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LondonMetric chairman cuts stake

The urban logistics provider announced a merger with a smaller peer earlier this year
August 1, 2019

News of LondonMetric Property’s (LMP) acquisition of smaller rival A&J Mucklow should have come as little surprise, in a time when urban logistics landlords seek to snap up extra space in a constrained market. Given the solid rental growth reported by both LondonMetric and its target, the disposal of £1.3m of shares by non-executive chairman Patrick Vaughan earlier this month should not cause investors alarm. Mr Vaughan retains a 1.38 per cent stake in the group.

IC TIP: Buy at 206p

The rise in ecommerce and high cost of new build has helped push net rental income higher and yields down for the commercial landlord. Last year the group generated a total accounting return of 10.7 per cent, outperforming the IPD All-Property index by 4.4 percentage points. 

Given the challenges faced by bricks-and-mortar retailers, management has been unsurprisingly reducing its exposure to shopping centres and high-street locations in favour of so-called ‘last mile’ delivery warehouses. Following its takeover of A&J Mucklow, distribution and industrial assets will comprise 72 per cent of the portfolio. 

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
ASOS Nicholas Beighton (ceo)19 Jul 20192,3692,10549,867169,9030.203
ASOS Adam Crozier (ch)18 Jul 20194,2002,383.90100,1247,9500.009
Audioboom Michael Tobin (ch)24 Jul 20196,12224014,693139,6650.997
Barr (A G) ♥Stuart Lorimer (fd)23 Jul 2019684616.64,21847,6780.042
Barr (A G) Stuart Lorimer (fd)22 Jul 20196,496617.869840,13743,7600.038
Barr (A G) ♥Stuart Lorimer (fd)23 Jul 20193,234617.875319,98246,9940.041
Cropper (James) ♥David Wilks18 Jul 20191,2911,05013,55666,2420.693
Crystal Amber Fund ♥Christopher Waldron (ch)22 Jul 20195,00020010,00020,0000.021
Dods *Simon Presswell (ceo)18 Jul 2019153,8466.510,000272,3570.050
Dods *Mark Smith 18 Jul 2019394,8956.525,668621,0670.110
Dods *Nitil Patel (cfo)18 Jul 2019153,8466.510,000292,1430.050
Dods *Richard Boon18 Jul 2019769,2306.550,000769,2300.140
Fevertree Drinks Kevin Havelock 24 Jul 201913,2982,177289,49747,0380.041
Henderson Alternative Strategies TrustGraham Oldroyd23 Jul 201990,000274.7247,230105,0000.271
Henderson Opportunities TrustPeter Jones (ch)18 Jul 20191,500969.7414,54617,5000.221
Homeserve Stella David24 Jul 201928,3951,144.53324,98997,3400.029
IG Group June Felix (ceo)23 Jul 201925,800576.56148,75269,5000.019
Jersey Oil and Gas Vicary Gibbs (cfo)22 Jul 201912,05398.711,89616,5000.076
Jersey Oil and Gas Ronald Lansdell (coo)22 Jul 201950,00011356,5001,000,0004.581
Jersey Oil and Gas Marcus Stanton (ch)23 Jul 20195,808185.510,77470,0000.321
Karelian Diamond Resources Richard Conroy (ch)18 Jul 2019650,0004.2127,3655,556,31115.021
Kore Potash *David Hathorn (ch)19 Jul 201919,717,6431.6315,48242,903,9982.842
Kore Potash *Brad Sampson (ceo)19 Jul 20192,464,7051.639,4352,464,7050.163
Learning Technologies Leslie-Ann Reed23 Jul 2019271,646114.29310,4646,458,1800.967
LoopUp Michael Hughes (co-ceo)18 Jul 201915,833157.524,9372,473,1274.486
LoopUp Barbara Judge (ch)18 Jul 20199,50016015,20052,2540.095
LoopUp Stephen Flavell (co-ceo)18 Jul 20199,296161.3514,9992,536,5904.601
LoopUp Keith Taylor18 Jul 201910,000161.916,19018,5000.034
LoopUp Keith Taylor18 Jul 20198,50016213,7708,5000.015
Mereo BioPharmaPeter Bains 24 Jul 201947,5004219,950206,7960.211
Mereo BioPharmaDenise Scots-Knight (ceo)18 Jul 20198,000453,600876,1990.894
Mereo BioPharma †Denise Scots-Knight (ceo)18 Jul 201910,0000.5185,180886,1990.905
Moneysupermarket.com Robin Freestone (ch)22 Jul 201920,00036372,60040,0000.007
Photo-Me InternationalSerge Crasnianski (ceo)18 Jul 2019200,00090.27180,54084,810,70122.436
Robinson Alan Raleigh (ch)18 Jul 201936,1458330,00036,1450.218
Robinson Martin McGee (ceo)18 Jul 201924,0968320,00024,0960.145
Robinson Sara Halton 18 Jul 201912,0498310,00112,0490.073
RockRose Energy John Morrow24 Jul 20191,0701,867.6119,983214,3251.637
RockRose EnergyJohn Morrow24 Jul 20194471,869.088,355213,2551.629
Scientific Digital Imaging ♥Isabel Napper18 Jul 201910,00050.25,02065,4720.067
Scientific Digital ImagingIsabel Napper18 Jul 201920,00050.710,14055,4720.057
Scientific Digital ImagingJonathan Abell (cfo)19 Jul 201940,39251.120,640100,0000.103
Scientific Digital ImagingKen Ford (ch)18 Jul 201950,00054.999927,5001,500,0001.543
Shaftesbury Richard Akers23 Jul 20192,000810.3816,2089,0000.003
Ventus VCTJosephine Dixon18 Jul 201920,00011222,40030,0000.184
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Berkeley Group (The)Anthony Pidgley ch)18 Jul 20191,000,0003,72037,200,0003,567,9392.800
LondonMetric Property Patrick Vaughan (ch)19 Jul 2019435,000207900,45011,815,0001.407
LondonMetric Property Patrick Vaughan (ch)19 Jul 201950,000205102,50011,765,0001.401
LondonMetric Property Patrick Vaughan (ch)19 Jul 20197,397205.515,20111,757,6031.400
LondonMetric Property Patrick Vaughan (ch)19 Jul 201944,269205.791,06111,713,3341.395
LondonMetric Property Patrick Vaughan (ch)19 Jul 201935,000205.872,03011,678,3341.390
LondonMetric Property Patrick Vaughan (ch)19 Jul 201978,334205.6161,05511,600,0001.381
Paragon BankingHugo Tudor23 Jul 201950,000450.271225,136125,0000.048
Polar Capital Technology Trust Peter Hames23 Jul 20193,0001421.742,6513,0000.002
Rosslyn Data Technologies Charles Clark23 Jul 2019150,000710,5009,726,4155.042
        
*Placing/tender/open offer/right issue ♥ spouse/connected party       
†American depositary shares