April 21, 2017

Crest Nicholson chief executive Stephen Stone has sold 400,000 shares in the company, raising £2.2m, but shareholders should not be too concerned: he still owns about 3.7m shares.

The housebuilder remains in good shape, reaching sales of £1bn which represents a 90 per cent increase in revenues since 2013 when the company was relisted. And despite the uncertainty generated by the forthcoming Brexit process, it maintains its target of building 4,000 homes a year and sales of £1.4bn by 2019.

Crest Nicholson recently attracted controversy by deciding to push ahead with a share award scheme for top executives despite more than half the votes cast at the AGM voting down the proposal. The scheme, which could see Mr Stone receive a share bonus worth £812,000, attracted criticism because profit targets had been lowered.

Although shares are riding high in British American Tobacco, the group’s proposed acquisition of the remaining stake in Reynolds American is still shrouded in mystery. The company’s globally diverse business model has helped it enormously in volatile currency markets — something that would be enhanced should the deal receive the regulatory green light. It’s said that both parties still expect the deal to close by the end of the third quarter in 2017, with Japanese antitrust authorities giving the transaction the thumbs up at the beginning of the month.

The shares — now priced at 5,305p apiece — are trading at a five-year high, but that has not stopped non-executive director Savio Kwan almost doubling his holding to the tune of more than £160,000. Mr Kwan joined the BATS board in 2014, having previously worked for General Electric, BTR and Alibaba.

Directors’ Deals, April 18 2017
Company Director Date No of shares Price (p) Value (£) Holding (shares)
BUY
Aberdeen Diversified Income and Growth Trust  Paul Yates 11/4/17 24,506 116.5 28,549 70,000
Advanced Oncotherapy  Enrico Vanni 12/4/17 100,000 27.5 27,500 1,023,946
Bluebird Merchant Ventures  Aidan Bishop 11/4/17 1,800,000 2 36,000 52,752,500
British American Tobacco  Savio Kwan 12/4/17 3,000 5376 161,280 6,148
CC Japan Income & Growth Trust  Peter Wolton 12/4/17 10,000 132.5874 13,259 35,000
Chaarat Gold Martin Wiwen-Nilsson 12/4/17 50,000 20 10,000 8,772,023
Chaarat Gold Martin Wiwen-Nilsson 12/4/17 75,000 20 15,000 8,972,023
Chaarat Gold Martin Wiwen-Nilsson 12/4/17 125,000 20 25,000 8,897,023
Elementis  Paul Waterman (ceo) 6/4/17 10,000 288.30445 28,830 45,000
Fidelity European Values  Paul Yates 11/4/17 10,720 195.257 20,932 32,000
Finsbury Food Zoe Morgan 6/4/17 29,248 105.94 30,985 50,229
Finsbury Food Zoe Morgan 7/4/17 19,799 106 20,987 70,028
Go-Ahead Adrian Ewer 7/4/17 2,864 1736.5321 49,734 3,002
M Winkworth  Dominic Agace (ceo) 12/4/17 45,000 104 46,800 597,628
Micro Focus International  Kevin Loosemore (ch) 11/4/17 2,898 2509.5 72,725 701,418
Murray International Trust  David Hardie 12/4/17 1,642 1211.88 19,899 12,509
Oakley Capital Investments  James Keyes 11/4/17 20,000 154 30,800 30,000
Oakley Capital Investments  Peter Dubens 6/4/17 100,000 155 155,000 1,948,167
Orogen*  Alan Mooney 10/4/17 518,443 1.5 7,777 3,703,553
Orogen*  Alan Mooney 10/4/17 2,666,667 1.5 40,000 3,703,553
Orogen*  Edward Slowey 10/4/17 663,584 1.5 9,954 1,327,168
Orogen*  Michael Nolan 10/4/17 540,443 1.5 8,107 3,747,553
Orogen*  Michael Nolan 10/4/17 2,666,667 1.5 40,000 3,747,553
Orogen*  Adam Reynolds (ch) 10/4/17 348,162 1.5 5,222 6,362,991
Orogen*  Adam Reynolds (ch) 10/4/17 5,666,667 1.5 85,000 348,162
Orogen*  Colin Bird 10/4/17 400,000 1.5 6,000 2,133,333
Orogen*  Colin Bird 10/4/17 1,333,333 1.5 20,000 2,133,333
Orogen*  Mark Collingbourne 10/4/17 2,666,667 1.5 40,000 2,666,667
Orogen*  Stevan Metcalfe 10/4/17 5,666,667 1.5 85,000 5,666,667
Palace Capital  Neil Sinclair 6/4/17 5,000 365 18,250 178,767
Palace Capital  Neil Sinclair 7/4/17 5,000 365 18,250 183,767
Personal Assets Trust  Frank Rushbrook 6/4/17 130 40721 52,937 13,493
Personal Assets Trust♥  Frank Rushbrook 6/4/17 130 40721 52,937 13,623
Personal Assets Trust♥  Stuart Paul 7/4/17 35 40788 14,276 4,626
Personal Assets Trust  Stuart Paul 7/4/17 35 40788 14,276 4,661
Phoenix Wendy Mayall 7/4/17 7,000 724.9 50,743 25,000
Pittards  Stephen Yapp (ch) 10/4/17 25,000 80 20,000 60,231
Schroders♥  Rakhi Goss-Custard 6/4/17 669 3061 20,478 669
StatPro Jane Tozer  7/4/17 14,813 100.5 14,887 39,565
StatPro♥ Carl Bacon (ch) 7/4/17 50,000 100.5 50,250 879,000
StatPro David Courtley 7/4/17 29,627 100.5 29,775 29,627
StatPro Rory Curran 7/4/17 24,689 100.5 24,812 24,689
Sula Iron & Gold♥  Iain Macpherson 12/4/17 90,473,622 0.4 361,894 128,743,370
Tavistock Investments  Oliver Cooke (ch) 11/4/17 800,000 2.85 22,800 26,188,556
Tesco  John Allan (ch) 12/4/17 20,000 185.54 37,108 244,349
Tesco  Mark Armour 12/4/17 25,000 185.36 46,340 50,000
SELL
Crest Nicholson Stephen Stone (ceo) 10/4/17 400,000 550.0708 2,200,283 3,766,820
Escher Fionnuala Higgins 10/4/17 255,000 145 369,750 1,805,160
Escher Liam Church (ceo) 10/4/17 255,000 145 369,750 1,805,160
Gamma Communications  Andrew Stone 10/4/17 100,000 515 515,000 900,500
IDOX♥  Richard Kellett-Clarke 7/4/17 200,000 69.02 138,040 12,373,279
Mid Wynd International Inv Trust♥  Russell Napier 6/4/17 22,000 438.2 96,404 199,325
* placing/tender/open offer ♥ spouse/connected party; Source: Morningstar/Investors Chronicle



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