Investors are understandably nervous when directors start selling shares in the company they work for, but shareholders in Lloyd’s underwriter Beazley (BEZ) have little cause for concern.
Finance director Martin Bride sold 39,041 shares to cover income tax and national insurance liabilities incurred from the vesting or taking up of shares under the Beazley deferred share plan. Mr Bride, along with other directors also received shares under two long-term investment plans, and these were subsequently sold. But, even after this, Mr Bride sold a further 38,533 shares, while his wife Claude Bride sold just over 200,000 shares at 531p.
Beazley had a tough time in 2017 because of all the hurricanes, flooding and earthquakes, but it was still profitable. And it’s worth remembering that after years of benign claims that have pushed premium rates lower, the latest round of claims has already started to see premium rates hardening. On top of this, Beazley has also managed to deliver a significant increase in investment income.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| AdEPT Telecom♥ | Christopher Kingsman | 21 Feb 18 | 129,357 | 305.125 | 394,701 | 4,149,357 | 17.506 |
| Barratt Developments | John Allan (ch) | 21 Feb 18 | 8,500 | 568.143 | 48,292 | 42,705 | 0.004 |
| Be Heard | David Poutney | 16 Feb 18 | 1,000,000 | 2.3 | 23,000 | 11,692,857 | 1.191 |
| Be Heard | Peter Scott (ceo) | 16 Feb 18 | 400,000 | 2.3 | 9,200 | 21,256,680 | 2.165 |
| Brown (N) | Matthew Davies | 19 Feb 18 | 10,000 | 192.644 | 19,264 | 10,000 | 0.004 |
| Collagen Solutions | Malcolm Gillies | 21 Feb 18 | 500,000 | 3.3 | 16,500 | 4,153,000 | 1.280 |
| Diversified Gas & Oil | Martin Thomas | 20 Feb 18 | 16,500 | 91 | 15,015 | 2,050,000 | 0.658 |
| Diversified Gas & Oil | David Johnson | 20 Feb 18 | 16,500 | 89.95 | 14,842 | 150,000 | 0.048 |
| Downing Strategic Micro-Cap Investment Trust | Hugh Aldous (ch) | 19 Feb 18 | 25,000 | 92.5 | 23,125 | 125,300 | 0.225 |
| Dunelm | Andy Harrison (ch) | 21 Feb 18 | 43,647 | 568.5 | 248,133 | 324,028 | 0.160 |
| Dunelm | William Reeve | 21 Feb 18 | 2,500 | 564.5 | 14,113 | 12,500 | 0.006 |
| Euromoney Institutional Investor | David Pritchard | 16 Feb 18 | 16,644 | 1193 | 198,563 | 16,644 | 0.015 |
| Euromoney Institutional Investor | Janice Babiak | 16 Feb 18 | 5,404 | 1193 | 64,470 | 5,404 | 0.005 |
| Infrastrata | Graham Lyon (ch) | 16 Feb 18 | 3,085,915 | 0.273 | 8,425 | 4,000,000 | 0.636 |
| Lancashire | Alex Maloney (ceo) | 16 Feb 18 | 21,700 | 573 | 124,341 | 657,724 | 0.327 |
| Lancashire | Elaine Whelan (cfo) | 16 Feb 18 | 20,000 | 589.5 | 117,900 | 613,669 | 0.305 |
| Lancashire | Elaine Whelan (cfo) | 20 Feb 18 | 13,500 | 557.5 | 75,263 | 627,169 | 0.311 |
| Lancashire | Michael Dawson | 16 Feb 18 | 3,800 | 588.5 | 22,363 | 11,000 | 0.005 |
| Lancashire | Peter Clarke (ch) | 16 Feb 18 | 16,000 | 566.9098 | 90,706 | 60,000 | 0.030 |
| Lancashire | Robert Lusardi | 20 Feb 18 | 5,000 | 563.9138 | 28,196 | 8,000 | 0.004 |
| Lancashire | Samantha Hoe-Richardson | 19 Feb 18 | 1,409 | 567.75 | 8,000 | 5,356 | 0.003 |
| MJ Gleeson♥ | J Harrison (ceo) | 19 Feb 18 | 1,500 | 724 | 10,860 | 1,895,355 | 3.472 |
| McCarthy & Stone♥ | Clive Fenton (ceo) | 21 Feb 18 | 30,000 | 135.2 | 40,560 | 1,681,345 | 0.313 |
| McCarthy & Stone♥ | John Tonkiss | 21 Feb 18 | 10,000 | 135.2 | 13,520 | 588,719 | 0.110 |
| McCarthy & Stone | Rowan Baker (cfo) | 21 Feb 18 | 7,341 | 135.2 | 9,925 | 15,005 | 0.003 |
| Personal Assets Trust♥ | Robin Angus | 19 Feb 18 | 1 | 39,983 | 400 | 4,657 | 0.219 |
| Personal Assets Trust | Robin Angus | 19 Feb 18 | 4 | 40,040 | 1,602 | 4,656 | 0.219 |
| Personal Assets Trust♥ | Robin Angus | 19 Feb 18 | 5 | 40,040 | 2,002 | 4,662 | 0.219 |
| St Modwen Properties | Jenefer Greenwood | 21 Feb 18 | 10,359 | 384.2 | 39,799 | 10,359 | 0.005 |
| Staffline | John Crabtree (ch) | 16 Feb 18 | 2,680 | 934 | 25,031 | 22,930 | 0.082 |
| Telford Homes | Jane Earl | 15 Feb 18 | 6,342 | 394 | 24,987 | 7,432 | 0.010 |
| Thor Mining♥ | Paul Johnson | 15 Feb 18 | 250,000 | 3.25 | 8,125 | 32,500,000 | 5.034 |
| ZPG | Robin Klein | 21 Feb 18 | 58,496 | 339.6356 | 198,673 | 642,492 | 0.146 |
| Zambeef Products | Tim Pollock | 20 Feb 18 | 50,000 | 12.4 | 6,200 | 100,000 | 0.033 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 19 Feb 18 | 100,000 | 7.092 | 7,092 | 3,770,116 | 2.461 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 19 Feb 18 | 100,000 | 7.1 | 7,100 | 4,070,116 | 2.657 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 19 Feb 18 | 100,000 | 7.1034 | 7,103 | 3,870,116 | 2.526 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 19 Feb 18 | 100,000 | 7.15 | 7,150 | 3,970,116 | 2.591 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 20 Feb 18 | 25,000 | 6.9 | 1,725 | 4,295,116 | 2.804 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 20 Feb 18 | 100,000 | 6.7 | 6,700 | 4,170,116 | 2.722 |
| Zenith Energy | Andrea Cattaneo Adorno (p&ceo) | 20 Feb 18 | 100,000 | 6.8 | 6,800 | 4,270,116 | 2.787 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Beazley | Martin Bride (fd) | 19 Feb 18 | 38,533 | 534.8 | 206,074 | 375,214 | 0.071 |
| Beazley♥ | Martin Bride (fd) | 19 Feb 18 | 200,236 | 531.25 | 1,063,754 | 174,978 | 0.033 |
| Dairy Crest♥ | Mark Allen (ceo) | 16 Feb 18 | 10,000 | 574.5828 | 57,458 | 13,258 | 0.009 |
| Dairy Crest | Mark Allen (ceo) | 16 Feb 18 | 150,000 | 574.5828 | 861,874 | 23,258 | 0.016 |
| Independent Investment Trust (The) | Maxwell Ward | 15 Feb 18 | 3,800 | 687.52 | 26,126 | 4,156,200 | 7.493 |
| Tracsis | John McArthur (ceo) | 21 Feb 18 | 5,000 | 517 | 25,850 | 957,783 | 3.393 |
| Tracsis | John McArthur (ceo) | 21 Feb 18 | 10,000 | 520 | 52,000 | 962,783 | 3.411 |
| Tracsis | John McArthur (ceo) | 21 Feb 18 | 90,000 | 515 | 463,500 | 972,783 | 3.446 |
| * placing/tender/open offer ♥ spouse/connected party | |||||||
