Much of our recent coverage of the large UK-listed recruiters has focused on the heightened risks. The three largest players have all put in strong performances in recent years, but the prospect of a global trade war could undermine that. The question remains whether relations between the US and China could escalate to a point where they damage confidence in the jobs market.
Against this backdrop, investors might view Hays' (HAS) finance director Paul Venables' decision to sell more than £2m-worth of shares with some concern. The sale reduces Mr Venables' stake in the company by 39 per cent – not including his share options through performance-based incentive schemes – although the disclosure says it was part of a "planned asset diversification strategy".
This isn't, we would argue, too worrying. True, the sale represents a significant chunk of his holding, but Mr Venables’ remaining stake is valued at 609 per cent of his salary – well above the 200 per cent requirement. What’s more, it comes hot on the heels of a bonus scheme that paid out for a number of the company’s directors.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| 1Spatial | Nicole Payne | 7 Sep 18 | 32,609 | 46 | 15,000 | 32,609 | 0.033 |
| Beazley | Christine LaSala | 12 Sep 18 | 20,700 | 568.8 | 117,742 | 35,000 | 0.007 |
| Big Yellow* | Georgina Harvey | 12 Sep 18 | 3,225 | 930 | 29,993 | 18,518 | 0.011 |
| Big Yellow* | Adrian Lee | 12 Sep 18 | 4,301 | 930 | 39,999 | 884,232 | 0.531 |
| Big Yellow* | James Gibson (ceo) | 12 Sep 18 | 5,376 | 930 | 49,997 | 2,507,213 | 1.505 |
| Big Yellow* | John Trotman (cfo) | 12 Sep 18 | 4,301 | 930 | 39,999 | 231,037 | 0.139 |
| Big Yellow* | Nicholas Vetch (ch) | 12 Sep 18 | 7,526 | 930 | 69,992 | 8,021,180 | 4.814 |
| Big Yellow* | Richard Cotton | 12 Sep 18 | 3,763 | 930 | 34,996 | 92,248 | 0.055 |
| Bodycote | Stephen Harris (ceo) | 7 Sep 18 | 11,234 | 890 | 99,983 | 217,121 | 0.113 |
| Craneware | Keith Neilson (ceo) | 7 Sep 18 | 1,000 | 3,070 | 30,700 | 3,378,799 | 12.673 |
| Craneware | Keith Neilson (ceo) | 7 Sep 18 | 3,848 | 3,085 | 118,711 | 3,382,647 | 12.687 |
| Crystal Amber Fund | Christopher Waldron (ch) | 10 Sep 18 | 5,000 | 233 | 11,650 | 15,000 | 0.015 |
| Diageo | Javier Ferr‡n (ch) | 11 Sep 18 | 309 | 2,679 | 8,278 | 149,321 | 0.006 |
| Dixons Carphone | Alex Baldock (ceo) | 7 Sep 18 | 100,000 | 161 | 161,000 | 225,533 | 0.019 |
| Dixons Carphone | Jonathan Mason | 6 Sep 18 | 100,000 | 162 | 162,000 | 100,000 | 0.009 |
| Georgia Capital | Irakli Gilauri (ch & ceo) | 10 Sep 18 | 17,500 | 989 | 173,075 | 881,177 | 2.298 |
| Georgia Capital | Irakli Gilauri (ch & ceo) | 11 Sep 18 | 33,762 | 990 | 334,244 | 914,939 | 2.386 |
| Gusbourne* | James Arbuthnot | 11 Sep 18 | 25,000 | 60 | 15,000 | 81,360 | 0.178 |
| Gusbourne* | Matthew Clapp | 11 Sep 18 | 16,667 | 60 | 10,000 | 73,027 | 0.16 |
| Gusbourne* | Ian Robinson | 11 Sep 18 | 41,667 | 60 | 25,000 | 481,086 | 1.055 |
| Gusbourne* | Mike Paul | 11 Sep 18 | 83,334 | 60 | 50,000 | 110,806 | 0.243 |
| Gusbourne* | Paul Bentham | 11 Sep 18 | 83,334 | 60 | 50,000 | 938,370 | 2.058 |
| H&T | John Nichols (ceo) | 10 Sep 18 | 25,000 | 310 | 77,500 | 1,104,530 | 2.933 |
| HgCapital Trust | Guy Wakeley | 10 Sep 18 | 261 | 1,904.98 | 4,972 | 810 | 0.002 |
| Imperial Brands | Malcolm Wyman | 12 Sep 18 | 218 | 2,644 | 5,764 | 4,472 | 0 |
| Imperial Brands | Mark Williamson (ch) | 12 Sep 18 | 1,194 | 2,644 | 31,569 | 20,612 | 0.002 |
| Imperial Brands | Karen Witts | 12 Sep 18 | 218 | 2,644 | 5,764 | 922 | 0 |
| Imperial Brands | Simon Langelier | 12 Sep 18 | 225 | 2,644 | 5,949 | 24,357 | 0.003 |
| Intermediate Capital | Kevin Parry (ch) | 7 Sep 18 | 9,876 | 1,011.86 | 99,931 | 29,876 | 0.01 |
| ITV | Roger Faxon | 6 Sep 18 | 8,050 | 160.6 | 12,928 | 40,935 | 0.001 |
| Land Securities | Christopher Bartram | 6 Sep 18 | 4,308 | 890 | 38,341 | 17,881 | 0.002 |
| Land Securities | Christopher Bartram | 6 Sep 18 | 1,200 | 899.88 | 10,799 | 19,081 | 0.003 |
| Metro Bank | Vernon Hill (ch) | 10 Sep 18 | 10,000 | 2721 | 272,100 | 4,960,344 | 5.093 |
| Metro Bank | Vernon Hill (ch) | 10 Sep 18 | 20,000 | 2733 | 546,600 | 4,980,344 | 5.114 |
| Mpac | Antony Steels | 6 Sep 18 | 18,650 | 132 | 24,618 | 18,650 | 0.092 |
| Non-Standard Finance | Heather McGregor | 10 Sep 18 | 17,235 | 60.8 | 10,479 | 78,700 | 0.025 |
| Obtala | Miles Pelham (ch) | 11 Sep 18 | 1,600,000 | 6.5 | 104,000 | 18,627,754 | 5.684 |
| Obtala | Miles Pelham (ch) | 12 Sep 18 | 8,000,000 | 6.5 | 520,000 | 26,627,754 | 8.125 |
| Plus500♥ | Penelope Judd (ch) | 7 Sep 18 | 2,647 | 1511 | 39,996 | 25,691 | 0.023 |
| Plus500♥ | Penelope Judd (ch) | 7 Sep 18 | 1,982 | 1513.26 | 29,993 | 23,044 | 0.02 |
| Premier Asset Management | William Smith | 6 Sep 18 | 10,000 | 252 | 25,200 | 10,000 | 0.009 |
| Record | Tim Edwards | 10 Sep 18 | 60,000 | 42.41 | 25,446 | 60,000 | 0.03 |
| William Hill | Roger Devlin | 10 Sep 18 | 77,490 | 256.79 | 198,987 | 77,490 | 0.009 |
| WPP | Mark Read | 6 Sep 18 | 10,000 | 1145 | 114,500 | 128,513 | 0.01 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Clarkson♥ | Birger Nergaard | 12 Sep 18 | 41,647 | 2,725 | 1,134,881 | 105,869 | 0.349 |
| Clarkson♥ | Peter Anker | 12 Sep 18 | 52,059 | 2,725 | 1,418,608 | 107,500 | 0.355 |
| Gym Group (The) | John Treharne (ceo) | 6 Sep 18 | 500,000 | 329 | 1,645,000 | 3,532,702 | 2.561 |
| Hays | Paul Venables (cfo) | 7 Sep 18 | 1,019,390 | 203.995 | 2,079,505 | 1,619,825 | 0.112 |
| Plus500* | Alon Gonen | 6 Sep 18 | 5,100,000 | 1,550 | 79,050,000 | 3,009,097 | 2.98 |
| Somero Enterprises | Lawrence Horsch (ch) | 7 Sep 18 | 46,000 | 412.9565 | 189,960 | 46,000 | 0.082 |
| Surgical Innovations | Paul Hardy | 11 Sep 18 | 416,830 | 3.25 | 13,547 | 5,808,711 | 0.742 |
*Placing/tender/open offer ♥Spouse/connected party | |||||||
