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Schroders' chair sells out

Michael Dobson has banked almost £3.5m in a series of share disposals
July 10, 2019

The non-executive chairman of Schroders (SDR) has sold down just under a third of his stake in the asset manager. Including sales made after those detailed in the table below, Michael Dobson has cashed in 112,086 shares since 28 June, netting £3.47m.

IC TIP: Buy at 2,997p

Aside from disposals to cover the tax and dealing costs of his various investment plans, this is Mr Dobson’s first formal share sale since autumn 2017, when he banked £9.5m with the stock near an all-time high.

During his three-year stint as head of the board, Schroders’ shares have risen 19 per cent, just shy of the FTSE 100 index. However, Mr Dobson's chairmanship has faced criticism from some shareholders and proxy advisers, as his direct appointment after serving as chief executive officer and 18-year board tenure defy key principles of the UK Corporate Governance code.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
1Spatial Claire Milverton-Clark (ceo)27 Jun 201949,9963014,999400,1410.405
Air Partner Edmond Warner (ch)03 Jul 201925,0007318,250125,0000.236
Alliance Trust Karl Stephen Sternberg01 Jul 20191,547807.837512,49718,9240.006
CLS Holdings Andrew Kirkman (cfo)03 Jul 201950,000220.26110,10050,0000.012
Cluff Natural Resources*Andrew Nunn (coo)01 Jul 2019571,4301.7510,000806,7240.057
Cluff Natural Resources*Graham Swindells (ceo)01 Jul 2019571,4301.7510,000894,8360.064
Cluff Natural Resources*Mark Lappin (ch)01 Jul 2019571,4301.7510,000586,3910.042
Cluff Natural Resources*Peter Cowley 01 Jul 2019571,4301.7510,0001,018,4890.072
Compass  Anne-Francoise Nesmes27 Jun 20191,326187424,8491,3260.000
Dolphin CapitalMark Townsend 28 Jun 20191,250,00050.5631,2501,531,9040.169
DX (Group) Paul Goodson02 Jul 2019400,00011.7847,1202,100,0000.366
DX (Group) Paul Goodson03 Jul 2019100,00011.8911,8902,200,0000.383
Eden Research Lykele van der Broek (ch)27 Jun 2019358,50010.9439,220358,5000.173
EnQuest♥Amjad Bseisu (ceo)28 Jun 2019885,06719.7174,358164,175,7179.684
Filta Timothy Worlledge (ch)27 Jun 201910,00018618,60040,0000.138
Fusion Antibodies Sonya Ferguson02 Jul 201930,00069.520,85060,9000.276
Fusion Antibodies Paul Kerr (ceo)02 Jul 20196,92072.8965,044540,7102.448
Kingswood Holding♥ Kenneth West (ch)27 Jun 20191,352,283794,6604,536,0752.794
Nexus Infrastructure Alexander Wiseman02 Jul 20197,0001359,45032,0000.084
Nexus Infrastructure♥ Alexander Wiseman02 Jul 20197,0001359,45039,0000.102
RPS  John Douglas (ceo)28 Jun 201918,21110919,850408,4520.180
Smith & Nephew Angie Risley27 Jun 20192,3801,673.5639,8314,3400.000
Solid State Nigel Rogers02 Jul 20192,20045510,0102,2000.026
Solid State♥ Nigel Rogers02 Jul 20192,20045510,0104,4000.052
SpaceandPeople George Watt03 Jul 2019125,00012.715,875245,0001.255
Sportech Richard McGuire (ceo)02 Jul 2019130,00033.443,4201,000,0000.535
Strategic Minerals* John Peters28 Jun 20193,035,7141.442,50053,535,7143.648
Strategic Minerals* Jeffrey Harrison28 Jun 2019857,1421.412,0001,669,6420.114
Strategic Minerals* Peter Wale 28 Jun 20194,142,8571.458,00054,502,3243.714
Ten Lifestyle  Bruce Weatherill (ch)28 Jun 2019100,00098.3198,310776,5230.963
Ten Lifestyle  Gillian Davies28 Jun 201920,00098.519,70040,0000.050
TheWorks.Co.uk Catherine Glickman03 Jul 201916,18761.77510,00031,8120.051
TheWorks.Co.uk Gavin Peck (cfo)03 Jul 2019100,00068.7568,750554,6360.887
TheWorks.Co.uk Kevin Keaney (ceo)03 Jul 2019100,00068.7568,7501,194,6001.911
TheWorks.Co.uk Harry Morley 03 Jul 201915,50069.12510,71431,1250.050
TT Electronics Anne Thorburn 02 Jul 201945,000238107,10045,0000.028
Union Jack Oil*Joseph O'Farrell03 Jul 201929,411,7640.1750,000242,399,4732.002
Union Jack Oil*Raymond Godson03 Jul 20195,882,3530.1710,00048,411,7640.400
Urban&Civic Rosemary  Boot 27 Jun 20199,10032829,8489,1000.006
XPS Pensions  Sarah Ing02 Jul 201915,00098.914,83515,0000.007
XPS Pensions  Margaret Snowdon02 Jul 201930,3039930,00030,3030.015
XPS Pensions ♥ Paul Cuff03 Jul 201927,95610629,633796,4060.391
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
ADM Energy Stefan Olivier (ceo)01 Jul 201950,00017.28,600580,0001.250
Altitude  Martin Varley28 Jun 20192,000,0001002,000,00010,204,618na
Altitude  Martin Varley02 Jul 2019125,000110137,50010,079,61814.840
Aston Martin Lagonda♥Najeeb Al Humaidhi28 Jun 20193,000,000982.529,475,00038,860,28917.044
Quilter Paul Feeney  (ceo)28 Jun 201978,623140.15110,190913,6940.048
Schroders Michael Dobson (ch)28 Jun 201919,9603,050608,780347,2760.154
Schroders Michael Dobson (ch)01 Jul 201930,0403,091.20928,596317,2360.140
Schroders Michael Dobson (ch)01 Jul 201950,0003,110.301,555,150267,2360.118
*Placing/tender/open offer ♥Spouse/connected party