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Hastings founder members sell to RMI

Rand Merchant Investment's 29.9 per cent purchase of Hastings shares meant that some founder shareholders sold down their stake
March 9, 2017

General insurance provider Hastings Group (HSTG) has a new shareholder, and a rather large one at that. South African investment holding company Rand Merchant Investment Holdings and its wholly owned subsidiary Main Street 1353 Proprietary have bought 29.9 per cent of the issued share capital, the most they can own without triggering a takeover bid.

IC TIP: Buy at 235p

The approval needed from three regulatory bodies was received in early March and, following completion, Rand Merchant will be entitled to nominate a director, while the founder shareholders and Goldman Sachs, which has a 50 per cent stake, have agreed that one director appointed by them will resign.

As one of the founder shareholders, director Richard Brewster has sold 9m shares at 248p a share to help effect the transaction, although he will still retain an interest through 9.1m shares.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
BAE Systems Charles Woodburn24 Feb 1746,569610284,07173,2960.002
BCA Marketplace Timothy Lampert (cfo)23 Feb 177,982177.464914,16519,2320.002
Capital Gearing Trust♥ Alastair Laing28 Feb 173723852.514,33111,9450.273
Capital Gearing Trust Robin Archibald24 Feb 179203848.0135,4029200.021
Castleton Technology♥ Ian Smith01 Mar 17250,00057.02142,55019,204,33624.397
Coats  Rajiv Sharma (ceo)28 Feb 17200,00056112,000400,0000.028
Condor Gold* Jim Mellon28 Feb 17161,29062100,0001,256,1082.047
Debenhams Sergio Bucher (ceo)27 Feb 17187,61753.3100,000187,6170.015
Dunelm  John Browett (ceo)24 Feb 176656394,24946,6240.023
Dunelm♥  John Browett (ceo)24 Feb 178,406638.553,67255,0300.027
Go-Ahead♥Andrew Allner (ch)28 Feb 1750019699,8451,2420.003
Go-Ahead  Patrick Butcher (cfo)01 Mar 172,4772007.3649,7224,3630.010
Greencoat UK Wind Martin McAdam24 Feb 1710,000118.96511,89770,2700.010
Hays Peter Williams23 Feb 178,054149.112,00915,0000.001
International Consolidated Airlines Alberto Esteban27 Feb 179,637525.423150,63526,5370.001
Jardine Lloyd Thompson  Annette Court01 Mar 171,0001032.210,3221,0000.000
Johnson Service  Nicholas Gregg28 Feb 1715,000114.417,16015,0000.004
Jupiter Fund Management Jonathan Bond24 Feb 1710,000419.141,91028,2940.006
Jupiter Fund Management Karl Sternberg24 Feb 173,000415.512,4653,0000.001
Lancashire  Michael Dawson28 Feb 177,20069349,8967,2000.004
Learning Technologies  Leslie-Ann Reed01 Mar 171,250,00040500,0002,350,0000.558
Meggitt Antony Wood28 Feb 1710,378478.1549,62210,3780.001
NEX  Ivan Ritossa01 Mar 17167,500597999,975167,5000.044
Playtech Andrew Smith (cfo)01 Mar 172,500892.122,3032,5000.001
Quartix  Jim Warwick01 Mar 1712,500399.549,93852,5000.111
Redefine International Adrian Horsburgh24 Feb 1750,00036.446818,22360,0000.003
Redefine International Donald Grant (cfo)24 Feb 1750,00036.31518,15850,0000.003
Redefine International Stephen Oakenfull24 Feb 1750,00036.56818,284623,5360.035
Royal Bank of Scotland  (The) Ewen Stevenson (cfo)27 Feb 1730,000234.270,260796,4990.007
Standard Life UK Smaller Companies Trust Tim Scholefield28 Feb 173,95040315,9193,9500.006
Verona Pharma Jan-Anders Karlsson (ceo)28 Feb 1712,00014917,88081,4000.158
Verona Pharma Jan-Anders Karlsson (ceo)01 Mar 177,75014911,54889,1500.174
Wilmington Pedro Ros (ceo)24 Feb 1717,575271.1847,66040,0000.046

Sells
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
BGEO  Irakli Burdiladze23 Feb 175,5312910.06160,95599,8020.261
BGEO  Irakli Burdiladze23 Feb 177,9652871.24228,69491,7660.240
BGEO  Irakli Burdiladze27 Feb 174,0002822.57112,90387,7660.229
BGEO  Irakli Burdiladze28 Feb 179,3902845.97267,23778,3760.205
BGEO  Irakli Burdiladze01 Mar 1713,7092817.847386,29964,6670.169
BrainJuicer  John Kearon (ceo)27 Feb 17100,000700700,0003,320,20927.172
Carr's♥  Chris Holmes (ch)01 Mar 1710,000151.515,150778,0000.851
Carr's  Chris Holmes (ch)01 Mar 1710,000151.515,150788,0000.862
Centamin Josef El-Raghy (ch)23 Feb 174,040,0001797,231,60029,359,3722.548
Centamin Josef El-Raghy (ch)24 Feb 173,509,372176.46,190,53225,850,0002.244
Centamin Josef El-Raghy (ch)27 Feb 175,000,000173.48,670,00020,850,0001.810
Hastings   Richard Brewster01 Mar 179,000,00124822,320,0029,133,2221.390
Hiscox Robert Childs (ch)27 Feb 171,0321072.15111,0651,510,8340.529
Hiscox♥ Robert Childs (ch)27 Feb 171,2241072.15113,1231,509,6100.528
Metro Bank Craig Donaldson (ceo)24 Feb 1765,00036022,341,300223,3420.278
Metro Bank Mike Brierley (cfo)24 Feb 1714,0003582501,48091,1650.113
Mid Wynd International Inv Trust♥ Russell Napier28 Feb 1713,000433.556,355221,3250.715
SThree Justin Hughes24 Feb 1789,688318.58285,728351,3930.271

* placing/tender/open offer ♥ spouse/connected party