HomeMarketsParker caps Anglo’s sell-off

Parker caps Anglo’s sell-off

Shares in Anglo American have risen 84 per cent base-to-apex within the past 12 months, a reflection of improved commodity pricing combined with cumulative rationalisation measures.

Earlier this year, it was announced that the miner’s chairman, Sir John Parker, had decided to call it a day after an eight-year tenure in which he oversaw the sale of numerous assets deemed surplus to requirements, the latest of which — an 88.2 per cent interest in the Drayton thermal coal mine in New South Wales — was announced this month.

Not all of the sales met with universal shareholder approval, but no one pretends that it has been plain sailing for Sir John since he came on board, particularly given the weakness in underlying markets through 2014-16.

But prices for speciality metals and bulks, most notably iron ore, strengthened considerably through last year. The consequent rise in cash flows, along with the asset sales, enabled the embattled commodities giant to reduce net debt as a proportion of shareholder funds by around two-fifths since the end of 2015. So he leaves the group, if not in rude health, then certainly in better trim than he probably might have thought possible 18 months ago.

Shares in London Stock Exchange rocketed following the announcement of its proposed merger with Deutsche Börse in February last year. Despite the deal finally falling through this April on competition grounds, very little of these gains have fallen out of the share price. Now chief executive Xavier Rolet has sold shares in the group worth £1.8m.

Even without completing the deal, London Stock Exchange looks in pretty good shape. Income from continuing operations was up almost a fifth during the first four months of the year at £459m; information and post-trade services have led the way in terms of revenue growth.

Global clearing business LCH increased revenue by almost a third during this period, thanks to growth in over-the-counter clearing of derivatives contracts through its SwapClear platform. Meanwhile, demand has remained high for information services, with sales up 9 per cent on a like-for-like basis during the first four months of the year. This is largely due to the popularity of FTSE Russell indices.

Directors’ Deals, May 8 2017
Company Director Date No of shares Price (p) Value (£) Holding (shares)
BUY
Abcam  Gavin Wood (cfo) 2/5/17 5,700 889.75 50,716 11,975
Aberdeen Latin American Income Fund  Martin Adams 2/5/17 24,450 73 17,849 74,000
Alliance Trust  Anthony Brooke 2/5/17 10,000 685.75 68,575 13,000
Alliance Trust  Karl Sternberg 2/5/17 3,000 687 20,610 6,092
Barclays  Ian Cheshire 2/5/17 50,000 210 105,000 50,000
Blue Prism Charmaine Eggberry 28/4/17 9,488 670 63,570 330,000
Character Jeremiah Healy 27/4/17 5,000 470 23,500 41,000
Character Mark Dowding (cfo) 27/4/17 8,000 470 37,600 108,000
Connect David Bauernfeind (cfo) 27/4/17 20,000 127.4 25,480 20,000
Connect Gary Kennedy (ch) 28/4/17 10,000 126.4 12,640 30,000
Crawshaw Jim McCarthy 27/4/17 190,000 26.5 50,350 190,000
Falanx* Mike Read (ch) 3/5/17 727,273 6.875 50,000 1,977,273
Frontier Developments  Charles Cotton 27/4/17 10,000 335 33,500 84,339
Frontier Developments  Charles Cotton 28/4/17 5,000 335 16,750 89,339
JPMorgan US Smaller Companies  Christopher Galleymore 2/5/17 10,000 258.375 25,838 60,000
John Laing♥ Olivier Brousse (ceo) 27/4/17 6,873 289.35 19,887 168,929
KAZ Minerals  Charles Watson 28/4/17 1,532 510.4 7,819 5,156
LoopUp Barbara Judge (ch) 27/4/17 10,000 155 15,500 33,754
Man Group Katharine Barker 3/5/17 40,000 153.9466 61,579 40,000
Mobile Tornado* Avi Tooba (ceo) 3/5/17 3,000,000 5 150,000 3,000,000
Mobile Tornado* Jeremy Fenn (ch) 3/5/17 3,000,000 5 150,000 11,434,752
Mobile Tornado* Peter Wilkinson 3/5/17 6,000,000 5 300,000 34,146,141
Morses Club  Nigel Knowles 27/4/17 12,000 134.25 16,110 35,148
Oakley Capital Investments  Peter Dubens 28/4/17 100,000 152.19 152,190 2,048,167
Proteome Sciences♥  Martin Diggle 27/4/17 100,000 5 5,000 54,043,715
Proteome Sciences♥  Martin Diggle 2/5/17 100,000 5 5,000 54,143,715
Taylor Wimpey  Angela Knight  27/4/17 5,000 198.87 9,944 5,000
Tesco  Alison Platt 3/5/17 11,185 177.8 19,887 11,185
Thor Mining♥  Paul Johnson 3/5/17 500,000 0.879 4,395 8,002,649
Troy Income & Growth Trust♥  David Garman 3/5/17 30,000 79.25 23,775 100,000
Troy Income & Growth Trust♥  David Warnock (ch) 3/5/17 100,000 79.2 79,200 500,000
Troy Income & Growth Trust  Roger White 3/5/17 200,000 79.25 158,500 300,000
Troy Income & Growth Trust♥  Jann Brown 3/5/17 62,563 79.5 49,738 87,563
Unilever  John Rishton 27/4/17 2,000 3965.9684 79,319 2,000
Upland Resources♥  Bolhassan Di 27/4/17 1,000,000 1.29 12,900 11,096,160
Vesuvius  Holly Koeppel 27/4/17 7,500 533.4421 40,008 7,500
Westmount Energy*  Dermot Corcoran 3/5/17 1,500,000 5 75,000 4,500,000
Westmount Energy*  Gerrard Walsh (ch) 3/5/17 1,550,000 5 77,500 4,650,000
Westmount Energy*  Thomas O’Gorman 3/5/17 1,550,000 5 77,500 4,650,000
WideCells* David Bridgland (cfo) 28/4/17 80,000 12 9,600 332,552
WideCells* Graham Hine (ch) 28/4/17 40,000 12 4,800 3,238,698
WideCells* Marilyn Orcharton 28/4/17 15,000 12 1,800 150,952
WideCells* Lopes Gil 28/4/17 15,000 12 1,800 8,035,000
WideCells* João Andrade (ceo) 28/4/17 20,000 12 2,400 8,040,000
SELL
AB Dynamics  Rob Hart (fd) 3/5/17 1,985 575 11,414 17,347
AB Dynamics♥  Tim Rogers (ceo) 3/5/17 6,000 571 34,260 392,953
Anglo American  John Parker (ch) 28/4/17 62,696 1107 694,045 0
Jupiter Fund Management  Edward Bonham Carter 27/4/17 667,153 475 3,168,977 10,006,892
London Stock Exchange Xavier Rolet (ceo) 2/5/17 53,500 3382 1,809,370 547,588
Mithras Investment Trust  David Shearer 27/4/17 2,891 217.5581 6,290 6,914
Mithras Investment Trust John Mackie  27/4/17 2,892 217.5581 6,292 6,912
Mithras Investment Trust  Miriam Greenwood  27/4/17 2,805 217.5581 6,103 6,708
Taylor Wimpey  Michael Hussey 28/4/17 50,000 199.8 99,900 100,000
* Placing/tender/open offer ♥ spouse/connected party; Source: Morningstar/Investors Chronicle

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