Derwent London (DLN) director Simon Silver sold 25,000 shares at 3,257p a share, but the next day he was awarded 35,720 shares as part of the 2014 performance share plan. These he must hold on to for two years, and the award will be subject to performance conditions based on total shareholder return and property return over a performance period ending in December 2021.
Derwent has defied the gloom surrounding the London office market and, since the 2016 referendum, its share price has risen by 46 per cent. This partly reflects the fact that investors have belatedly conceded that the death of the London office market has been badly overstated.
It’s true that yield compression has slowed, but demand has not, and new rental agreements are still being secured at levels at a premium to previous estimated rental values. And the appetite for more space remains solid, with Derwent’s two on-site developments of 623,000 square feet already 75 per cent pre-let. On top of this, it has committed £359m to two further developments, which on completion could bring in a further £30m in rent.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| 4d pharma | David Norwood (ch) | 12 Mar 19 | 23,725 | 82.3598 | 19,540 | 7,103,725 | 10.846 |
| 4d pharma | Alexander Stevenson | 13 Mar 19 | 24,896 | 91.5 | 22,780 | 6,362,138 | 9.714 |
| Admiral | Annette Court (ch) | 08 Mar 19 | 1,180 | 2104 | 24,827 | 7,590 | 0.003 |
| Arc Minerals | Nicholas Von Schirnding (ch) | 11 Mar 19 | 500,000 | 2.5 | 12,500 | 16,440,532 | 2.329 |
| Cambridge Cognition* | Steven Powell (ceo) | 12 Mar 19 | 20,834 | 72 | 15,000 | 91,375 | 0.378 |
| Cambridge Cognition* | Nicholas Walters (cfo) | 12 Mar 19 | 13,889 | 72 | 10,000 | 200,826 | 0.831 |
| Circle Property | Edward Olins | 11 Mar 19 | 10,844 | 184 | 19,953 | 138,933 | 0.487 |
| Circle Property | John Arnold (ceo) | 11 Mar 19 | 27,151 | 184 | 49,958 | 1,005,122 | 3.520 |
| Clarkson | William Thomas (ch) | 12 Mar 19 | 2,083 | 2385 | 49,680 | 2,083 | 0.007 |
| Clarkson | Peter Backhouse | 12 Mar 19 | 3,000 | 2396 | 71,880 | 13,000 | 0.043 |
| FIH | Robert Johnston | 11 Mar 19 | 37,500 | 280 | 105,000 | 3,647,853 | 29.178 |
| Forbidden Technologies | Ian McDonough (ceo) | 12 Mar 19 | 235,950 | 7.85 | 18,522 | 3,298,812 | 1.116 |
| Forbidden Technologies♥ | Ian McDonough (ceo) | 12 Mar 19 | 240,750 | 7.85 | 18,899 | 3,539,562 | 1.198 |
| Gaming Realms | Michael Buckley (ch) | 07 Mar 19 | 1,757,576 | 3 | 52,727 | 25,000,000 | 8.790 |
| Greene King | Richard Smothers (cfo) | 07 Mar 19 | 5,770 | 655 | 37,794 | 9,770 | 0.003 |
| Haydale Graphene Industries* | David Banks (ch) | 13 Mar 19 | 500,000 | 2 | 10,000 | 541,667 | 0.516 |
| Haydale Graphene Industries* | Keith Broadbent (ceo) | 13 Mar 19 | 500,000 | 2 | 10,000 | 500,000 | 0.477 |
| Haydale Graphene Industries* | Roger Humm | 13 Mar 19 | 841,432 | 2 | 16,829 | 890,208 | 0.848 |
| IDOX | David Meaden (ceo) | 11 Mar 19 | 292,700 | 34 | 99,518 | 292,700 | 0.070 |
| IDOX♥ | Christopher Stone (ch) | 11 Mar 19 | 585,500 | 34 | 199,070 | 585,500 | 0.141 |
| IXICO | Giulio Cerroni (ceo) | 12 Mar 19 | 53,300 | 28 | 14,924 | 84,850 | 0.181 |
| Maven Income and Growth VCT* | Alison Fielding | 13 Mar 19 | 52,345 | 47.76 | 25,000 | 52,345 | 0.058 |
| Maven Income and Growth VCT* | Arthur MacMillan | 13 Mar 19 | 20,938 | 47.76 | 10,000 | 117,547 | 0.129 |
| PCF* | Mark Brown | 11 Mar 19 | 65,000 | 30 | 19,500 | 200,000 | 0.080 |
| PCF* | David Titmuss | 11 Mar 19 | 50,000 | 30 | 15,000 | 50,000 | 0.020 |
| PCF* | Timothy Franklin (ch) | 11 Mar 19 | 33,333 | 30 | 10,000 | 123,506 | 0.049 |
| PhotonStar LED* | John Treacy | 12 Mar 19 | 240,000,000 | 0.01 | 24,000 | 240,000,000 | 4.501 |
| PhotonStar LED* | Jonathan Freeman (ch) | 12 Mar 19 | 240,000,000 | 0.01 | 24,000 | 240,646,748 | 4.513 |
| President Energy* | Peter Levine (ch) | 13 Mar 19 | 6,250,000 | 8 | 500,000 | 337,404,547 | 31.450 |
| President Energy | Robert Shepherd (cfo) | 11 Mar 19 | 453,250 | 8 | 36,260 | 1,062,394 | 0.094 |
| Redde | Martin Ward (ceo) | 12 Mar 19 | 56,497 | 88.5 | 50,000 | 3,980,958 | 1.298 |
| Redde | Avril Palmer-Baunack (ch) | 12 Mar 19 | 56,497 | 88.5 | 50,000 | 56,497 | 0.018 |
| Shaftesbury♥ | Christopher Ward (fd) | 13 Mar 19 | 2,043 | 876 | 17,897 | 169,302 | 0.055 |
| Smith (DS) | Rupert Soames | 07 Mar 19 | 28,800 | 348 | 100,224 | 28,800 | 0.002 |
| Strategic Minerals♥ | Jeffrey Harrison | 12 Mar 19 | 812,500 | 1.6 | 13,000 | 812,500 | 0.058 |
| Tatton Asset Management | Paul Edwards (cfo) | 07 Mar 19 | 24,500 | 202 | 49,490 | 24,500 | 0.044 |
| Temple Bar Investment Trust | Arthur Copple (ch) | 07 Mar 19 | 20,000 | 1292 | 258,400 | 62,643 | 0.094 |
| Tristel♥ | Bart Leemans | 08 Mar 19 | 14,324 | 242.7 | 34,764 | 949,627 | 2.137 |
| Tritax Big Box REIT | Alastair Hughes | 12 Mar 19 | 35,000 | 142.66 | 49,931 | 35,000 | 0.002 |
| Two Shields Investments* | Andrew Lawley | 08 Mar 19 | 10,000,000 | 0.1 | 10,000 | 10,000,000 | 0.479 |
| Two Shields Investments* | John Taylor | 08 Mar 19 | 15,000,000 | 0.1 | 15,000 | 17,000,000 | 0.814 |
| Unicorn AIM VCT | Charlotta Ginman | 07 Mar 19 | 6,691 | 149.5 | 10,003 | 29,191 | 0.024 |
| Unilever | Mary Ma | 13 Mar 19 | 557 | 4153.5 | 23,135 | 1,860 | 0.000 |
| Unilever | Mary Ma | 13 Mar 19 | 443 | 4154 | 18,402 | 1,303 | 0.000 |
| Victoria | Alexander Anton | 13 Mar 19 | 200,000 | 321 | 642,000 | 744,025 | 0.593 |
| Walker Crips | Sean Lam (ceo) | 12 Mar 19 | 54,000 | 24.35 | 13,149 | 581,738 | 1.366 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| AB Dynamics | Robert Hart (fd) | 07 Mar 19 | 25,696 | 1777.33 | 456,703 | 30,000 | 0.152 |
| Ashmore | Thomas Shippey (fd) | 13 Mar 19 | 2,544 | 404.5533 | 10,292 | 166,636 | 0.023 |
| Derwent London | Simon Silver | 11 Mar 19 | 25,000 | 3257 | 814,250 | 154,274 | 0.138 |
| Nichols | Tim Croston (fd) | 11 Mar 19 | 1,324 | 1550 | 20,522 | 16,000 | 0.043 |
| Nichols♥ | Tim Croston (fd) | 11 Mar 19 | 925 | 1550 | 14,338 | 15,075 | 0.041 |
| Record♥ | James Wood-Collins (ceo) | 13 Mar 19 | 146,716 | 28.7 | 42,107 | 2,498,963 | 1.255 |
| Town Centre Securities | Michael Ziff | 07 Mar 19 | 100,000 | 219 | 219,000 | 2,569,081 | 4.833 |
| * placing/tender/open offer ♥ spouse/connected party | |||||||
