Activist hedge fund Browning West has been building its position in Domino's Pizza (DOM). The fund’s founder and chief investment officer, Usman Nabi, was appointed as non-executive director to the pizza group’s board on 12 November. Mr Nabi bought more than 2.8m shares on the same day, and a further 1.4m on the 13th.
IC TIP:
Hold
at
296p
Neither Domino's nor Browning West was able to confirm the exact size of the fund’s stake in the group, but it is understood to be in the region of 34m shares, equivalent to more than 7 per cent of the issued share capital.
Mr Nabi only set up Browning West this year, but he has held a board seat in mattress company Tempur Sealy – after his former employer H Partners ousted its chief executive – and is still on the board of theme park group Six Flags.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| 1pm | Ronald Russell | 08 Nov 19 | 68,916 | 28.945 | 19,948 | 10,909,081 | 12.454 |
| 1pm ♥ | Ronald Russell | 08 Nov 19 | 68,886 | 28.945 | 19,939 | 10,977,967 | 12.300 |
| 1Spatial | Claire Milverton (ceo) | 08 Nov 19 | 46,357 | 32.349 | 14,996 | 446,498 | 0.403 |
| Aberforth Smaller Companies Trust | Martin Warner | 07 Nov 19 | 5,000 | 1,319.67 | 65,983 | 7,000 | 0.008 |
| AFC Energy | John Rennocks (ch) | 12 Nov 19 | 114,044 | 10.199 | 11,631 | 114,044 | 0.025 |
| Ashmore | Clive Adamson | 11 Nov 19 | 1,066 | 490.202 | 5,226 | 2,000 | 0.000 |
| Bank of Georgia | Archil Gachechiladze (ceo) | 07 Nov 19 | 1,500 | 1,385 | 20,775 | 1,500 | 0.003 |
| Bank of Georgia | Archil Gachechiladze (ceo) | 08 Nov 19 | 2,000 | 1,476.74 | 29,535 | 5,000 | 0.011 |
| Bank of Georgia | Archil Gachechiladze (ceo) | 08 Nov 19 | 1,500 | 1,485.75 | 22,286 | 3,000 | 0.006 |
| Beazley | David Roberts (ch) | 13 Nov 19 | 9,450 | 531.8501 | 50,260 | 50,750 | 0.010 |
| Bonhill | Simon Stilwell (ceo) | 13 Nov 19 | 74,500 | 39.77 | 29,627 | 720,500 | 1.483 |
| Bovis Homes * | Gregory Fitzgerald (ceo) | 11 Nov 19 | 37,335 | 1,130 | 421,886 | 426,898 | 0.317 |
| Bovis Homes * ♥ | Gregory Fitzgerald (ceo) | 11 Nov 19 | 1,582 | 1,130 | 17,877 | 428,480 | 0.289 |
| Centamin | Marna Cloete | 08 Nov 19 | 15,000 | 112.462 | 16,869 | 15,000 | 0.001 |
| Centaur Media | Colin Jones (ch) | 07 Nov 19 | 20,000 | 33.7 | 6,740 | 100,000 | 0.069 |
| Centaur Media | Colin Jones (ch) | 08 Nov 19 | 20,000 | 34.5 | 6,900 | 120,000 | 0.083 |
| Domino's Pizza † | Usman Nabi | 12 Nov 19 | 2,826,446 | 275.98 | 7,732,589 | na | na |
| Domino's Pizza † | Usman Nabi | 13 Nov 19 | 1,429,242 | 279.35 | 3,974,376 | na | >7.000 |
| Empresaria | Tim Anderson (cfo) | 13 Nov 19 | 10,000 | 49.75 | 4,975 | 10,000 | 0.020 |
| Empresaria | Tim Anderson (cfo) | 13 Nov 19 | 15,000 | 50.986 | 7,648 | 25,000 | 0.051 |
| Energean Oil & Gas | Panos Benos (cfo) | 12 Nov 19 | 4,989 | 885.36 | 44,171 | 4,060,702 | 2.648 |
| GCP Student Living | David Hunter | 12 Nov 19 | 10,585 | 178.4979 | 18,894 | 10,585 | 0.003 |
| GCP Student Living ♥ | David Hunter | 12 Nov 19 | 10,585 | 178.5 | 18,894 | 21,170 | 0.005 |
| Hiscox | Hamayou Hussain (cfo) | 08 Nov 19 | 4,000 | 1,267.12 | 50,685 | 108,667 | 0.038 |
| Hiscox | Caroline Foulger | 08 Nov 19 | 5,000 | 1,274.29 | 63,714 | 13,231 | 0.005 |
| Hiscox ♥ | Bronek Masojada (ceo) | 08 Nov 19 | 12,500 | 1,275.59 | 159,449 | 3,049,410 | 1.057 |
| Hiscox | Robert Childs (ch) | 11 Nov 19 | 10,000 | 1,275.96 | 127,596 | 1,201,810 | 0.417 |
| InnovaDerma | Ross Andrews | 07 Nov 19 | 44,860 | 47.5 | 21,309 | 74,860 | 0.516 |
| InnovaDerma | Joseph Bayer (ch) | 13 Nov 19 | 4,660 | 56.6 | 2,638 | 147,839 | 1.020 |
| InnovaDerma | Kieran Callan (ceo) | 08 Nov 19 | 3,500 | 65 | 2,275 | 19,300 | 0.133 |
| InnovaDerma | Joseph Bayer (ch) | 08 Nov 19 | 21,666 | 65.25 | 14,137 | 143,179 | 0.988 |
| McCarthy & Stone | Gill Barr | 13 Nov 19 | 7,366 | 134.996 | 9,944 | 7,366 | 0.001 |
| Minds + Machines ♥ | Henry Turcan | 12 Nov 19 | 1,750,000 | 6 | 105,000 | 122,706,652 | 13.352 |
| Morgan Advanced Materials | Clement Woon | 11 Nov 19 | 45,281 | 269 | 121,806 | 45,281 | 0.016 |
| Morgan Advanced Materials | Helen Bunch | 11 Nov 19 | 1,103 | 269.1385 | 2,969 | 2,028 | 0.001 |
| Morgan Advanced Materials | Douglas Caster (ch) | 11 Nov 19 | 92,454 | 273.9 | 253,232 | 110,454 | 0.039 |
| Newmark Security | Graham Feltham | 13 Nov 19 | 800,000 | 1.25 | 10,000 | 800,000 | 0.171 |
| Rank Group (The) | John O'Reilly (ceo) | 12 Nov 19 | 92,500 | 215.5973 | 199,428 | 252,500 | 0.065 |
| Rank Group (The) | Bill Floydd (cfo) | 11 Nov 19 | 25,000 | 215.75 | 53,938 | 25,000 | 0.006 |
| Speedy Hire | David Shearer (ch) | 13 Nov 19 | 100,000 | 55.376 | 55,376 | 450,000 | 0.086 |
| TalkTalk | Charles Dunstone (ch) | 15 Nov 19 | 1,000,000 | 105.42 | 1,054,200 | c. 340,000,000 | 29.660 |
| Tatton Asset Management | Christopher Poil | 11 Nov 19 | 45,000 | 220.44 | 99,198 | 173,205 | 0.310 |
| Tatton Asset Management | Lothar Mentel | 11 Nov 19 | 25,797 | 220.44 | 56,867 | 991,785 | 1.774 |
| Tatton Asset Management | Paul Edwards (cfo) | 11 Nov 19 | 45,364 | 220.44 | 100,000 | 94,864 | 0.170 |
| Tatton Asset Management | Paul Hogarth (ceo) | 11 Nov 19 | 90,726 | 220.44 | 199,996 | 10,575,358 | 18.916 |
| Verona Pharma | David Ebsworth (ch) | 11 Nov 19 | 25,000 | 42 | 10,500 | 320,387 | 0.304 |
| Verona Pharma | David Ebsworth (ch) | 12 Nov 19 | 25,000 | 43 | 10,750 | 345,387 | 0.328 |
| Verona Pharma | David Ebsworth (ch) | 13 Nov 19 | 25,000 | 45 | 11,250 | 370,387 | 0.350 |
| Xpediator | Charles McGurin | 13 Nov 19 | 19,047 | 31.5 | 6,000 | 62,762 | 0.046 |
| Xpediator | Charles McGurin | 13 Nov 19 | 43,715 | 32 | 13,989 | 43,715 | 0.032 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| GAN | Dermot Smurfit (ceo) | 08 Nov 19 | 250,000 | 148.52 | 371,300 | 8,113,447 | 9.522 |
| Hotel Chocolat | Sophie Tomkins | 07 Nov 19 | 5,000 | 445 | 22,250 | 8,514 | 0.007 |
| Morgan Sindall | John Morgan (ceo) | 08 Nov 19 | 300,000 | 1,364 | 4,092,000 | 4,284,519 | 9.419 |
| Schroders | Michael Dobson (ch) | 07 Nov 19 | 41,641 | 3,256.66 | 1,356,106 | 164,965 | 0.058 |
| Softcat | Martin Hellawell (ch) | 11 Nov 19 | 1,000,000 | 1,046 | 10,460,000 | 5,235,889 | 2.641 |
| Softcat | Martin Hellawell (ch) | 11 Nov 19 | 170,000 | 1,096 | 1,863,200 | 6,235,889 | 3.145 |
| Ten Entertainment | Nicholas Basing (ch) | 13 Nov 19 | 25,000 | 261 | 65,250 | 1,225,000 | 1.885 |
| Ten Entertainment | Nicholas Basing (ch) | 11 Nov 19 | 100,000 | 267 | 267,000 | 1,250,000 | 1.923 |
| * placing/tender/open offer/right issue ♥ spouse/connected party | |||||||
| † Shares bought by Browning West LP, a Los-Angeles-based investment partnership of which Usman Nabi is founder, managing partner and chief investment officer. Purchase price shown is the average across multiple transactions. | |||||||
