,167,2980.8297,338396,868,52896.886
Hydrodec  Lord Moynihan (ch)08 Jun 16472,2671.98,97311,347,0501.525
JPMorgan Japan Smaller Companies Trust  Deborah Guthrie03 Jun 167,341270.9519,8907,3410.016
JPMorgan Japan Smaller Companies Trust  Deborah Guthrie06 Jun 167,269273.6419,89114,6100.031
Kennedy Wilson Europe Real Estate Mary Ricks03 Jun 1620,0001057211,400160,9160.118
LXB Retail Properties Daniel Kitchen08 Jun 1672,66064.3746,771540,5870.321
Marks and Spencer  Helen Weir (cfo)07 Jun 1620,500364.5174,72525,0000.002
Pets at Home  Dennis Millard03 Jun 168,000261.0220,88224,3270.005
Polypipe  Martin Payne (cfo)07 Jun 1630,00031795,10030,0000.015
Quarto Peter Read (ch)06 Jun 1610,000237.523,75010,0000.051
Regus Nina Henderson06 Jun 1614,300318.87745,59930,8000.003
Rolls-Royce Holdings Ian Davis (ch)07 Jun 16318621.51,97640,0410.002
Rolls-Royce Holdings Ruth Cairnie07 Jun 16312621.51,9399,4430.001
Rolls-Royce Holdings Sir Frank Chapman07 Jun 16637621.53,95918,8550.001
Royal Mail Orna Ni-Chionna03 Jun 169,321532.349,61612,6340.001
Serco  Rupert Soames (ceo)02 Jun 16120,000107128,4001,030,8250.094
Shanta Gold* Toby Bradbury (ceo)07 Jun 16250,0006.516,250650,0000.112
Shanta Gold* Anthony Durrant (ch)07 Jun 16273,1826.517,7572,250,0000.386
Shanta Gold* Robin Fryer07 Jun 1675,0006.54,875675,0000.116
Stock Spirits  Miroslaw Stachowicz06 Jun 1629,718168.2550,00146,6880.023
Symphony International Holdings Anil Thadani02 Jun 16250,00072.9951182,48859,983,14911.358
Symphony International Holdings Anil Thadani02 Jun 16250,00074185,00060,233,14911.406
Symphony International Holdings Anil Thadani07 Jun 16100,0007575,00060,733,14911.500
Symphony International Holdings Anil Thadani07 Jun 16200,00072.5145,00060,433,14911.444
Symphony International Holdings Anil Thadani07 Jun 16200,00074148,00060,633,14911.481
UDG Healthcare Brendan McAtamney (ceo)02 Jun 1630,000595178,50080,0000.032
Value and Income Trust♥ Matthew Oakeshott03 Jun 1625,000227.3656,8402,766,0436.073
Value and Income Trust♥ Matthew Oakeshott06 Jun 16107,500231.3248,6482,741,0436.018
Value and Income Trust James Ferguson (ch)03 Jun 1625,000227.3656,840845,0001.855
Value and Income Trust James Ferguson (ch)06 Jun 1625,00023057,500869,5001.909
Value and Income Trust John Kay03 Jun 1625,000227.3656,840250,2180.549
Value and Income Trust John Kay06 Jun 1625,00022355,750275,2180.604
Value and Income Trust♥ John Kay08 Jun 1610,00024124,100285,2180.626
Vesuvius Nelda Connors07 Jun 169,000341.6756630,7519,6930.004

Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Belvoir Lettings Mike Goddard (ch & ceo)08 Jun 16580,357112650,0007,193,56521.371
Berendsen Andrew Wood02 Jun 165,000121960,95020,0000.012
Derwent London S P Silver08 Jun 1630,0003329998,700213,6170.192
Mariana Resources Eric Roth03 Jun 162,800,0003.598,0004,781,9060.399
Premier Veterinary  Dominic Tonner (ceo)06 Jun 1650,00014070,0002,600,83718.642
Premier Veterinary  Iain Ross (ch)07 Jun 16200,000135270,000505,8093.625
*Placing/tender/open offer ♥Spouse/connected party