Like all other housebuilders, shares in Telford Homes (TEF) took a knock in the wake of the referendum, but the fall almost certainly reflects the political fallout rather than the economic implications.
Demand for apartments is such that more than half of the targeted revenue for the next three years has already been secured, and that means buyers have already paid up a chunky deposit. There has also been a significant change in the sales mix, with nearly a quarter of sales now made to institutional investors looking to enter the private rented sector. This is significant because the schemes are all forward funded by the likes of property investor M&G and residential developer L&Q, which cuts the development risk and allows Telford to utilise its capital resources elsewhere.
But given that the shares have risen nearly 200 per cent in the past six years, crystallising some of those gains seems reasonable. On the day of the referendum, land director James Furlong sold 100,000 shares at 350.5p, while David Durant, group planning and design director and his wife both sold 50,000 shares at 350.5p.
| Buys | |||||||
|---|---|---|---|---|---|---|---|
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Arrow Global | Tom Drury (ceo) | 29 Jun 16 | 50,000 | 197.14 | 98,570 | 6,912,283 | 3.963 |
| Arrow Global ♥ | Tom Drury (ceo) | 29 Jun 16 | 50,000 | 197.14 | 98,570 | 6,962,283 | 3.991 |
| Auto Trader | David Keens | 24 Jun 16 | 25,000 | 358.49 | 89,623 | 25,000 | 0.003 |
| Balfour Beatty♥ | L Quinn (ceo) | 27 Jun 16 | 104,225 | 191.8921 | 200,000 | 485,775 | 0.070 |
| Bank of Ireland (Governor & Co of) | Patrick Kennedy | 29 Jun 16 | 2,000,000 | 18.825 | 376,500 | 2,254,642 | 0.007 |
| Card Factory | Karen Hubbard (ceo) | 27 Jun 16 | 32,197 | 310.6 | 100,004 | 32,197 | 0.009 |
| Close Brothers | Stephen Hodges | 27 Jun 16 | 40,000 | 1084 | 433,600 | 816,747 | 0.545 |
| Derwent London | S Fraser | 24 Jun 16 | 2,000 | 2818 | 56,360 | 2,000 | 0.002 |
| Derwent London | D Wisniewski (fd) | 28 Jun 16 | 4,256 | 2349.3 | 99,986 | 28,067 | 0.025 |
| Derwent London | D G Silverman | 28 Jun 16 | 4,256 | 2349.6 | 99,999 | 22,499 | 0.020 |
| easyJet | John Barton (ch) | 29 Jun 16 | 10,000 | 1068 | 106,800 | 34,000 | 0.009 |
| EKF Diagnostics♥ | Christopher Mills (ch) | 23 Jun 16 | 2,000,000 | 11.75 | 235,000 | 112,428,103 | 24.216 |
| EKF Diagnostics♥ | Christopher Mills (ch) | 24 Jun 16 | 2,613,957 | 11.5 | 300,605 | 115,042,060 | 24.780 |
| Galliford Try | Greg Fitzgerald (ch) | 27 Jun 16 | 79,500 | 873.62 | 694,528 | 806,146 | 0.973 |
| GB* | Richard Linford | 29 Jun 16 | 18,182 | 275 | 50,001 | 304,546 | 0.229 |
| GB* | David Rasche (ch) | 29 Jun 16 | 72,727 | 275 | 199,999 | 818,822 | 0.616 |
| Goals Soccer Centres* | Nicholas Basing (ch) | 23 Jun 16 | 100,000 | 100 | 100,000 | 100,000 | 0.133 |
| Grafton♥ | Paul Hampden Smith | 29 Jun 16 | 18,264 | 488 | 89,128 | 32,990 | 0.014 |
| Huntsworth | Paul Taaffe (ceo) | 28 Jun 16 | 200,000 | 40.36 | 80,720 | 200,000 | 0.061 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 2,807 | 266.3729 | 7,477 | 336,498,558 | 25.024 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 2,850 | 266.3729 | 7,592 | 336,512,972 | 25.025 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 3,000 | 266.3729 | 7,991 | 336,495,751 | 25.024 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 3,064 | 266.3729 | 8,162 | 336,510,122 | 25.025 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 3,750 | 266.3729 | 9,989 | 336,516,722 | 25.025 |
| Intu Properties♥ | John Whittaker | 28 Jun 16 | 8,500 | 266.3729 | 22,642 | 336,507,058 | 25.024 |
| JD Sports Fashion | Peter Cowgill (ch) | 24 Jun 16 | 15,000 | 1156 | 173,400 | 1,676,052 | 0.861 |
| Kennedy Wilson Europe Real Estate | Simon Radford | 24 Jun 16 | 9,200 | 1006 | 92,552 | 9,200 | 0.007 |
| Lloyds Banking | Sara Weller | 29 Jun 16 | 40,000 | 54.959 | 21,984 | 440,000 | 0.001 |
| Lloyds Banking | Anita Frew | 29 Jun 16 | 50,000 | 54.9578 | 27,479 | 450,000 | 0.001 |
| Lloyds Banking | Anita Frew | 29 Jun 16 | 50,000 | 54.9728 | 27,486 | 350,000 | 0.000 |
| Lloyds Banking | Anita Frew | 29 Jun 16 | 50,000 | 55.0128 | 27,506 | 400,000 | 0.001 |
| Lloyds Banking | George Culmer (cfo) | 29 Jun 16 | 50,000 | 56.46 | 28,230 | 7,374,027 | 0.010 |
| Lloyds Banking | António Horta-Osório (ceo) | 28 Jun 16 | 100,000 | 54.2 | 54,200 | 11,890,664 | 0.017 |
| Lloyds Banking | Anthony Watson | 29 Jun 16 | 100,000 | 55.689 | 55,689 | 576,357 | 0.001 |
| Lloyds Banking | Alan Dickinson | 29 Jun 16 | 100,000 | 56.106 | 56,106 | 200,000 | 0.000 |
| Lloyds Banking | Nick Luff | 29 Jun 16 | 100,000 | 56.547 | 56,547 | 400,000 | 0.001 |
| MJ Gleeson♥ | J Harrison (ceo) | 28 Jun 16 | 3,000 | 415 | 12,450 | 1,732,188 | 3.201 |
| MJ Gleeson | S Allanson (cfo) | 28 Jun 16 | 5,000 | 388.8 | 19,440 | 15,634 | 0.029 |
| MJ Gleeson | D J Gleeson (ch) | 29 Jun 16 | 11,988 | 415 | 49,750 | 1,086,821 | 2.008 |
| MJ Gleeson | J Harrison (ceo) | 27 Jun 16 | 20,000 | 450 | 90,000 | 1,729,188 | 3.195 |
| Plexus* | Ben van Bilderbeek (ce) | 29 Jun 16 | 307,693 | 65 | 200,000 | 58,077,461 | 55.109 |
| Provident Financial | Manjit Wolstenholme (ch) | 28 Jun 16 | 6,533 | 2279.87 | 148,944 | 12,196 | 0.008 |
| Provident Financial | Andrew Fisher (fd) | 28 Jun 16 | 22,000 | 2279.87 | 501,571 | 339,787 | 0.230 |
| Provident Financial | Peter Crook (ceo) | 28 Jun 16 | 25,000 | 2279.87 | 569,968 | 519,116 | 0.352 |
| Royal Mail | Peter Long (ch) | 27 Jun 16 | 50,000 | 471.4 | 235,700 | 100,000 | 0.010 |
| Shawbrook | Stephen Johnson | 29 Jun 16 | 148,585 | 167 | 248,137 | 2,713,538 | 1.083 |
| Swallowfield* | Mark Warren (fd) | 28 Jun 16 | 10,930 | 155 | 16,942 | 33,030 | 0.196 |
| Swallowfield* | Brendan Hynes (ch) | 28 Jun 16 | 24,914 | 155 | 38,617 | 74,914 | 0.444 |
| Swallowfield* | Chris How (ceo) | 28 Jun 16 | 29,977 | 155 | 46,464 | 89,977 | 0.534 |
| Swallowfield* | Roger McDowell | 28 Jun 16 | 273,189 | 155 | 423,443 | 344,189 | 2.041 |
| Travis Perkins | Peter Redfern | 28 Jun 16 | 7,019 | 1412.355 | 99,133 | 7,702 | 0.003 |
| Tribal | Ian Bowles | 28 Jun 16 | 200,000 | 50 | 100,000 | 1,336,363 | 0.684 |
| Watkin Jones | Grenville Turner (ch) | 24 Jun 16 | 90,900 | 106.4 | 96,718 | 340,900 | 0.134 |
| Sells | |||||||
|---|---|---|---|---|---|---|---|
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Atkins (WS) | Uwe Krueger (ceo) | 29 Jun 16 | 50,000 | 1295.954 | 647,977 | 35,427 | 0.034 |
| Telford Homes♥ | David Durant | 23 Jun 16 | 50,000 | 350.5 | 175,250 | 1,192,357 | 1.592 |
| Telford Homes | David Durant | 23 Jun 16 | 50,000 | 350.5 | 175,250 | 1,242,357 | 1.659 |
| Telford Homes | James Furlong | 23 Jun 16 | 100,000 | 350.5 | 350,500 | 1,156,789 | 1.545 |
| *Placing/tender/open offer ♥Spouse/connected party | |||||||
