Telecom Plus’s (TEP) executive chairman, Charles Wigoder, sold £33.75m-worth of shares on 26 June. The group said in a statement that Mr Wigoder had sold part of his holding "in order to meet strong institutional demand and enable him to diversify his personal investment portfolio". The company also noted that Mr Wigoder will not sell any further shares for at least one year, subject to waiver by Peel Hunt and Numis Securities. He still remains the largest personal shareholder with a holding of around 12 per cent. Mr Wigoder was not available for comment.
The transaction was accompanied by another disposal by Melvin Lawson, a non-executive director. Mr Lawson sold £9.45m, also on 26 June, and now holds around 1.8 per cent of the total voting rights in the company. Mr Lawson was also not available for comment.
These are of course significant sales, but we remain undeterred in our investment case. The group had a strong financial year running to 31 March 2020, in which new partner recruitment grew by nearly a quarter. And as a provider of essential household services, income has been and will likely continue to be mostly sheltered from the disruption caused by coronavirus. Management expects profits next year will only be marginally below those secured in 2020.
In April, May and June, the rate at which customers left the business was significantly below heightened levels during the previous quarter. New partner recruitment was tracking over two-fifths ahead of the same period last year.
| Buys | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Alliance Pharma | David Cook (ch) | 23 Jun 20 | 127,758 | 77.7 | 99,268 | 63,879 shares purchased by PCA |
| Crest Nicholson | Iain Ferguson (ch) | 25 Jun 20 | 10,000 | 218.06 | 21,806 | |
| Crest Nicholson | Catherine Ferguson | 25 Jun 20 | 40,000 | 213.69 | 85,477 | Average price. PCA of Iain Ferguson |
| Vodafone | Nick Read (ceo) | 26 Jun 20 | 446,822 | 128.38 | 573,630 | |
| Urban & Civic | Ian Barlow | 26 Jun 20 | 30,000 | 216.5 | 64,950 | |
| Unite Group | Richard Smith | 26 Jun 20 | 5,747 | 870 | 50,000 | |
| Unite Group | Joe Lister | 26 Jun 20 | 5,747 | 870 | 50,000 | |
| Bunzl | Peter Ventress (ch) | 29 Jun 20 | 2,608 | 2,160 | 56,333 | |
| Mondi | Andrew King (ceo) | 29 Jun 20 | 15,000 | 1,496 | 224,400 | |
| Renew Holdings | Shatish Dasani | 30 Jun 20 | 10,000 | 444 | 44,400 | |
| Sells | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Renishaw | Daniel John Deer | 24 Jun 20 | 10,000 | 3,905 | 390,460 | Children are beneficial owners |
| Renishaw | Daniel John Deer | 25 Jun 20 | 30,000 | 3,813 | 1,143,900 | |
| Brooks Macdonald | Richard Spencer | 26 Jun 20 | 18,381 | 1,672 | 307,330 | |
| Telecom Plus | Melvin Lawson | 26 Jun 20 | 700,000 | 1,350 | 9,450,000 | Residual interest of 1.8% |
| Telecom Plus | Charles Wigoder (ch) | 26 Jun 20 | 2,500,000 | 1,350 | 33,750,000 | Residual interest of 17.2% |
| National Express | Dean Finch (ceo) | 26 Jun 20 | 117,686 | 198.43 | 233,524 | |
| National Express | Dean Finch (ceo) | 29 Jun 20 | 272,891 | 192.13 | 524,306 |
