Hammerson (HMSO) non-executive director Desmond de Beer has boosted his holding in the troubled retail landlord, just a week after it announced a rights issue and plans to offload its stake in European retail outlets.
Mr de Beer purchased £3.3m in shares in the group via Optimprop and Delsa Investment, part of a trust structure of which Desmond de Beer is one of the ultimate beneficiaries, boosting his stake to 0.92 per cent.
The 52p purchase price represents a decline of more than three-quarters over the past 12 months, as the coronavirus pandemic has exacerbated structural challenges facing the retail sector. Hammerson, owner of Birmingham’s Bull Ring shopping centre and Bicester Village retail outlet in Oxfordshire, has been battling falling plummeting asset valuations, which led to the group’s loan-to-value ratio rising to 51 per cent at the end of June, from 45 per cent at the same time in 2019.
The retail landlord suffered a 28 per cent shortfall in rent due for the first half, which resulted in net rental income falling by more than a quarter during the period, while only 34 per cent of rent due in respect of the third quarter was collected by the start of August.
At the time of the group’s results, chief executive David Atkins said it intended to introduce a new leasing model, which will include more flexible leases, rebased rents at more affordable levels and indexation replacing the existing rent-review system. It will also include an omnichannel top-up element, which could include a turnover-based rent with an adjustment for the role of 'click and collect' in store.
Buys | ||||||
Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
Centrica | Scott Wheway (ch) | 12 Aug 20 | 100,000 | 48.8 | 48,799 | |
Centrica | Christopher O'Shea | 13 Aug 20 | 60,850 | 48.4 | 29,426 | Average price |
Centrica | Christopher O'Shea | 13 Aug 20 | 39,150 | 47.42 | 18,565 | Purchased by PCA |
Hammerson | Desmond de Beer | 13 Aug 20 | 3,000,000 | 52.66 | 1,579,869 | Residual interest 0.923%, converted from ZAR |
Hammerson | Desmond de Beer | 13 Aug 20 | 300,000 | 52.37 | 157,103 | |
Hammerson | Desmond de Beer | 13 Aug 20 | 3,000,000 | 52.66 | 1,579,869 | |
Glanbia | Siobhán Talbot | 13 Aug 20 | 10,000 | 840.6 | 84,060 | Converted from € |
reach4entertaiment enterprises | Marc Boyan (ceo) | 13 Aug 20 | 34,013,335 | 0.348 | 118,366 | |
Just Group | John Hastings-Bass (ch) | 13 Aug 20 | 98,200 | 56.75 | 55,729 | |
Ninety One | Hendrick du Toit/Kim McFarland | 14 Aug 20 | 35,001 | 210.83 | 73,791 | Purchased by PCA |
Hill & Smith | Hannah Nichols (cfo) | 14 Aug 20 | 1,478 | 1,353 | 19,997 | |
Jupiter Fund Management | Andrew Formica (ceo) | 14 Aug 20 | 230,000 | 214.3 | 492,890 | |
Condor Gold | Jim Mellon | 14 Aug 20 | 125,000 | 50.5 | 63,125 | |
Ninety One | Hendrick du Toit/Kim McFarland | 17 Aug 20 | 100,000 | 207.94 | 207,939 | |
Spirax-Sarco | Jane Kingston | 18 Aug 20 | 1,320 | 10,742 | 141,794 | |
Prudential | Amy Yip | 18 Aug 20 | 2,500 | 1,240 | 30,988 | |
easyJet | Peter Bellew (coo) | 18 Aug 20 | 8,500 | 552.8 | 46,988 | |
Sells | ||||||
Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
Legal & General | Laura Mason | 13 Aug 20 | 9,820 | 236.96 | 23,269 | |
AJ Bell | Andrew Bell (ceo) | 14 Aug 20 | 1,770,751 | 437.77 | 7,751,756 | Residual interest 23.58% |
AJ Bell | Leslie Platts (ch) | 14 Aug 20 | 177,075 | 437.77 | 775,174 | Residual interest 0.1% |
Renishaw | Daniel Deer | 14 Aug 20 | 5,350 | 4,850 | 259,496 | |
Whitbread | Mark Anderson | 17 Aug 20 | 3,210 | 2,387 | 76,623 | |
Zotefoams | David Stirling (ceo) | 17 Aug 20 | 55,000 | 404 | 222,200 | |
William Hill | Crispin Nieboer | 18 Aug 20 | 20,000 | 146.5 | 29,300 |