Citywire printed articles sponsored by:
View the rest of this gallery online at http://citywire.co.uk/money/gallery/a631269
Shares the pros are buying and selling
We look at four share trades by professional investors in Symphony International Holdings (SIHL.L), Vislink (VLK.L), Lamprell (LAM.L) and Superglass Holdings (SPGH.L).
by David Campbell on Nov 09, 2012 at 07:46
John Pennink raises Symphony International Holdings stake
Pennink increased his stake in the company from 3.2 million shares to 41.89 million worth $26.8 million (£16.61 million) at a share price of 62 US cents a share.
While some of that increase is accounted for by the dilution impact of a $100 million rights issue launched last month, the manager also upped the total percentage of shares he holds.
Singapore-based Symphony invests in Asian consumption growth, primarily through stocks in the healthcare, hospitality, lifestyle and high-end real estate sectors.
Following the rights issue, broker Panmure Gordon cut its price target from $1.18 to $1.13, rated 'buy'.
In first half results in mid-August the company reported a net asset value of $1.24 per share, meaning it trades at a discount of exactly 50% to the most recent estimate. Symphony has since announced two profitable exits likely to have boosted the portfolio, however.
Hermes Fund Managers takes profits on Vislink
Leading activist investor Hermes Fund Managers has taken profit on its stake in broadcast technology specialist Vislink following a near-60% run-up in its shares.
Hermes previously held 6.82 million shares or more than 5% of the company worth £1.7 million at a share price of 25p, up 58.49% over the past 12 months.
A subsidiary of the BT Pension fund, Hermes manages almost £30 billion in 'responsible' investment strategies across a range of assets. The stake was held by Hermes Equity Ownership, its activist and advisory division.
Vislink supplies broadcast, communication and surveillance systems internationally, with a client base which includes many of the worlds major broadcasters.
The company returned to the black in the first half of 2012, with a profit of £733,000, up from a loss of £3.7 million previously. A programme of cost cutting was sufficient to outweigh a 14% fall in orders for its satellite terminal technology.
Whitney George raises Lamprell holding
George upped his stake in the business from 10.05 million shares to 12.96 million or 4.98% worth £10.63 million at a share price of 82p, down from 337p in mid-May.
The manager is co-chief investment officer and managing director of Legg Mason subsidiary Royce & Associates. The stake is held across a number of his funds, such as the Royce Low Priced Stock fund.
Lamprell has issued no less than three profit warnings this year on supply chain problems and delayed projects, with a series of senior executives throwing themselves on their swords.
The business is trading at a discount to the market, at 7.08 times 2013 expected earnings versus a FTSE All Share average of 10.61, and a dividend yield of 6.24% versus 4.19%.
Peter Gyllenhammar buys more Superglass shares
Activist investor and entrepreneur Peter Gyllenhammar has ramped up his investment in troubled insulation specialist Superglass Holdings as it struggles to escape a restructuring and sales slump.
Gyllenhammar increased his stake in the business from 4.09 million shares to 7.39 million or 14.7% worth £369,656 at a share price of 5p, down 88.8% from 40p over the past year.
The former analyst and corporate adviser seeks out businesses which he believes are trading at a substantial discount to net asset value, often seeking board membership.Creditor Clydesdale Bank was left holding 23% of the business in the form of convertible equity following a financial restructuring at the end of 2011.
In an interim statement in July the business warned it faced ‘extremely challenging’ conditions, on both the construction slowdown and reduced government support for green investment.
Following a profit warning in the first half of the year it said it was revising its full-year sales expectations down once more.
More about this:
Look up the shares
- Symphony International Holdings Ltd (SIHL.L)
- Vislink PLC (VLK.L)
- Lamprell PLC (LAM.L)
- Superglass Holdings PLC (SPGH.L)