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.
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.
|Company||Director||Date||No of shares||Price (p)||Value (£)||Holding (shares)|
|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♥||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|
|Christie||David Rugg (ceo)||14/9/16||15,000||90||13,500||2,811,046|
|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||Derek O’Neill (fd)||9/9/16||72,636||170||123,481||739,303|
|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|
|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||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|
|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|
|Gamma Communications||Andrew Stone||8/9/16||300,000||485||1,455,000||1,700,000|
|ITV||Ian Griffiths (fd)||12/9/16||500,000||199.3||996,500||1,254,554|
|* Placing/tender/open offer ♥ spouse/connected party; Source: Morningstar/Investors Chronicle|
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