Keystone Law (KEYS) distinguishes itself from the small cohort of listed law firms through its platform model – a network of lawyers who work from their own offices and are connected to the group’s central office through its proprietary software. Continuing to build scale in the first half of the year, there was a net increase of 34 lawyers, bringing the total to 355. While investment in client meeting rooms and ‘hot desks’ kept gross margins flat at 27 per cent, statutory pre-tax profit rose by 12 per cent to £2.4m.
Chief executive James Knight is Keystone’s largest shareholder and recently divested 250,000 shares worth £1.25m. Since the group listed on Aim in 2017, Mr Knight has reduced his holding from 37.83 per cent to 34.2 per cent. The sale in question was said to be in response to demand from institutional investors. Mr Knight has agreed not to sell any further shares until after the company’s full-year results are published at the end of January.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Alpha Financial Markets Consulting ♥ | Kenneth Fry (ch) | 21 Nov 19 | 24,990 | 197.2 | 49,280 | 184,070 | 0.178 |
| Alpha Financial Markets Consulting ♥ | Kenneth Fry (ch) | 21 Nov 19 | 24,990 | 198.95 | 49,718 | 159,080 | 0.154 |
| Anglo Pacific | Julian Treger (ceo) | 28 Nov 19 | 30,000 | 183.599 | 55,080 | na | na |
| Christie | Victoria Muir | 21 Nov 19 | 7,500 | 103 | 7,725 | 10,000 | 0.038 |
| De La Rue | Clive Vacher (ceo) | 26 Nov 19 | 37,500 | 137.57 | 51,588 | 37,500 | 0.036 |
| De La Rue ♥ | Clive Vacher (ceo) | 26 Nov 19 | 3,750 | 137.57 | 5,159 | 41,250 | 0.040 |
| De La Rue ♥ | Clive Vacher (ceo) | 26 Nov 19 | 3,750 | 137.57 | 5,159 | 45,000 | 0.043 |
| De La Rue ♥ | Clive Vacher (ceo) | 26 Nov 19 | 3,750 | 137.57 | 5,159 | 48,750 | 0.047 |
| De La Rue | Ed Peppiatt | 27 Nov 19 | 44,120 | 139.02 | 61,336 | 51,527 | 0.050 |
| Genedrive | Ian Gilham (ch) | 22 Nov 19 | 48,000 | 21 | 10,080 | 365,674 | 1.075 |
| Keller | Venu Raju | 21 Nov 19 | 50,000 | 613.422 | 306,711 | 129,690 | 0.180 |
| Kingfisher | Andrew Cosslett (ch) | 25 Nov 19 | 73,643 | 203.68 | 149,998 | 290,866 | 0.014 |
| Kingfisher ♥ | Mark Seligman | 25 Nov 19 | 10,000 | 201.77 | 20,177 | 25,000 | 0.001 |
| Land Securities | Christophe Evain | 26 Nov 19 | 8,000 | 935.46 | 74,837 | na | na |
| Naked Wines | Nicholas Devlin (coo) | 22 Nov 19 | 4,521 | 219 | 9,901 | 37,907 | 0.052 |
| Naked Wines ♥ | James Crawford (cfo) | 22 Nov 19 | 10,000 | 220 | 22,000 | 138,499 | 0.190 |
| North Atlantic Smaller Companies Inv Trust | Christopher Mills (ceo) | 21 Nov 19 | 100,000 | 3,000 | 3,000,000 | 3,766,000 | 26.535 |
| North Atlantic Smaller Companies Inv Trust | Charles Wake | 21 Nov 19 | 1,000 | 3,006 | 30,060 | 1,800 | 0.013 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 423,140 | 2.981 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 425,640 | 2.999 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 428,140 | 3.017 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 430,640 | 3.034 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 433,140 | 3.052 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 435,640 | 3.069 |
| North Atlantic Smaller Companies Inv Trust ♥ | Peregrine Moncreiffe (ch) | 21 Nov 19 | 2,500 | 3,006 | 75,150 | 438,140 | 3.087 |
| Ocean Wilsons | Chris Townsend | 26 Nov 19 | 30,951 | 900 | 278,559 | 4,000,000 | 11.310 |
| Phoenix Copper * | Dennis Thomas (ceo) | 21 Nov 19 | 58,824 | 17 | 10,000 | 1,254,872 | 2.802 |
| Phoenix Copper * | Roger Turner | 21 Nov 19 | 58,824 | 17 | 10,000 | 1,297,142 | 2.896 |
| Sage | Jonathan Howell (cfo) | 25 Nov 19 | 20,000 | 745 | 149,000 | 129,660 | 0.012 |
| Tracsis | Mac Andrade | 22 Nov 19 | 4,118 | 607 | 24,996 | 4,118 | 0.014 |
| Tullow Oil | Jeremy Wilson | 21 Nov 19 | 20,000 | 141 | 28,200 | 87,959 | 0.006 |
| United Utilities | David Higgins | 21 Nov 19 | 3,000 | 867 | 26,010 | 3,000 | 0.000 |
| W H Ireland * | Philip Shelley | 22 Nov 19 | 260,414 | 48 | 124,999 | 760,414 | 1.562 |
| W H Ireland * | Phillip Wale (ceo) | 22 Nov 19 | 18,000 | 48 | 8,640 | 75,000 | 0.154 |
| W H Ireland * | Simon Lough | 22 Nov 19 | 104,166 | 48 | 50,000 | 319,167 | 0.655 |
| W H Ireland * | Victoria Raffe | 22 Nov 19 | 33,333 | 48 | 16,000 | 33,333 | 0.068 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Anglo Pacific ♥ | Julian Treger (ceo) | 27-29 Nov 19 | 243,158 | 183.51 | 446,214 | 5,478,296 | 3.018 |
| Close Brothers | Preben Prebensen | 22 Nov 19 | 150,000 | 1,442.87 | 2,164,305 | 103,147 | 0.068 |
| Dart | Philip Meeson (ch) | 22 Nov 19 | 315,000 | 1,358.34 | 4,278,771 | 54,040,000 | 36.294 |
| Dart | Philip Meeson (ch) | 21 Nov 19 | 685,000 | 1,431.78 | 9,807,693 | 54,355,000 | 36.505 |
| FDM | Stewart Sharman | 21 Nov 19 | 13,409 | 837 | 112,233 | na | na |
| Frontier Developments ♥ | David Braben (ceo) | 26 Nov 19 | 1,250,000 | 1,200 | 15,000,000 | 12,899,953 | 33.200 |
| Howden Joinery ♥ | Mark Robson (cfo) | 21 Nov 19 | 50,000 | 612 | 306,000 | na | na |
| Keystone Law | James Knight (ceo) | 27 Nov 19 | 250,000 | 500 | 1,250,000 | 10,682,127 | 34.200 |
| Land Securities ♥ | Robert Noel (ceo) | 26 Nov 19 | 203,070 | 945.73 | 1,920,490 | 226,417 | 0.031 |
| United Utilities | Russ Houlden (cfo) | 21 Nov 19 | 5,000 | 867 | 43,350 | 32,116 | 0.005 |
| *Placing/tender/open offer ♥Spouse/connected party | |||||||
