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4 shares the pros are buying and selling

Our regular roundup of trades by professional investors, featuring Tatton Asset Management, Columbus Energy Resources, Savills and Cairn Homes.

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Key stats
Market capitalisation£105m
No. of shares out56m
No. of shares floating36m
No. of common shareholdersnot stated
No. of employees69
Trading volume (10 day avg.)m
Turnover£12m
Profit before tax£5m
Earnings per share2.15p
Cashflow per share2.43p
Cash per share1.23p

Tatton Asset Management

Citywire A-rated David Taylor and James Baker have increased their stake in specialist investment management firm Tatton Asset Management (TAMT) three months after the company first listed on AIM.

The managers have upped their holding in the business from below a disclosable level to 5.2% of the shares worth £5.6 million at a share price of 191.7p, up 7.7% over the last month. The shares are mainly held in their Chelverton UK Equity Growth fund.

Tatton Asset Management is formed of three companies: a discretionary fund manager business, a support service provider and a mortgage service. It was admitted to trade on the AIM market following a £87.2 million IPO over the summer. The 55.9 million ordinary shares admitted on AIM were priced at 156p per share on 23 June.

The pair participated in the IPO with Baker commenting at the time: ‘Tatton has a low cost model, which means it is well set up. The platform [side of the business] is adding assets at a rate of between £80 million to £100 million a month.’

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Key stats
Market capitalisation£38m
No. of shares out539m
No. of shares floating503m
No. of common shareholdersnot stated
No. of employees42
Trading volume (10 day avg.)15m
Turnover£5m
Profit before tax£-2m
Earnings per share-4.26p
Cashflow per share-3.36p
Cash per share0.44p

Columbus Energy Resources

Schroders co-head of pan-European small caps Andy Brough has sunk £3 million into a capital raising by Trinidadian oil company Columbus Energy Resources (CERP), following a boardroom shake-up.

Brough, who directly runs the £1.1 billion Schroder UK Mid 250 and £705 million UK Smaller Companies funds, will take 10% of equity in the business following the investment.

His backing, which installs the house as one of the first major City institutions on the share register alongside long term backer Commerzbank, occurred in parallel to a £1 million open offer Columbus Energy effectively relaunched this spring, changing its name from LGO Energy as industry veteran Leo Koot was installed as executive chair.

A series of capital reorganisations and a 2015 default - against a backdrop of the collapse in oil prices - have cut the share price 93% since 2014, from 120p to 7p following this week’s cash injection, adjusting for a 20:1 share consolidation earlier this year.

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Key stats
Market capitalisation£1,324m
No. of shares out142m
No. of shares floating132m
No. of common shareholdersnot stated
No. of employees32361
Trading volume (10 day avg.)m
Turnover£1,446m
Profit before tax£143m
Earnings per share47.72p
Cashflow per share62.27p
Cash per share159.93p

Savills

Citywire AAA-rated midcap veteran Richard Watts has near halved his exposure to upscale estate agent Savills (SVS) as its shares climb back to approach a record high.

Watts slashed his investment in the company from 9.1% of shares to 4.7% worth £61 million at a share price of 927p, versus 2015’s all-time peak of 980p.

The shares are primarily held in his £2.9 billion Old Mutual UK Mid Cap fund with a much smaller position held in A-rated colleague Dan Nickols’ UK Smaller Companies fund.

Savills has experienced a dramatic reversal over the last 15 months, climbing 65% from its immediate post-Brexit selloff low of 548p.

Despite an ongoing slowdown in its domestic property market, sterling depreciation on its overseas earnings has helped flatter Savills in the last year. Group revenue rose 15% in sterling terms over the first half of 2017, almost half of which was due to FX.

Numis in August reiterated its buy guidance in a 996p price target.

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Key stats
Market capitalisation£1,498m
No. of shares out847m
No. of shares floating702m
No. of common shareholdersnot stated
No. of employees38
Trading volume (10 day avg.)4m
Turnover41m EUR
Profit before tax4m EUR
Earnings per share0.00 EUR
Cashflow per share0.00 EUR
Cash per share0.06 EUR

Cairn Homes

Kames’ Citywire A-rated head of equities Stephen Adams has upped his stake in London-listed Irish housebuilder Cairn Homes (CRN), as its shares have rolled over from a record high early last month.

Adams increased his investment to 3.8% of the business worth €47.2 million (£36 million) at a share price of €1.62.

The stake is held in the Kames UK Equity portfolio, which Adams runs alongside co-manager Philip Howarth.

Cairn Homes raised €384 million from investors in June 2015, reportedly becoming the first Irish housebuilder to join the London markets in more than 20 years. From a list price of €1 it hit a high of €1.78 in September.

The company reported revenue 157% higher over the first half of the year. Investec late last month cut its guidance on the stock from buy to hold, on a price target of €1.75.

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