September 30, 2016

Zoopla Property has gone from strength to strength since it was founded in 2007 by chief executive Alex Chesterman, and now includes digital platforms Zoopla, uSwitch, PrimeLocation and Property Software. UK agency partner numbers have now been growing for 16 consecutive months, reaching 13,275 in August this year, while property listings have risen by 5 per cent year on year to 925,000.

Pre-tax profit rose by more than a half at the half-year stage, and profit for the full year to the end of September 2016 is expected to be at the top end of market expectations. Zoopla’s board of directors last year secured a long-term commitment for Mr Chesterman to lead the business and deliver its ongoing strategy, and while he recently sold 4.25m shares at 325p a share, Mr Chesterman still holds over 8.5m shares in the group and a nominal 5,179 shares by way of the ZPG share incentive scheme. The remaining holding will be subject to a further lock-up agreement that will be released on the group’s third anniversary of its admission to trading on the London Stock Exchange, which will be June 23 2017.

Regus enjoyed a steep rise in its share price during 2015, as demand for its flexible workspaces soared. However, the shares are down almost a quarter so far this year, falling sharply after management revealed it was taking a more cautious approach to investing in some markets. Certainly, trading has been rockier for the group during 2016.

While constant-currency sales grew 10 per cent during the first half, management reported softening demand in some market segments. Prices have been lowered over the short term to build occupancy levels, although margins have held up.

Despite the pullback in market value, chief executive Mark Dixon took the decision to offload £102m-worth of shares in the support services group. It is worth pointing out that Mr Dixon has a track record of selling sizeable equity stakes, including the sale of around 10 per cent of his holding in 2009. He still has a 28 per cent stake in the workspace provider following this most recent sale, which should further boost liquidity in the stock.

Directors’ Deals, September 30 2016
Company Director Date No of shares Price (p) Value (£) Holding (shares)
BUY
AEW UK REIT  Bim Sandhu 16 Sep 16 50,000 97 48,500 450,000
AEW UK REIT ♥ Bim Sandhu 16 Sep 16 100,000 97 97,000 550,000
AEW UK REIT ♥ James Hyslop 16 Sep 16 50,000 97 48,500 150,000
Aminex  Jay Bhattacherjee (ce) 15 Sep 16 534,519 2.18 11,662 45,569,977
BATM Advanced Communications  Dr. Zvi Marom (ce) 21 Sep 16 300,000 16.625 49,875 96,694,500
Berkeley Group Holdings (The)  Adrian Li 16 Sep 16 10,000 2,570 257,000 20,000
Character Group (The)  David Harris 20 Sep 16 4,597 435 19,997 56,000
Character Group (The)  Mark Dowding (cfo) 20 Sep 16 10,000 435 43,500 83,841
Compass   Stefan Bomhard 20 Sep 16 6,100 1,486 90,646 6,100
Craneware  Keith Neilson (ce) 19 Sep 16 5,388 1,200 64,656 3,509,518
Frenkel Topping Jason Granite (ch) 15 Sep 16 723,476 50 361,738 13,393,404
Gama Aviation  Nigel Payne 19 Sep 16 15,000 165 24,750 15,000
Green REIT  Jerome Kennedy 19 Sep 16 140,000 144 201,600 150,000
Headlam   Steve Wilson (ce) 15 Sep 16 50,000 447.125 223,563 572,065
Hikma Pharmaceuticals  Mazen Darwazah 21 Sep 16 50,000 2,138 1,069,000 7,792,956
Hikma Pharmaceuticals  Said Darwazah (ch & ce) 21 Sep 16 50,000 2,138 1,069,000 13,862,468
Hikma Pharmaceuticals  Mohammed A K S Al-Husry 21 Sep 16 50,000 2,138 1,069,000 6,317,450
Hikma Pharmaceuticals ♥ Mazen Darwazah 15 Sep 16 70,251 2,122 1,490,726 7,692,956
Hikma Pharmaceuticals ♥ Mazen Darwazah 16 Sep 16 50,000 2,119 1,059,500 7,742,956
Hikma Pharmaceuticals ♥ Said Darwazah (ch & ce) 15 Sep 16 70,251 2,122 1,490,726 13,762,468
Hikma Pharmaceuticals ♥ Said Darwazah (ch & ce) 16 Sep 16 50,000 2,119 1,059,500 13,812,468
Hikma Pharmaceuticals ♥ Mohammed Al-Husry 15 Sep 16 70,251 2,122 1,490,726 6,217,450
Hikma Pharmaceuticals ♥ Mohammed Al-Husry 16 Sep 16 50,000 2,119 1,059,500 6,267,450
McBride  John Coleman (ch) 21 Sep 16 40,000 186.5 74,600 40,000
New India Investment Trust  Michael Hughes  19 Sep 16 3,905 386.5 15,093 3,905
Norman Broadbent * Mike Brennan (ce) 20 Sep 16 526,315 9.5 50,000 616,315
Polypipe Ronald Marsh (ch) 19 Sep 16 75,000 278.85 209,138 175,000
Prime People  John Lewis  19 Sep 16 25,250 100 25,250 1,062,000
Real Estate Investors  Marcus Daly (fd) 16 Sep 16 20,000 58.5 11,700 1,540,000
Real Estate Investors  Paul Bassi (ce) 19 Sep 16 20,000 58.5 11,700 10,020,000
Ruffer Investment Co  Christopher Spencer 19 Sep 16 13,150 226.5 29,785 27,307
Ruffer Investment Co  Sarah Evans 19 Sep 16 10,000 226.72 22,672 10,000
Satellite Solutions Worldwide Andrew Walwyn (ce) 16 Sep 16 322,581 7.75 25,000 49,384,572
Satellite Solutions Worldwide Frank Waters (cfo) 16 Sep 16 322,581 7.75 25,000 4,155,351
Satellite Solutions Worldwide Rodger Sargent 16 Sep 16 322,581 7.75 25,000 9,487,668
Spire Healthcare John Gildersleeve 21 Sep 16 63,700 389.81 248,307 68,461
Spire Healthcare ♥  John Gildersleeve 21 Sep 16 57,300 389.81 223,360 125,761
Tungsten Corp  David Benello 21 Sep 16 35,000 61.25 21,438 70,000
Tungsten Corp  David Benello 21 Sep 16 35,000 61 21,350 105,000
Tungsten Corp  David Benello 21 Sep 16 35,000 60.75 21,263 35,000
VPC Specialty Lending Investments ♥ Richard Levy 19 Sep 16 78,300 81 63,423 878,300
SELL
Abcam Dr. Jonathan Milner 19 Sep 16 150,000 803.88 1,205,820 22,967,004
Abcam ♥ Dr. Jonathan Milner 19 Sep 16 160,000 803.88 1,286,208 23,117,004
Abcam ♥ Dr. Jonathan Milner 19 Sep 16 1,000,370 803.88 8,041,774 21,994,934
Ashmore   Tom Shippey (fd) 19 Sep 16 215,780 341 735,810 120,000
Fisher (James) & Sons ♥  NP Henry (ce) 21 Sep 16 7,989 1,628 130,061 194,962
Frenkel Topping Richard Fraser 15 Sep 16 2,700,476 50 1,350,238 1,254,361
Gulf Marine Services  Duncan Anderson (ce) 19 Sep 16 600,000 50 300,000 2,014,622
Gym Group (The)  Paul Gilbert 15 Sep 16 332,713 210 698,697 887,776
Onesavings Bank  Andy Golding (ce) 15 Sep 16 100,000 266.28 266,280 1,900,000
Onesavings Bank  Andy Golding (ce) 20 Sep 16 112,470 266.28 299,485 1,650,000
Onesavings Bank  Andy Golding (ce) 19 Sep 16 85,395 265.11 226,391 1,762,470
Onesavings Bank  Andy Golding (ce) 16 Sep 16 52,135 265.01 138,163 1,847,865
Regus Mark Dixon (ce) 19 Sep 16 37,000,000 275 101,750,000 257,701,874
SThree  Justin Hughes 15 Sep 16 40,000 255 102,000 555,070
Zoopla Property Alex Chesterman (ce) 19 Sep 16 4,250,000 325 13,812,500 8,519,632
* Placing/tender/open offer ♥ spouse/connected party Ω ISA/SIPP/Trust ; Value cut-off: £11,000; Source: Morningstar/Investors Chronicle



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