After the high street stationer announced a slew of store closures in 2018, WH Smith's (SMWH) shares have since enjoyed a strong rally, rising from 1,764p when we tipped them in early January to their current level of 2,082p.
And it's fair to say the travel business has played a crucial role in propping up growth at WH Smith, with sales there up by a fifth during the last financial year. So, are recent share sales by the division’s finance director – as well as the group’s overall finance director – a red flag?
In our view, given the size of these disposals, it's unlikely to be a cause for concern. Graham Miller and his wife sold shares for a combined sum of a little over £200,000, while Robert Moorhead, who holds the dual role of finance director and chief operating officer, sold 25,000 shares. His wife also let go of 25,000 shares at the same price.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Aberforth Smaller Companies Trust | Martin Warner | 20 Feb 19 | 1,000 | 1,219.70 | 12,197 | 2,000 | 0.002 |
| African Battery Metals* | Andrew Bell | 18 Feb 19 | 10,000,000 | 0.5 | 50,000 | 10,000,000 | 2.755 |
| African Battery Metals* | Paul Johnson | 18 Feb 19 | 10,000,000 | 0.5 | 50,000 | 10,000,000 | 2.755 |
| African Battery Metals* | Paul Johnson | 18 Feb 19 | 5,000,000 | 0.5 | 25,000 | 15,000,000 | 4.132 |
| Aminex* | Jay Bhattacherjee (ceo) | 14 Feb 19 | 1,034,482 | 1.45 | 15,000 | 47,441,297 | 1.258 |
| Aminex* | John Bell (ch) | 14 Feb 19 | 1,034,482 | 1.45 | 15,000 | 1,034,482 | 0.027 |
| Aminex* | Max Williams (cfo) | 14 Feb 19 | 1,034,482 | 1.45 | 15,000 | 5,519,130 | 0.146 |
| Aminex* | Linda Beal | 14 Feb 19 | 1,034,482 | 1.45 | 15,000 | 1,034,482 | 0.027 |
| Boxhill Technologies* | Catherine McCormick (fd) | 14 Feb 19 | 50,000,000 | 0.1 | 50,000 | 50,000,000 | 2.122 |
| Boxhill Technologies* | Edward Razzall (ch) | 14 Feb 19 | 30,000,000 | 0.1 | 30,000 | 92,965,986 | 3.946 |
| Castings | Adam Vicary (ceo) | 14 Feb 19 | 3,000 | 357 | 10,710 | 30,000 | 0.069 |
| CC Japan Income & Growth Trust | Kate Cornish-Bowden | 14 Feb 19 | 10,000 | 138.3 | 13,830 | 30,000 | 0.022 |
| CC Japan Income & Growth Trust | John Scott | 14 Feb 19 | 10,000 | 138.3 | 13,830 | 62,500 | 0.046 |
| City of London Investment Trust | Robert Holmes | 15 Feb 19 | 5,000 | 403 | 20,150 | 5,000 | 0.001 |
| Echo Energy | Martin Hull | 15 Feb 19 | 500,000 | 4.2 | 21,000 | 500,000 | 0.105 |
| Edinburgh Dragon Trust | James Will | 19 Feb 19 | 10,000 | 375.976 | 37,598 | 10,000 | 0.008 |
| Greene King | Richard Smothers (cfo) | 14 Feb 19 | 4,000 | 599.17 | 23,967 | 4,000 | 0.001 |
| Herald Investment Trust | Karl Sternberg | 20 Feb 19 | 1,500 | 1,223.70 | 18,356 | 5,078 | 0.007 |
| HSBC | Ewen Stevenson (fd) | 20 Feb 19 | 100,000 | 645 | 645,000 | 100,000 | 0.000 |
| Martin Currie Asia Unconstrained Trust | Anja Balfour | 15 Feb 19 | 5,970 | 381.55 | 22,779 | 12,000 | 0.033 |
| Metal Tiger* | Charles Hall (ch) | 18 Feb 19 | 4,000,000 | 1.45 | 58,000 | 41,394,699 | 2.915 |
| Metal Tiger* | Michael McNeilly (ceo) | 18 Feb 19 | 1,000,000 | 1.45 | 14,500 | 3,997,733 | 0.282 |
| Metal Tiger* | Terrence Grammer | 18 Feb 19 | 9,482,759 | 1.45 | 137,500 | 77,633,426 | 5.467 |
| MXC Capital | Peter Rigg (ch) | 20 Feb 19 | 32,000 | 62 | 19,840 | 249,947 | 0.372 |
| Primary Health Properties | Peter Cole | 20 Feb 19 | 50,000 | 118.35 | 59,175 | 50,000 | 0.006 |
| Reckitt Benckiser | Elane Stock | 19 Feb 19 | 1,860 | 6,232.82 | 115,931 | 1,860 | 0.000 |
| Rockfire Resources* | Gordon Hart (ch) | 19 Feb 19 | 8,823,530 | 0.85 | 75,000 | 8,823,530 | 2.363 |
| Schroder Japan Growth Fund | Anja Balfour (ch) | 15 Feb 19 | 18,000 | 188.8 | 33,984 | 27,000 | 0.022 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 2,500 | 2.14 | 5,356 | 50,793 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 612 | 2.14 | 1,311 | 53,905 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 600 | 2.14 | 1,286 | 45,793 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 5,000 | 2.14 | 10,722 | 44,548 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 645 | 2.14 | 1,383 | 45,193 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 2,500 | 2.14 | 5,361 | 48,293 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 2,500 | 2.14 | 5,361 | 53,293 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 1,268 | 2.14 | 2,720 | 39,548 | 0.001 |
| South32 | Ntombifuthi Mtoba | 19 Feb 19 | 875 | 2.15 | 1,877 | 38,280 | 0.001 |
| Supermarket Income REIT | Andrew Hewson (ch) | 14 Feb 19 | 20,000 | 103.8 | 20,760 | 380,000 | 0.206 |
| Victrex | Jakob Sigurdsson | 18 Feb 19 | 3,000 | 2,414.88 | 72,446 | 8,200 | 0.010 |
| Wynnstay | Gareth Davies (ceo) | 20 Feb 19 | 5,000 | 418 | 20,900 | 13,992 | 0.071 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Safestore | Ian Krieger | 19 Feb 19 | 20,000 | 593.25 | 118,650 | 0 | 0.000 |
| WH Smith | Robert Moorhead (fd) | 18 Feb 19 | 25,000 | 2,037.79 | 509,446 | 202,676 | 0.187 |
* placing/tender/open offer ♥ spouse/connected party | |||||||
