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Merger potential appeals to Aveva

Four of the software group’s directors have topped up their holdings prior to the Schneider merger
October 12, 2017

After describing Aveva’s (AVV) impending merger with its French industrial software peer Schneider Electric as “transformational”, chairman Philip Aiken has put his money where his mouth is. He and three fellow directors (including current chief executive James Kidd) spent a total of £240,000 on 9,800 shares in the company on the same day that 99 per cent of its investors voted in favour of the deal.

IC TIP: Hold at 2443p

Schneider and Aveva – which are likely to combine their operations by the end of 2017 – have been in and out of merger talks for nearly three years. The agreed terms will see the group retain its London listing and Cambridge headquarters, although Schneider will be the majority shareholder. Mr Aiken will keep his job as chairman, while Mr Kidd drops back to chief financial officer to make room for a “neutral” boss. For their work in securing this deal, the group’s directors will be entitled to cash bonuses on completion.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
AA Martin Clarke (cfo)28 Sep 17100,000166.4166,4001,090,2020.179
AVEVA  Jennifer Allerton29 Sep 176,0002,448146,88012,0000.019
AVEVA  Christopher Humphrey29 Sep 171,0002,44624,4604,0000.006
AVEVA  James Kidd (ceo)29 Sep 172,0002,44148,82020,3670.032
AVEVA  Philip Aiken (ch)29 Sep 178002,44619,5682,3370.004
Admiral  Annette Court (ch)29 Sep 171,325181123,9963,4750.001
Alba Mineral Resources*George Frangeskides (ch)03 Oct 177,500,0000.430,00013,500,0000.621
Alba Mineral Resources*Michael Nott03 Oct 177,500,0000.430,00029,660,6061.364
Avingtrans Les Thomas03 Oct 1716,00021434,24016,0000.052
Big Yellow  Richard Cotton03 Oct 175,000772.738,63588,4850.056
Boohoo.com Pierre Cuilleret28 Sep 17100,000204.83204,830100,0000.009
Ergomed* P L George (ch)02 Oct 1745,00016574,250276,2500.647
FFI♥Simon Ingram04 Oct 17350,000156546,000350,0000.223
Hiscox Anne Macdonald29 Sep 171,7641,280.4122,58620,6110.007
Hiscox Colin Keogh29 Sep 171,0571,280.4113,53416,1510.006
ITV Sir Peter Bazalgette (ch)29 Sep 1712,587172.421,700234,6740.006
Inland Homes Stephen Wicks (ceo)28 Sep 17100,00058.558,50013,837,3326.795
Joules  Jill Little29 Sep 1710,000267.526,75025,6250.029
Kingfisher Andy Cosslett (ch)03 Oct 1799,802301300,40499,8020.005
Pantheon International♥David Melvin28 Sep 175,0001,84892,4008,0000.024
Pantheon International Laurie Magnus (ch)28 Sep 173,000182754,8108,0000.024
Prudential Anthony Nightingale29 Sep 1720,0001,788357,60050,0000.002
Symphony International  Anil Thadani03 Oct 17500,00088440,00064,980,74212.694
Tatton Asset Management Lothar Mentel28 Sep 17100,000181181,000827,5841.480
Tatton Asset Management Lothar Mentel29 Sep 1716,40418029,527843,9881.510
Tatton Asset Management Lothar Mentel29 Sep 1720,00018236,400863,9881.545
Vitec  Kath Kearney-Croft (fd)04 Oct 172,7001,10329,7812,7000.006
Wilmington Anthony Foye (cfo)28 Sep 1712,500225.628,200829,6900.950
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Ashley House♥John Moy02 Oct 171,000,000660,0005,900,0009.890
Berkeley R Stearn (fd)02 Oct 1710,0303,754.10376,537129,1700.096
Berkeley♥S Ellis02 Oct 1726,7033,754.101,002,458263,4480.195
Clinigen  John Bacon02 Oct 17250,0001,092.962,732,400280,7670.243
Dignity Andrew Davies 29 Sep 1765,0002,241.411,456,91441,7540.084
EKF Diagnostics♥Christopher Mills (ch)03 Oct 171,000,00024240,000137,000,00029.509
GateleyMichael Ward (ceo)29 Sep 17328,900150493,3502,631,2042.462
GateleyPeter Davies29 Sep 17328,900150493,3502,660,1042.489
IG Design  Lance Burn29 Sep 1767,500345.5233,21300.000
London & Associated Properties Michael Heller (ch)04 Oct 17300,00021.564,5001,567,3931.837
LondonMetric Property Michael McGann (fd)28 Sep 17215,576163.6352,6822,341,5850.336
McColl's Retail  James Lancaster03 Oct 1711,399,50029533,628,52500.000
Next Fifteen Communications  Peter Harris (cfo)02 Oct 1750,000400200,000142,3720.188
Next Fifteen Communications  Richard Eyre (ch)02 Oct 1747,993400191,972150,0000.198
Next Fifteen Communications  Tim Dyson (ce)02 Oct 17125,000400500,0005,077,9976.717
Ocado♥Duncan Tatton-Brown (cfo)28 Sep 177,078282.620,002638,8860.101
St Modwen Properties Simon Clarke 28 Sep 17500,000370.51,852,5002,704,1571.217
Taylor Wimpey James Jordan29 Sep 17775,679193.3791,500,000666,2470.020
Taylor Wimpey Peter Redfern (ce)29 Sep 17775,679193.3791,500,0001,677,2740.051
Taylor Wimpey Ryan Mangold (fd)29 Sep 17100,000192.94192,940965,3340.030
Ten Entertainment♥  Christopher Mills02 Oct 1716,718,80318030,093,8458,695,96913.378
Ten Entertainment  Graham Blackwell02 Oct 1755,55518099,999523,1930.805
Ten Entertainment  Nick Basing (ch)02 Oct 17225,642180406,1561,800,0002.769
Vitec Stephen Bird (ceo)04 Oct 1775,0001,103827,250201,0310.449
*Placing/tender/open offer ♥Spouse/connected party