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Shares in media giant ITV took a tumble this week after it emerged that chief executive Adam Crozier had sold 500,000 shares at 200p each, in a deal worth £1m. The transaction leaves him in control of 1.9m shares, or 0.047 per cent of the company.

The sale comes amid a mixed outlook for the broadcaster. At the time of interim results in July, ITV’s directors predicted third-quarter advertising demand would suffer against tough comparatives thanks to last year’s Rugby World Cup, as well as the possible loss of an audience to the recent summer Olympics coverage on the BBC. Core net advertising sales are expected to fall further over the nine months to September 30 and, because of this, management has promised to try and claw back £25m in cost savings in 2017.

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Directors’ Deals

When the boss and biggest shareholder of a company puts more money on the line, investors tend to sit up and take notice. Oozi Cats recently spent nearly £230,000 on shares in Telit Communications, raising his stake to just north of 20 per cent. Coupled with news of the wireless connectivity group’s collaboration with US microchip titan Intel to develop industrial “internet of things” platforms, the upshot has been a 9 per cent rise in Telit’s share price to 249p.

The rally follows a challenging first half for Telit: higher costs and delays in the certification of its Cat-1 module pushed adjusted cash profits down 2 per cent to $21.4m (£16.4m). But management remains confident of a second-half rebound, and a new range of wireless modules promises to underpin growth in 2017.

Directors’ Deals, September 19 2016
Company Director Date No of shares Price (p) Value (£) Holding (shares)
 BUY
 Aberdeen Smaller Co Income Trust  David Fletcher 12/9/16 4,917 202.359 9,950 4,917
AdEPT Telecom Richard Burbage 8/9/16 85,000 235 199,750 210,000
Beazley♥  Catherine Woods 13/9/16 30,000 403.07 120,921 30,000
Beazley♥  J P Sauerland 13/9/16 10,000 407.31 40,731 20,000
Beazley♥  J P Sauerland 13/9/16 10,000 408.07 40,807 10,000
Beazley♥  J P Sauerland 13/9/16 10,000 408.07 40,807 30,000
Carr’s   Ian Wood 12/9/16 9,000 156.7 14,103 10,000
Christie   David Rugg (ceo) 14/9/16 15,000 90 13,500 2,811,046
Conviviality  Jennifer Laing 13/9/16 11,401 219.12 24,982 11,401
Cropper (James)♥  M A J Cropper (ch) 8/9/16 3,150 985 31,028 1,242,703
Forterra  Stephen Harrison (ceo) 8/9/16 3,000 166.35 4,991 14,388
Frontier Developments♥  David Gammon (ch) 9/9/16 14,300 188 26,884 341,720
Frontier Developments♥  David Gammon (ch) 9/9/16 15,700 185 29,045 327,420
Genus  Bob Lawson (ch) 8/9/16 1,356 1972 26,740 8,557
 Greencoat UK Wind  Tim Ingram (ch) 12/9/16 13,923 113.213 15,763 300,387
Hikma Pharmaceuticals  Mohammed Al-Husry 9/9/16 150,000 2162 3,243,000 6,147,199
Hikma Pharmaceuticals  Mazen Darwazah 9/9/16 150,000 2162 3,243,000 7,622,705
Hikma Pharmaceuticals  Said Darwazah (ch & ceo) 9/9/16 150,000 2162 3,243,000 13,692,217
 Huntsworth  Neil Jones (cfo) 9/9/16 45,000 42.15 18,968 330,000
LMS Capital  Rod Birkett 12/9/16 25,000 59.25 14,813 25,000
 Marlowe  Charles Skinner 9/9/16 29,941 170 50,900 438,274
Marlowe  Derek O’Neill (fd) 9/9/16 72,636 170 123,481 739,303
Marlowe  Peter Gaze 9/9/16 76,351 170 129,797 526,976
McBride  Chris Smith (cfo) 8/9/16 4,198 173.63 7,289 41,011
McBride  Rik De Vos (ceo) 8/9/16 10,000 174.75 17,475 40,000
McBride  Neil Harrington 12/9/16 3,000 176.18 5,285 30,000
McBride  Neil Harrington 12/9/16 7,000 176.0305 12,322 27,000
Microsaic Systems A Holmes 13/9/16 300,000 5 15,000 3,182,111
Microsaic Systems*  C Nicholl (ch) 13/9/16 500,000 5 25,000 4,303,559
Microsaic Systems*  E Yeatman 13/9/16 500,000 5 25,000 3,896,632
Microsaic Systems*  J Ramage (ceo) 13/9/16 500,000 5 25,000 798,579
Microsaic Systems*  B Metcalf (fd) 13/9/16 300,000 5 15,000 300,000
Microsaic Systems*  C Buckley 13/9/16 300,000 5 15,000 300,000
Microsaic Systems*  G Tracey 13/9/16 300,000 5 15,000 300,000
Mporium   Aidan Casey 9/9/16 49,793 7.25 3,610 4,111,355
Mporium   Barry Moat (ceo) 8/9/16 285,000 7 19,950 9,707,196
Mporium   Barry Moat (ceo) 9/9/16 200,000 7 14,000 9,907,196
Mporium   Nigel Walder (ch) 9/9/16 139,715 7.25 10,129 8,451,943
Octagonal  Martin Davison 14/9/16 1,750,000 1.7 29,750 16,765,000
Plastics Capital  Keith Butler-Wheelhouse 12/9/16 50,000 111.25 55,625 197,500
Telit Communications  Oozi Cats (ceo) 12/9/16 100,000 229 229,000 22,961,977
Trakm8  William Duffy 14/9/16 20,000 200 40,000 40,000
TyraTech  Jim Hills 14/9/16 500,000 2.5 12,500 3,029,957
Ubisense♥   O Scott 12/9/16 12,500 35.2 4,400 15,614,993
 SELL
Gamma Communications  Andrew Stone 8/9/16 300,000 485 1,455,000 1,700,000
Gear4music♥  Peter Armitage 12/9/16 1,760,000 210 3,696,000 3,069,482
Gear4music♥  Peter Armitage 14/9/16 240,000 210 504,000 2,829,482
ITV  Ian Griffiths (fd) 12/9/16 500,000 199.3 996,500 1,254,554
Shawbrook   Robin Ashton 12/9/16 6,427 234 15,039 590,405
 * Placing/tender/open offer ♥ spouse/connected party; Source: Morningstar/Investors Chronicle

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