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Redrow chairman lightens the load

Steve Morgan is selling a chunk but still owns a third of the company
September 14, 2017

“If I had returned before five months ago, we would probably not be in as big a mess as we are now.” So said Redrow (RDW) chairman Steve Morgan in September 2009 on his return as chairman to the company he had founded 35 years earlier, and whose board he had left in 2000. Although the housebuilder's share price has doubled since the start of the millennium, it was savaged at the time of the global financial crisis. Nonetheless, Redrow has turned a £194m pre-tax loss in 2008 to a profit of £315m in the year to June 2017, no doubt partly due to Mr Morgan's stewardship.

IC TIP: Buy at 587p

However, in a move that will allow him the opportunity to diversify his investment portfolio, two vehicles controlled by Mr Morgan – Bridgemere Securities and the Steve Morgan charitable trust – have each sold 12.95m shares, raising £152.8m. This amounts to around 7 per cent of the issued share capital but Mr Morgan will still control around one-third of the company, and as Redrow’s largest shareholder remains fully committed to the business.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Aura Energy Peter Reeve (ch)31 Aug 17377,732217.97823,32610,546,3731.329
Aura Energy Peter Reeve (ch)31 Aug 17550,034149.62822,96311,096,4071.398
Avon Rubber Paul McDonald (ce)31 Aug 176,17094858,49226,5310.086
Balfour Beatty♥Leo Quinn (ce)06 Sep 17100,000262.76262,763798,4250.116
Boot (Henry) Darren Littlewood (fd)31 Aug 174,84130314,66829,5350.022
C4X Discovery Dr Clive Dix (ce)06 Sep 1730,0007522,5001,226,9362.635
C4X Discovery Dr Clive Dix (ce)06 Sep 1798,00077.575,9501,324,9362.846
City Merchants High Yield Trust Tim Scholefield (ch)31 Aug 175,000199.19,9555,0000.005
Countrywide Himanshu Raja (cfo)06 Sep 1710,592134.8714,285133,4330.062
Countrywide♥Himanshu Raja (cfo)06 Sep 1789,408135120,701222,8410.094
Dalata Hotel  Pat McCann (ce)05 Sep 1720,00047394,599974,9270.531
Dechra Pharmaceuticals Richard Cotton (cfo)04 Sep 178,4811,974.63167,46821,3180.023
Dixons Carphone Katie Bickerstaffe06 Sep 1710,00016516,500369,5680.032
Elementis Dorothee Deuring05 Sep 1710,00027527,50010,0000.002
Frontera Resources Corp*Zara Mamulaishvili (ce)04 Sep 17216,203,0900.10210,798841,845,4336.264
Frontera Resources Corp*Steve Nicandros (ch)04 Sep 1740,207,1660.1039,2021,710,901,09612.731
Fulham Shore (The) David Page (ch)06 Sep 17143,00013.9519,94981,182,33114.208
Fulham Shore (The) Nabil Mankarious06 Sep 171,000,00013.79137,900117,300,43420.529
Fulham Shore (The) Nicholas Wong (fd)06 Sep 1735,50013.44,7578,786,0931.538
Fulham Shore (The)† Nick Donaldson06 Sep 17146,23613.4519,66913,190,5732.309
Fulham Shore♥Nabil Mankarious06 Sep 17250,00013.634,000117,550,43420.573
Harworth  Andrew Kirkman (fd)06 Sep 1750,00099.8549,925120,3580.037
Harworth  Andrew Kirkman (fd)06 Sep 179,821100.99,909130,1790.040
Harworth  Andrew Kirkman (fd)06 Sep 179,821100.99,909140,0000.044
Harworth  Owen Michaelson (ce)06 Sep 1768,62710270,000275,0900.086
Legal & General  Carolyn Bradley01 Sep 17664260.251,72821,936<0.001
Legal & General  Sir John Kingman (ch)01 Sep 171,342260.253,493111,5380.002
Legal & General  Toby Strauss01 Sep 17966260.252,5146,047<0.001
Legal & General † Sir John Kingman (ch)01 Sep 17633259.671,644110,1960.002
Mondi Tanya Fratto01 Sep 171,0002,11721,1701,000<0.001
Moneysupermarket.com  Matthew Price (cfo)06 Sep 177,823319.5424,99850,4690.009
Mortgage Advice Bureau♥Nathan Imlach31 Aug 172814981,39925,3360.050
Mortgage Advice Bureau♥Richard Verdin31 Aug 172454981,22021,2760.042
National Express  Dr Ashley Steel04 Sep 175,888356.821,00815,4160.003
Nexus Infrastructure Richard Kilner31 Aug 1713,00019024,70013,0000.034
Personal Assets Trust Frank Rushbrook05 Sep 17441,0001,64013,6680.658
Personal Assets Trust Frank Rushbrook05 Sep 17441,0351,64113,6720.658
PHSC†Stephen King (ce)04 Sep 1725,00011.992,9983,175,00021.632
PHSC†Stephen King (ce)04 Sep 1715,000121,8003,190,00021.734
Rosslyn Data Technologies†Hugh Cox31 Aug 17165,0005.999,88411,011,2015.853
Shearwater† David Williams (ch)06 Sep 176,151,0004.5276,795119,734,99412.416
Shearwater† David Williams (ch)06 Sep 1799,0004.54,455119,833,99412.426
Sirius Minerals Elizabeth Noel Harwerth04 Sep 177,37326.841,97986,4820.002
Synectics Michael Butler05 Sep 1715,00024536,75040,0000.225
Ultra Electronics Rakesh Sharma (ce)05 Sep 175431,829.349,93344,9230.058
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Cropper (James)♥David Watson01 Sep 177501,84013,8001,3570.014
EVRAZ Alexander Abramov (ch)04 Sep 17723,872313.222,267,283302,068,45121.280
EVRAZ Alexander Abramov (ch)01 Sep 17749,635317.892,383,007302,792,32321.331
EVRAZ Alexander Frolov (ce)04 Sep 17361,394313.221,131,944150,837,36810.626
EVRAZ Alexander Frolov (ce)01 Sep 17374,256317.891,189,719151,198,76210.651
Ferrexpo Chris Mawe (cfo)05 Sep 1750,000313.5156,750207,3820.035
Ferrexpo Oliver Baring05 Sep 174,000312.9112,51616,1300.003
Numis Corp Lorna Tilbian01 Sep 175,656,52430016,969,57200.000
Oxford BioMedica♥Martin Diggle31 Aug 172,377,60010.09239,900549,932,00017.720
Redrow♥Steve Morgan (ch)12 Sep 1725,900,000590152,810,000120,386,04532.560
SThree Justin Hughes04 Sep 1714,000322.1245,097251,1480.191
        

*Placing/tender/open offer ♥Spouse/connected party

†Isa/Sipp/Trust/Pension