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TalkTalk chair ups stake

Sir Charles Dunstone spent £10m over three transactions
September 19, 2019

TalkTalk’s (TALK) first-quarter update in July revealed headline revenue growth (ex-carrier and off-net) of 1.3 per cent to £387m. Headline on-net revenue rose by 2.6 per cent to £317m. The group maintained its full-year outlook, guiding towards strong cash profit growth fuelled by fibre penetration and cost reduction plans.

107p

Earlier this month, Barclays described TalkTalk as a “(surprising) potential fibre winner” amidst the changing UK broadband market, where “key stakeholders are making bold strategic moves to support/establish large investment programmes”. Barclays analysts expect operating and earnings momentum to improve after a prolonged period of underperformance.

Not everyone is positive; TalkTalk’s shares aren't far off their all-time low. Perhaps in a bid to shore up confidence – or after identifying a buying opportunity – executive chairman Charles Dunstone purchased 9.9m shares between 6 and 10 September, worth around £10m and taking his stake close to 30 per cent. We learnt later that shareholder The Capital Group’s position in TalkTalk had shrunk from 9.5 per cent to 4.8 per cent on 11 September.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
888 Holdings Mark Summerfield11 Sep 1930,00015446,20030,0000.008
Abcam Alan Hirzel (ceo)10 Sep 194,35011.389549,544142,5580.069
Arena Events Gregory Lawless (ceo)10 Sep 19200,0002142,0006,924,0884.534
Associated British Foods Ruth Cairnie11 Sep 191,1102,23124,7644,1100.001
Associated British Foods ♥Ruth Cairnie11 Sep 191,1132,23624,8875,2230.001
BMO Commercial Property TrustLinda Wilding6 Sep 1940,000109.543,80040,0000.005
City Merchants High Yield Trust Stuart McMaster9 Sep 1925,000192.33348,08325,0000.025
Dunelm William Reeve5 Sep 191,000815.158,15216,0000.008
EnQuest Helmut Langanger5 Sep 19200,00019.839,600700,0000.041
Imperial Brands Simon Langelier 6 Sep 192812,1215,96024,6560.003
Imperial Brands Jonathan Stanton 6 Sep 19762,1211,612760.000
Imperial Brands Mark Williamson (ch)6 Sep 191,4892,12131,58222,6780.002
Imperial Brands Sue Clark6 Sep 192172,1214,6032170.000
Imperial Brands Karen Witts6 Sep 192722,1215,7691,2660.000
Keras Resources * †Brian Moritz (ch)10 Sep 1926,000,0000.4104,000102,960,5124.133
Keras Resources * †David Reeves10 Sep 1988,725,0000.4354,900470,400,49118.881
Luceco ♥William Hoy11 Sep 1912,50079.999,99935,1390.022
Luceco William Hoy11 Sep 1922,63980.8918,31122,2880.014
McColl's Retail Jonathan Miller (ceo)5 Sep 19250,00046115,00011,649,50010.115
Midwich Stephen Fenby10 Sep 1930,000510153,00019,100,00023.883
MySale *Carl Jackson (ceo)11 Sep 19100,000,00022,000,000103,745,00014.513
MySale *Jamie Jackson11 Sep 1910,000,0002200,00057,469,1898.039
Oxford BioDynamics ♥Stephen Diggle (interim ch)10 Sep 1910,000858,50011,793,36112.741
Oxford BioDynamics ♥Stephen Diggle (interim ch)9 Sep 1911,406879,92311,783,36112.731
Oxford BioDynamics ♥Stephen Diggle (interim ch)6 Sep 1910,000898,90011,771,95512.718
Oxford BioDynamics ♥Stephen Diggle (interim ch)5 Sep 1910,500909,45011,761,95512.710
Oxford InstrumentsNeil Carson (ch)11 Sep 198,0001,289.80103,1848,0000.014
Park Group Timothy Clancy (cfo)10 Sep 1920,0005711,40020,0000.011
Polymetal International Manuel De Sousa-Oliveira 10 Sep 198,0001,120.2389,61915,0000.003
Regional REITKevin McGrath (ch)10 Sep 1919,35010420,124353,5080.095
Regional REIT ♥Kevin McGrath (ch)10 Sep 1919,35010420,124372,8580.100
Renewables Infrastructure Group (The)Helen Mahy (ch)6 Sep 1915,471128.7519,919111,2720.008
Restaurant Group (The) Andrew Hornby (ceo)10 Sep 19232,471128.4298,493232,4710.047
Savills Stacey Cartwright10 Sep 192,86086324,6822,8600.002
Schroder Asian Total Return InvestmentDavid Brief (ch)10 Sep 1911,00036740,37047,1710.050
Serco Eric Born10 Sep 1930,000149.144,73030,0000.002
SimplyBiz Group (The) Neil Stevens (joint CEO)10 Sep 1925,000205.316651,3291,636,9751.691
TalkTalk Telecom Charles Dunstone (ch)10 Sep 193,870,639103.644,011,530338,953,83829.577
TalkTalk Telecom Charles Dunstone (ch)6 Sep 193,000,000104.083,122,400332,083,19928.978
TalkTalk Telecom Charles Dunstone (ch)9 Sep 193,000,000104.923,147,600335,083,19929.239
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Berkeley Group (The) Veronica Wadley6 Sep 191,5003,951.2859,2692,5000.002
Berkeley Group (The) Robert Perrins (ceo)9 Sep 19300,0003,970.4311,911,3021,060,2830.843
Big Yellow ♥Nicholas Vetch (ch)6 Sep 19411,6601,0684,396,5296,743,2844.037
Hikma Pharmaceuticals Said Darwazah (ch)6 Sep 19150,0002,0073,011,12114,416,3965.970
Hiscox Richard Watson 11 Sep 1910,0001,585.15158,515585,8910.203
Lloyds Banking Antonio Horta-Osorio (ceo)11 Sep 1993,93053.064449,84321,500,5570.031
Motorpoint ††David Shelton6 Sep 1911,000,00020022,000,0002,396,7262.639
Paragon Banking Hugo Tudor10 Sep 1925,000453.285113,321100,0000.039
Regional REIT ♥Kevin McGrath (ch)10 Sep 1919,35010420,124353,5080.095
Regional REIT ♥Kevin McGrath (ch)10 Sep 1919,35010420,124334,1580.090
Trifast Glenda Roberts 11 Sep 1953,209198105,354237,5710.195
United Utilities Russ Houlden (cfo)10 Sep 197,70076458,82844,3490.007
United Utilities Steven Mogford (ceo)11 Sep 1941,000770.41315,86870,0340.010
        
* placing/tender/open offer/right issue ♥ spouse/connected party       
† David Reeves and Brian Moritz  agreed to convert £458,900 in loans due to them, primarily in respect of cash advanced to the company as working capital loans, into new ordinary shares in the company
†† Shares sold by Shoby Investments Partnership (a partnership between David Shelton and his connected persons) in connection with divorce proceedings.