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Sir Martin Sorrell lifts S4 stake

The chairman and other directors piled into the group’s placing and open offer
October 30, 2019

It’s been a busy few weeks for S4 Capital (SFOR) – the digital advertising and marketing company founded by Sir Martin Sorrell in May 2018, a month after his exit from WPP (WPP). On 8 October 2019, S4 announced the merger of its MediaMonks business with Firewood – a Silicon Valley-based digital marketing agency – valuing the latter at $150m. Firewood boasts major tech clients, including Google (US:GOOGL) and Facebook (US:FB). To part-fund this deal and other potential acquisitions, S4 raised £100m via a placing and open offer.

IC TIP: Hold at 166p

Various directors piled in at a price of 142p per share, with the transactions dated 23 and 25 October. Among them, executive chairman Sir Martin bought nearly 9m shares for £12.7m, taking his holding to 55.4m shares. Oro en Fools, the joint personal holding company of executive directors Victor Knaap and Wesley ter Haar, bought shares worth £4.1m, while SEF4 Investment SCSP – managed by Stanhope Capital, of which S4 non-executive director Daniel Pinto is chief executive – bought shares worth £19.5m.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
1pm Ron Russell18 Oct 1941,01828.91511,86010,598,24212.099
1pm Ron Russell18 Oct 1969,13028.91519,98910,667,37212.178
1pm Ron Russell18 Oct 1969,04928.9619,99710,736,42112.257
1pm Ron Russell18 Oct 19103,74428.91529,99810,840,16512.375
Audioboom Michael Tobin (ch)18 Oct 1910,00017217,200178,3361.273
Audioboom Michael Tobin (ch)21 Oct 197,14017512,495185,4761.324
Chaarat Gold †Martin Andersson (ch)17 Oct 1933,61437.412,583145,935,84833.064
Chaarat Gold †Martin Andersson (ch)18 Oct 1986,83837.632,612146,022,68633.084
Chaarat Gold †Martin Andersson (ch)22 Oct 1920,01037.87,564146,042,69633.088
Chaarat Gold †Martin Andersson (ch)23 Oct 1930,00038.111,420146,072,69633.095
China New Energy Richard Bennett23 Oct 19300,0002.728,1601,137,7470.260
CIP Merchant Capital ††Carlo Sgarbi/Marco Fumagalli 18 Oct 19300,00056168,0004,261,5277.750
Devro Malcolm Swift23 Oct 196,258158.89,93816,6130.010
Domino's Pizza Ian Bull17 Oct 1910,000278.927,89020,0000.004
EnQuest ♥Amjad Bseisu (ceo)18 Oct 192,154,75618.5398,630176,165,82110.389
ICG Enterprise Trust Gerhard Fusenig18 Oct 199,50090485,8809,5000.014
ITV Salman Amin18 Oct 198,079136.3311,01450,6740.001
K3 Business Technology ♥PJ Claesson22 Oct 191,5001652,4759,810,42322.843
K3 Business Technology ♥PJ Claesson23 Oct 191,5001752,6259,811,92322.847
M&G Michael Evans (ch)23 Oct 1932,000211.3567,63232,0000.001
M&G John Foley (ceo)23 Oct 19100,000212.2736212,274387,5360.015
McBride ♥Igor Kuzniar22 Oct 1935,0006623,10042,569,81423.283
McBride ♥Igor Kuzniar23 Oct 19765,94369528,50143,335,75723.701
Minds + Machines ♥Henry Turcan23 Oct 19135,00068,100114,981,65212.492
Quixant Nicholas Jarmany 23 Oct 1925,40019048,26011,201,16316.860
Renew Andries Liebenberg 18 Oct 195,45036720,00238,8210.052
Renew Paul Scott (ceo)18 Oct 195,45036720,00252,8620.070
Renew Sean Wyndham-Quin (fd)18 Oct 192,72536710,00113,9930.019
Rotala *John Gunn (ch)21 Oct 1944,2505624,7808,470,59816.910
Rotala ♥ *John Gunn (ch)21 Oct 1944,2505624,7808,514,84816.999
Rotala ♥ *John Gunn (ch)21 Oct 1990,0005650,4008,604,84817.178
S & U Graham Coombs23 Oct 1910,0002100210,0001,591,45713.174
S4 Capital ♥ *Daniel Pinto 23/25 Oct 1913,729,40514219,495,75541,212,3668.841
S4 Capital *Peter Rademaker (cfo)23/25 Oct 19136,600142193,972844,7320.181
S4 Capital *Rupert Walker 23/25 Oct 19251,500142357,1301,555,2760.334
S4 Capital *Scott Spirit23/25 Oct 1926,09714237,058161,3890.035
S4 Capital *Sue Prevezer 23/25 Oct 1934,49414248,981261,7660.056
S4 Capital *Martin Sorrell (ch)23/25 Oct 198,951,37714212,710,95555,355,07711.875
S4 Capital *Paul Roy25 Oct 19307,266142436,3181,900,1290.408
S4 Capital ♥ *Victor Knaap/Wesley ter Haar23 Oct 192,862,1531424,064,25733,670,3787.223
Schroder Japan Growth FundAnja Balfour (ch)18 Oct 195,000185.749,28714,0000.011
Scottish Oriental Smaller Companies Trust (The) Jeremy Whitley 21 Oct 191,50099014,85071,0000.238
Scottish Oriental Smaller Companies Trust (The) Jeremy Whitley 21 Oct 192,00099519,90069,5000.233
SDCL Energy Efficiency Income Trust *Tony Roper (ch)21 Oct 195,0001035,15050,0000.019
Surgical Innovations Paul Hardy22 Oct 19500,0002.2511,2506,308,7440.810
Tremor InternationalTimothy Weller (ch)21 Oct 1968,96514599,999163,5950.134
Velocity Composites Andy Beaden (ch)18 Oct 1925,00022.95,725175,0000.487
Velocity Composites Andy Beaden (ch)18 Oct 1925,00023.55,875200,0000.557
Velocity Composites Andy Beaden (ch)18 Oct 1925,00023.85,950225,0000.626
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Avast Erwin Gunst 21 Oct 191,000,0003993,990,00000.000
CLS Holdings Bengt Mortstedt 17 Oct 19322,150259834,36926,072,5506.400
Cora Gold ♥Geoffrey McNamara (ch)23 Oct 19100,0007.17,1001,504,2421.160
Michelmersh Brick Frank Hanna (co-ceo)22 Oct 19500,000108540,000550,0000.595
Michelmersh Brick ♥Martin Warner (ch)21 Oct 19500,000112.5562,5004,138,7324.475
        
* placing/tender/open offer ♥ spouse/connected party       
† Shares purchased by Labro Investments Limited, in which Martin Andersson is indirectly beneficially interested in the majority of shares 
†† Shares purchased by Goldfinch SA, which is wholly owned in equal proportion by Carlo Sgarbi and Marco Fumagalli