You are currently browsing the daily archive for April 9, 2009.

Tomkins (TOMK,151p). this stock has run from 95p in November to above 150p now. So it is interesting to see a PDMR (senior management, but not board level) selling down his holding. Terry O’Halloran has sold 62147 shares at 147.5p, taking his holding to 363,000.

TUI Travel (TT., 255p). Another stock that is up 70% from its November lows. The Commercial Director, Will Waggott, has sold 70,000 shares at 252.27p, only a few pennies shy of where CEO James Long sold all the 828,000 shares he exercised in May 2008. The shares might start to run into a bit of resistance here.

Rotork (ROR, 844p). Carlos Elvira, the Sales and Marketing director, has a track record in his dealings:

13th May 2008, sold Rotork shares at 1146p

24th October 2008, bought Rotork shares at 664p

6th April 2009, sold Rotork shares at 818p

+ Beazley (BEZ, 99p) announced a purchase by Non Executive Chairman Jonathan Agnew of 15,000 shares at 93.77p (April 8th 2009), taking his holding to 213,000 shares. Agnews colleagues Andrew Beazley and Andrew Horton both dipped their toes in the water and bought a negligible number of shares when compared to their existing holdings back in the October slump at around 87-89p. The stock rallied to 130p, and is now back below a pound. If we see more non exec purchases we’ll look to take action.

Tim Bolton Carter, the Investment Director at Rathbone Brothers (RAT, 808p), has made a small purchase of 1000 shares at 758p (March 30th London Stock Exchange). We’ve seen only sales by directors of Rathbones for the last six months, on which we based our negative view.

But this is the first purchase, and may signal a change in sentiment within the group.

We close our negative view on Rathbone Brothers.

Note of September 25th: ‘Rathbone private client managers sell down holdings’. (1060p)

Since then, Rathbones shares have fallen 24%, which is 8% worse than the market.

View on Rathbones: Neutral

Ian McHoul, a non executive director of Premier Foods (PFD, 33p) last week sold 177,000 shares at between 34.67p and 34.75p, to take his holding to zero.

We turned positive on Premier Foods on October 21st at 32.25p, on the news that 7 directors and 4 PDMRs bought shares (followthedirectors comment of October 21st here).

It has been a bit of a roller coaster ride in this one, with the shares driven this way and that over funding concerns, trading as low as 16p and as high as 38p.

These concerns were addressed at the beginning of March, when the company raised GBP 37om net of expenses, which gives them plenty of breathing room with the debt covenants pushed out to 2013 (Independent article of 6th March).

We close our positive view as a result on the sale of shares by the non exec.

Performance since October 21st 2008: +3% absolute, -6% relative.

View on Premier Foods : Neutral

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