15 November 2018 – directors’ dealing
Executive director Fiona Shepherd has sold 270,000 shares at 56.5p ‘to provide additional liquidity’ and Andy Nash, who is a Non-Executive Director, has bought 50,000 shares at the same price. The former retains a holding of 1,000,073 shares, whilst the shares purchased represent the latter’s entire holding. Regardless of the reasons, the sale of shares by directors is rarely a positive signal. However, given other positive developments at the company such as a recent disposal, we keep our BUY rating.