It’s been more than a year since high-end property developer Berkeley Group (BKG) warned that its annual profits have probably peaked. Even before then, many investors suspected the post-crisis London housing boom had run its course. But what about chairman Tony Pidgley, who has just sold a fifth of his shares in the company he co-founded, pocketing £37m in the process?
IC TIP:
Hold
at
3,883p
As this column often makes clear, we’d rather steer readers toward fundamental analysis and away from second-guessing the thoughts and motivations of an insider. Either way, we offer up the following observations.
First, the 71-year-old remains an executive of the business, and the holder of a £139m stake, meaning he is still clearly invested. Second, this sale is just one of several major disposals Mr Pidgley has made in recent years, and part of a long-term trend which has seen his stake more than halve since the start of 2014. Third, given the lion’s share of the chairman’s pay packet arrives in shares, investors should expect some selling as par for the course.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| ASOS | Nicholas Beighton (ceo) | 19 Jul 2019 | 2,369 | 2,105 | 49,867 | 169,903 | 0.203 |
| ASOS | Adam Crozier (ch) | 18 Jul 2019 | 4,200 | 2,383.90 | 100,124 | 7,950 | 0.009 |
| Audioboom | Michael Tobin (ch) | 24 Jul 2019 | 6,122 | 240 | 14,693 | 139,665 | 0.997 |
| Barr (AG)♥ | Stuart Lorimer (fd) | 23 Jul 2019 | 684 | 616.6 | 4,218 | 47,678 | 0.042 |
| Barr (AG) | Stuart Lorimer (fd) | 22 Jul 2019 | 6,496 | 617.8698 | 40,137 | 43,760 | 0.038 |
| Barr (AG)♥ | Stuart Lorimer (fd) | 23 Jul 2019 | 3,234 | 617.8753 | 19,982 | 46,994 | 0.041 |
| Cropper (James)♥ | David Wilks | 18 Jul 2019 | 1,291 | 1,050 | 13,556 | 66,242 | 0.693 |
| Crystal Amber Fund♥ | Christopher Waldron (ch) | 22 Jul 2019 | 5,000 | 200 | 10,000 | 20,000 | 0.021 |
| Dods* | Simon Presswell (ceo) | 18 Jul 2019 | 153,846 | 6.5 | 10,000 | 272,357 | 0.050 |
| Dods* | Mark Smith | 18 Jul 2019 | 394,895 | 6.5 | 25,668 | 621,067 | 0.110 |
| Dods* | Nitil Patel (cfo) | 18 Jul 2019 | 153,846 | 6.5 | 10,000 | 292,143 | 0.050 |
| Dods* | Richard Boon | 18 Jul 2019 | 769,230 | 6.5 | 50,000 | 769,230 | 0.140 |
| Fevertree Drinks | Kevin Havelock | 24 Jul 2019 | 13,298 | 2,177 | 289,497 | 47,038 | 0.041 |
| Henderson Alternative Strategies Trust | Graham Oldroyd | 23 Jul 2019 | 90,000 | 274.7 | 247,230 | 105,000 | 0.271 |
| Henderson Opportunities Trust | Peter Jones (ch) | 18 Jul 2019 | 1,500 | 969.74 | 14,546 | 17,500 | 0.221 |
| Homeserve | Stella David | 24 Jul 2019 | 28,395 | 1,144.53 | 324,989 | 97,340 | 0.029 |
| IG | June Felix (ceo) | 23 Jul 2019 | 25,800 | 576.56 | 148,752 | 69,500 | 0.019 |
| Jersey Oil and Gas | Vicary Gibbs (cfo) | 22 Jul 2019 | 12,053 | 98.7 | 11,896 | 16,500 | 0.076 |
| Jersey Oil and Gas | Ronald Lansdell (coo) | 22 Jul 2019 | 50,000 | 113 | 56,500 | 1,000,000 | 4.581 |
| Jersey Oil and Gas | Marcus Stanton (ch) | 23 Jul 2019 | 5,808 | 185.5 | 10,774 | 70,000 | 0.321 |
| Karelian Diamond Resources | Richard Conroy (ch) | 18 Jul 2019 | 650,000 | 4.21 | 27,365 | 5,556,311 | 15.021 |
| Kore Potash* | David Hathorn (ch) | 19 Jul 2019 | 19,717,643 | 1.6 | 315,482 | 42,903,998 | 2.842 |
| Kore Potash* | Brad Sampson (ceo) | 19 Jul 2019 | 2,464,705 | 1.6 | 39,435 | 2,464,705 | 0.163 |
| Learning Technologies | Leslie-Ann Reed | 23 Jul 2019 | 271,646 | 114.29 | 310,464 | 6,458,180 | 0.967 |
| LoopUp | Michael Hughes (co-ceo) | 18 Jul 2019 | 15,833 | 157.5 | 24,937 | 2,473,127 | 4.486 |
| LoopUp | Barbara Judge (ch) | 18 Jul 2019 | 9,500 | 160 | 15,200 | 52,254 | 0.095 |
| LoopUp | Stephen Flavell (co-ceo) | 18 Jul 2019 | 9,296 | 161.35 | 14,999 | 2,536,590 | 4.601 |
| LoopUp | Keith Taylor | 18 Jul 2019 | 10,000 | 161.9 | 16,190 | 18,500 | 0.034 |
| LoopUp | Keith Taylor | 18 Jul 2019 | 8,500 | 162 | 13,770 | 8,500 | 0.015 |
| Mereo BioPharma | Peter Bains | 24 Jul 2019 | 47,500 | 42 | 19,950 | 206,796 | 0.211 |
| Mereo BioPharma | Denise Scots-Knight (ceo) | 18 Jul 2019 | 8,000 | 45 | 3,600 | 876,199 | 0.894 |
| Mereo BioPharma† | Denise Scots-Knight (ceo) | 18 Jul 2019 | 10,000 | 0.518 | 5,180 | 886,199 | 0.905 |
| Moneysupermarket.com | Robin Freestone (ch) | 22 Jul 2019 | 20,000 | 363 | 72,600 | 40,000 | 0.007 |
| Photo-Me International | Serge Crasnianski (ceo) | 18 Jul 2019 | 200,000 | 90.27 | 180,540 | 84,810,701 | 22.436 |
| Robinson | Alan Raleigh (ch) | 18 Jul 2019 | 36,145 | 83 | 30,000 | 36,145 | 0.218 |
| Robinson | Martin McGee (ceo) | 18 Jul 2019 | 24,096 | 83 | 20,000 | 24,096 | 0.145 |
| Robinson | Sara Halton | 18 Jul 2019 | 12,049 | 83 | 10,001 | 12,049 | 0.073 |
| RockRose Energy | John Morrow | 24 Jul 2019 | 1,070 | 1,867.61 | 19,983 | 214,325 | 1.637 |
| RockRose Energy | John Morrow | 24 Jul 2019 | 447 | 1,869.08 | 8,355 | 213,255 | 1.629 |
| Scientific Digital Imaging♥ | Isabel Napper | 18 Jul 2019 | 10,000 | 50.2 | 5,020 | 65,472 | 0.067 |
| Scientific Digital Imaging | Isabel Napper | 18 Jul 2019 | 20,000 | 50.7 | 10,140 | 55,472 | 0.057 |
| Scientific Digital Imaging | Jonathan Abell (cfo) | 19 Jul 2019 | 40,392 | 51.1 | 20,640 | 100,000 | 0.103 |
| Scientific Digital Imaging | Ken Ford (ch) | 18 Jul 2019 | 50,000 | 54.9999 | 27,500 | 1,500,000 | 1.543 |
| Shaftesbury | Richard Akers | 23 Jul 2019 | 2,000 | 810.38 | 16,208 | 9,000 | 0.003 |
| Ventus VCT | Josephine Dixon | 18 Jul 2019 | 20,000 | 112 | 22,400 | 30,000 | 0.184 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Berkeley Group (The) | Anthony Pidgley ch) | 18 Jul 2019 | 1,000,000 | 3,720 | 37,200,000 | 3,567,939 | 2.800 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 435,000 | 207 | 900,450 | 11,815,000 | 1.407 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 50,000 | 205 | 102,500 | 11,765,000 | 1.401 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 7,397 | 205.5 | 15,201 | 11,757,603 | 1.400 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 44,269 | 205.7 | 91,061 | 11,713,334 | 1.395 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 35,000 | 205.8 | 72,030 | 11,678,334 | 1.390 |
| LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 78,334 | 205.6 | 161,055 | 11,600,000 | 1.381 |
| Paragon Banking | Hugo Tudor | 23 Jul 2019 | 50,000 | 450.271 | 225,136 | 125,000 | 0.048 |
| Polar Capital Technology Trust | Peter Hames | 23 Jul 2019 | 3,000 | 1421.7 | 42,651 | 3,000 | 0.002 |
| Rosslyn Data Technologies | Charles Clark | 23 Jul 2019 | 150,000 | 7 | 10,500 | 9,726,415 | 5.042 |
| *Placing/tender/open offer/right issue ♥Spouse/connected party †American Depositary Shares | |||||||
