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Keystone director’s fund sells

Challenger law firm said sale was down to “market demand”
October 10, 2019

Keystone Law’s (KEYS) announced a special 8p dividend alongside its first-half numbers. Fortunately, for those seeking to buy into the challenger law firm Root Capital – the private-equity firm of which Keystone non-executive director and former non-executive chairman Simon Philips is managing partner – made a £5.2m share sale one day before the shares went ex-dividend.

IC TIP: Buy at 470p

The company said that the disposal was down to market demand. Root Capital sold 1.1m shares – just over half of its stake – at 475p each below the prior day’s closing price of 515p. The shares have since come down to 470p. Root has agreed not to sell any further shares until Keystone’s next full-year results are published (its year-end is January).

Keystone made its name as a kind of aggregator of legal services, providing clients with legal services but using a network of self-employed lawyers who receive 60-75 per cent of fees once Keystone has been paid.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Altitude Peter Hallett (ch)30 Sep 1960,0005633,600364,8660.667
Aviva George Culmer27 Sep 1931,276397.635124,36431,2760.001
Avon Rubber Chloe Ponsonby26 Sep 191,1501,70619,6194,5500.015
Centaur Media Swag Mukerji (ceo)26 Sep 1950,0004020,000134,6390.093
Centaur Media **Colin Jones (ch)26 Sep 1980,00042.7434,23480,0000.055
Circassia Pharmaceuticals Jonathan Emms (coo)30 Sep 19300,00016.514749,544300,0000.080
Cranswick Pam Powell27 Sep 191,0002,92429,2401,0000.002
CRH Johan Karlstrom 1 Oct 192,0002,778.5655,5712,0000.000
Eco (Atlantic) Oil & Gas Gil Holzman (ceo)26 Sep 1933,86514850,1208,281,2594.500
Edinburgh Worldwide Investment Trust Henry Strutt (ch)26 Sep 1953,000186.698,898358,0000.118
EnQuest ♥Amjad Bseisu (ceo)27 Sep 19266,95218.850,187172,720,81910.188
EnQuest ♥Amjad Bseisu (ceo)1 Oct 19120,68618.922,810172,841,50510.195
EnQuest Martin Houston (ch)1 Oct 19500,0001995,000500,0000.029
Equals Anthony Pearson (ch)27 Sep 1927,5009024,75027,5000.017
Flowtech Fluidpower Russell Cash (cfo)26 Sep 1928,570105.930,27028,5700.047
Gamesys Neil Goulden (ch)27 Sep 1910,50073076,650105,5000.097
Hansteen Holdings ♥Melvyn Egglenton (ch)27 Sep 1992,83590.483,923173,6830.041
Imperial BrandsMark Williamson (ch)27 Sep 192,8241,752.6049,49325,5020.003
Imperial BrandsMatthew Phillips 27 Sep 195,5971,773.3099,252207,7520.022
Imperial BrandsAlison Cooper (ceo)27 Sep 1911,1941,773.30198,503356,2840.037
Imperial BrandsOliver Tant (cfo)27 Sep 191,2501,776.4022,20599,4640.010
Intercede ♥Jacques Tredoux27 Sep 191,668,88030500,66414,984,63629.683
International Public Partnerships *John Le Poidevin1 Oct 1932,46715449,999130,3500.008
International Public Partnerships *Michael  Gerrard (ch)1 Oct 1927,59715442,499136,8510.009
International Public Partnerships *Julia Bond1 Oct 1916,16815424,89943,0790.003
Keller Michael Speakman (fd)27 Sep 1920,000570114,00040,0000.056
LoopUp Keith Taylor26 Sep 1940,00055.622,24058,5000.106
Marks & Spencer Archibald Norman (ch)26 Sep 1955,000180.599,275148,6000.008
Marks & Spencer Justin King27 Sep 1920,000184.536,90444,0000.002
Phoenix Spree Deutschland ♥Quentin Spicer27 Sep 198,400296.524,90631,6000.031
Primary Health Properties *Stephen Kell26 Sep 197,8121289,99922,2900.002
Primary Health Properties *Harry Hyman26 Sep 1939,06212849,99912,884,4211.061
Primary Health Properties *Ian Krieger 26 Sep 1920,00012825,600101,4810.008
Primary Health Properties *Peter Cole26 Sep 1925,00012832,00075,0000.006
Primary Health Properties *Richard Howell (fd)26 Sep 1915,00012819,200170,5230.014
Primary Health Properties *Steven Owen (ch)26 Sep 197,8121289,99983,2530.007
R E A Holdings *Carol Gysin2 Oct 191,0001451,4502,1320.005
R E A Holdings ♥*Richard Robinow2 Oct 191,940,0001452,813,00013,022,42029.719
R E A Holdings *David Blackett (ch)2 Oct 1910,00014514,50035,0000.080
Savannah Resources James Leahy27 Sep 191,150,0002.225,3001,150,0000.093
Silence Therapeutics Iain Ross (ch)30 Sep 1925,00018847,00025,0000.032
Silence Therapeutics Alistair Gray 2 Oct 193,1711895,9937,0190.009
Silence Therapeutics Steven Romano 2 Oct 1910,00019319,30010,0000.013
Surface Transforms Michael Cunningham (fd) 2 Oct 19100,0002626,000100,0000.074
XLMedia Ory Weihs (ceo)26 Sep 19330,66160.5200,0006,321,6333.378
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Abcam Jonathan Milner30 Sep 19466,3631,147.025,349,27719,467,2869.465
Abcam ♥†Jonathan Milner30 Sep 19170,0001,147.021,949,93419,297,2869.383
Ashmore††Mark Coombs (ceo)30 Sep 193,000,000501.4415,043,200266,439,26037.382
Berkeley Group (The)Justin Tibaldi30 Sep 195,0004,185.74209,28749,2430.039
Berkeley Group (The) ♥ Richard Stearn (fd)30 Sep 1914,0004,185.74586,004168,0510.134
Curtis Banks Paul Tarran1 Oct 19175,000295516,2503,628,7586.702
Derwent LondonJohn Burns (ch)1 Oct 1990,1833,334.903,007,513582,5950.522
Hiscox Richard Watson27 Sep 1930,0001,650.60495,180555,8910.193
Keystone Law♥†††Simon Philips 2 Oct 191,100,0004755,225,0001,050,0003.357
        
*Placing/tender/open offer/right issue ♥Spouse/connected party       
†Shares sold by the Evolution Education Trust, a person closely associated with Jonathan Milner    
††As announced in Feb 2019, Mr Coombs has agreed with the board to reduce his shareholding  "to a more appropriate level over the medium term", by selling up to 4 per cent of Ashmore stock each year
†††Shares sold by Root Capital, of which Simon Philips is managing partner. Table shows Root Capital's current shareholding  
**14.10.2019: This table has been corrected to show that Colin Jones currently holds 80,000 shares in Centaur Media