Trustees of The Lord Rayne Will Trust have sold 10,000 shares in Derwent London (DLN) at 3,045p a share. The trust was set up in 1962 by Lord Rayne to provide funds for worthy causes, and one of the fellow trustees is Derwent non-executive chairman Robert Rayne.
Shares in Derwent have fallen back since this year’s peak in early May, and are now trading below the 50-, 100- and 200-day moving averages as investors continue to exercise caution ahead of any breakthrough in Brexit negotiations. That’s lot of bad news already discounted, given that the shares now trade 21 per cent adrift of forecast net asset value. While this negative view prevails, Derwent has been operating on a highly profitable basis as a London office landlord, and while valuation uplifts have been more modest, net property income continues to accelerate. This comes from new lettings, the point here being that in the half year to June these were secured at an 8.2 per cent premium to December 2017 estimated rental value.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| 1Spatial♥ | Peter Massey | 23 Aug 18 | 43,518 | 45.5 | 19,801 | 43,518 | 0.044 |
| African Battery Metals* | Matthew Wood (fd) | 29 Aug 18 | 833,333 | 0.3 | 2,500 | 6,597,060 | 0.102 |
| African Battery Metals* | Roger Murphy (ceo) | 29 Aug 18 | 833,333 | 0.3 | 2,500 | 16,547,619 | 0.256 |
| Artemis VCT | Calum Paterson | 23 Aug 18 | 84,966 | 66.125 | 56,184 | 184,966 | 0.348 |
| Artemis VCT | Edward Murray | 23 Aug 18 | 25,000 | 66.125 | 16,531 | 100,447 | 0.189 |
| Atlantis Japan Growth Fund | Michael Moule | 29 Aug 18 | 2,000 | 215.6799 | 4,314 | 18,000 | 0.037 |
| Byotrol | John Langlands (ch) | 23 Aug 18 | 500,000 | 3.7 | 18,500 | 4,600,000 | 1.142 |
| Byotrol | Trevor Francis | 24 Aug 18 | 657,686 | 3.8 | 24,992 | 2,910,902 | 0.723 |
| Centrica | Margherita Della Valle | 28 Aug 18 | 1,385 | 142.7 | 1,976 | 66,919 | 0.001 |
| Collagen Solutions | Hilary Spence (cfo) | 23 Aug 18 | 220,000 | 4.5 | 9,900 | 250,817 | 0.077 |
| Deltex Medical | Nigel Keen (ch) | 24 Aug 18 | 2,000,000 | 0.9 | 18,000 | 54,223,410 | 11.006 |
| Fidelity European Values | Robin Niblett | 23 Aug 18 | 3,625 | 234.37 | 8,496 | 18,625 | 0.005 |
| FireAngel Safety Technology | Ashley Silverton | 24 Aug 18 | 20,000 | 51.8 | 10,360 | 35,000 | 0.076 |
| Fulham Shore (The) | Nabil Mankarious | 23 Aug 18 | 127,000 | 12 | 15,240 | 113,927,434 | 19.939 |
| Georgia Capital | Irakli Gilauri (ch & ceo) | 29 Aug 18 | 31,138 | 1,019.51 | 317,455 | 860,106 | 2.243 |
| Georgia Capital | Irakli Gilauri (ch & ceo) | 28 Aug 18 | 4,232 | 1,019.73 | 43,155 | 828,968 | 2.161 |
| Intermediate Capital | Amy Schioldager | 28 Aug 18 | 10,000 | 1,033.59 | 103,359 | 10,000 | 0.003 |
| International Personal Finance | John Mangelaars | 29 Aug 18 | 25,000 | 234.8 | 58,700 | 35,000 | 0.016 |
| Richoux* | Jonathan Kaye (ceo) | 29 Aug 18 | 1,041,667 | 6 | 62,500 | 6,146,062 | 4.918 |
| Richoux♥* | Jonathan Kaye (ceo) | 29 Aug 18 | 1,041,667 | 6 | 62,500 | 7,187,729 | 5.751 |
| Richoux* | Mehdi Gashi | 29 Aug 18 | 416,667 | 6 | 25,000 | 816,667 | 0.653 |
| Richoux* | Salvatore Diliberto | 29 Aug 18 | 2,166,667 | 6 | 130,000 | 28,403,108 | 22.726 |
| Richoux♥* | Salvatore Diliberto | 29 Aug 18 | 2,000,000 | 6 | 120,000 | 30,403,108 | 24.327 |
| Richoux* | Robert Rayne | 29 Aug 18 | 2,916,667 | 6 | 175,000 | 23,334,348 | 18.671 |
| South32 | Frank Cooper | 24 Aug 18 | 5,144 | 1.91 | 9,825 | 128,010 | 0.003 |
| South32 | Xiaoling Liu | 24 Aug 18 | 10,000 | 1.93 | 19,300 | 10,000 | 0.000 |
| Standard Life Private Equity Trust | Jonathon Bond | 29 Aug 18 | 11,870 | 336 | 39,883 | 11,870 | 0.008 |
| Sunrise Resources* | David Swan | 29 Aug 18 | 2,093,120 | 0.15 | 3,140 | 17,073,630 | 0.703 |
| Sunrise Resources* | Patrick Cheetham (ch) | 29 Aug 18 | 1,948,853 | 0.15 | 2,923 | 83,454,885 | 3.435 |
| Sunrise Resources* | Roger Murphy | 29 Aug 18 | 3,002,453 | 0.15 | 4,504 | 29,414,074 | 1.211 |
| Tiziana Life Sciences♥ | Gabriele Cerrone (ch) | 23 Aug 18 | 5,000 | 108 | 5,400 | 64,165,170 | 50.553 |
| Tiziana Life Sciences♥ | Gabriele Cerrone (ch) | 23 Aug 18 | 5,000 | 110.8 | 5,540 | 64,170,170 | 50.557 |
| Tiziana Life Sciences♥ | Gabriele Cerrone (ch) | 23 Aug 18 | 3,000 | 112 | 3,360 | 64,173,170 | 50.559 |
| TomCo Energy | Alexander Benger | 29 Aug 18 | 18,293 | 5.25 | 960 | 18,293 | 0.029 |
| TP ICap | Edmund Ng | 28 Aug 18 | 20,000 | 288.9441 | 57,789 | 20,000 | 0.004 |
| VPC Specialty Lending Investments♥ | Richard Levy | 28 Aug 18 | 67,375 | 83 | 55,921 | 3,147,813 | 0.861 |
| Wynnstay | Gareth Davies | 24 Aug 18 | 8,000 | 488.75 | 39,100 | 17,297 | 0.088 |
| Wynnstay | Paul Roberts (fd) | 24 Aug 18 | 8,000 | 488.75 | 39,100 | 115,795 | 0.586 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Derwent London♥ | Robert Rayne (ch) | 24 Aug 18 | 10,000 | 3,045.02 | 304,502 | 4,110,093 | 3.685 |
| Marshalls | Martyn Coffey (ceo) | 29 Aug 18 | 35,703 | 453.8 | 162,020 | 311,765 | 0.156 |
| Marshalls | Martyn Coffey (ceo) | 28 Aug 18 | 39,297 | 466.7 | 183,399 | 347,468 | 0.174 |
| Ocado♥ | Timothy Steiner (ceo) | 24 Aug 18 | 4,791,200 | 1,060 | 50,786,720 | 15,285,649 | 2.190 |
| Paddy Power Betfair | Peter Jackson (ceo) | 23 Aug 18 | 930 | 7,168.15 | 66,664 | 7,437 | 0.009 |
| PHSC | Stephen King (ceo) | 24 Aug 18 | 253,624 | 11 | 27,899 | 2,896,376 | 19.734 |
| *Placing/tender/open offer ♥Spouse/connected party | |||||||
