strategic stakes and holdings – july 2005€¦ · strategic stakes and holdings – july 2005...
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Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
ADVFN (AFN) Internet Peter O’Reilly On-line New Media Spark
9.05% (41,600,000) 24.85% (114,300,000) 7.94% (36,500,000)
+8,380,000 14/02/05 3p Interims were out 30/03.
Aerobox (ARX) Containers George Robinson L-R Managers
5.5% (7,350,000) <3%
28/09/04 15/06/05
6.75p AGM statement was out 19/05.
Afren (AFR) Oil Lansdowne Partners
7.68% (12,410,000) 35.5p Listed on AIM, 14th March.
Air Partner (AIP) Transport services
Anthony Mack (Ch.)
18.9% (1,762,000) -1,500,000 20/04/04 593p Interims were out 07/04.
Airsprung Furniture (APG)
Furnishings Redbird Holdings
29.12% (6,956,000) +480,000 15/12/04 22.5p Finals were out 17/06.
Albemarle & Bond (ABM)
Retail JO Hambro EZCorp.
7.46% (3,444,000) 28.73% (13,277,000)
+641,000 25/04/05 121.5p Interims were out 07/02/05.
Alterian (ALN) Data Processing
JO Hambro 9.04% (3,605,652) +100,000 26/05/04 109.5p Q1 due 28/07.
Alliance Pharma (APH)
Investment Nigel Wray (Syncbeam) John Dawson Stella Dawson RAB Capital
6.58% (9,605,407) 31.68% (46,685,000) 10.57% (15,576,000) 8.83% (13,018,399)
+3,250,000 23/06/05 20.5p AGM statement was out 21/06.
Alliance Unichem (AUN)
Medical Stefano Pessina (CEO)
29.97% (108,778,211) 05/05 851p Last trading statement 22/06.
Amberley Group (AMB)
Diversified Guy Naggar Peter Klimt
30.0% (10,572,193) 30.0% (10,572,192)
05/08/04 05/08/04
10.75p Cash shell. NAV 6.95p (31/10/04). Recent rights issue at 10p, August 2004. Interims were out 28/01, £2.3m cash.
Amco Corp. (ARP)
Building Leonard Licht Amco Investments
5.24% (677,500) 49.87% (6,451,318)
+50,000 -130,000
23/11/04 05/04/05
143p Finals were out 01/04.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
AMEC (AMEC) Construction Toscafund (Martin Hughes) Fidelity
8.65% (28,714,088) 14.23% (47,369,221)
+3,500,000 +2,668,966
12/07/04 09/05/05
332p Last trading statement 30/06.
Andrews Sykes (ASY)
Rental Jacques Murray (Chairman) (84)
85% (49,608,000) 180p Finals were out 25/04.
Anglo & Overseas (AOT)
Investment Trust
Carrousel QVT Associates Citigroup
28.46% (29,768,339) 4% (4,190,000) 9.2% (9,626,385)
+7,100,000 15/02/05 16/09/04 17/06/05
228p Winding up and reconstruction announced 28/04.
Anglo Pacific (APF)
Diversified Ransomes Dock
10.97% (10,378,289) 14/01/05 105p
Antofagasta (ANTO)
Minerals Andronico Luksic
65.08% (128,320,246) +9,000 20/05/04 1224p AGM statement was out 14/06.
Aortech International (AOR)
Medical Peter Gyllenhammar (Erudite) Caricature (Founder & former Chairman) Isis
11.21% (427,213) 12% 24.9% (950,000)
+95,500
26/08/04
103p £6.7m cash, the stock had a 1 for 10 consolidation 01/09/03. Interims were out 21/12/04.
API Group (API) Paper Steel Partners II LP
29.99% (10,150,000) +825,000 13/01/05 146p Bid approach (11/02/05) from Illinois Tool Works. Talks now off. Interims were out 01/06.
Arena Leisure (ARE)
Racetracks Trevor Hemmings (Rumney Manor) Goldman Guild Ventures
6.099% (22,000,000) 4.91% (17,751,901) 35.4% (127,663,000)
01/03/05
40.5p AGM statement was out 13/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Ark Therapeutics (AKT)
Medical Lansdowne Partners Merlin Resources
7.06% (8,928,500) 6.87% (8,682,290)
+350,000 -5,000,000
03/05/05 19/01/05
101p Finals were out 10/03/05.
Arla Foods Dairy Arla Amba 51% (310,859,000) 71p Interims were out 27/05. October expiry for deadline.
Arlington Group (ARL)
Investment Nick Barham
59.6% (38,810,219)
+4,511,000
24/11/03 38.5p Interims were out 26/11/04. Subject to restructuring.
Armour Group (AMR)
Audio Southwind 17.01% (9,140,152) +380,000 24/05/05 54p AGM statement 08/12/04. Bob Morton is Chairman.
Ashley (Laura) (ALY)
Retail MUI Dr. Khoo Kay Peng
34.3% (255,938,000) 24.3% (181,446,000)
12.5p
AGM statement was out 16/06/05.
Ashtead (AHT) Rental Investeringsselskabet Goldman Cantor Barclays
3.07% (10,000,000) 8.38% (27,310,682) 3.4% (10,974,000) 11.43% (37,236,294)
+250,000 06/01/04 24/06/05 16/02/05
98p Investeringsselskabet is a Danish investment bank. Finals were out 07/07/05, placing of 73.4m shares @ 95.5p.
ASOS (ASC) E-commerce Quentin Griffiths Grahger Capital Man Financial Fidelity
10.53% (7,350,000) 3.33% (2,325,000) 3.94% (2,817,253) 6.75% (4,842,900)
-1,300,000 +250,000 +553,700
15/09/04 14/10/04 08/03/05 05/07/05
54p Last trading statement 09/06/05.
Aston Villa (ASV)
Sports Trefick Doug Ellis (Chairman)
20.16% (2,308,409) 38%
+24,887 20/04/05 384p Subject to possible approach. Property assets reported to be worth £40m, NAV could be as high as 443p.
Austin Reed (ARD)
Retail Dawnay Day ForwardIssue Jetpath Kevin Stanford
29.8% (9,534,000) (550,000) CFD (550,000) CFD 3.05% (975,000)
+1,183,000 +75,000
04/05 21/04/05
118p Dawnay Day has effectively taken on Shami Ahmed’s stake via Cantor. Last AGM statement 07/06/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Avingtrans (AVG) Metal processors
Guy Thomas Nigel Wray F&C Asset
3.31% (472,500) 5.27% (751,000) 20.9% (2,983,333)
-25,000
21/12/04 10/05/05
127p Last trading statement 13/05/05.
AWG (AWG) Water K Capital 4.52% (6,515,486) -5,126,265 11/07/05 970p Interims due 24/11.
Beale (BAE) Retail Lawdene Ltd (Thomson Family)
24% (4,964,000) 2000 70p Lawdene describe their stake as a ‘trade investment’. Interims were out 23/06. Lawdene is a subsidiary of privately owned Hoopers. Takeover talks terminated.
Benfield Group (BFD)
Insurance
Highfields Capital
4.5% (10,567,000) +880,000 23/03/05 261p Last trading statement 10/06
Berkeley Group Holdings (BKG)
Building Saad Investments Lansdowne Partners
22.06% (26,650,000) <3%
+1,180,000 07/07/05
889p Finals were out 24/06/05.
Berkeley Technology (BEK)
Finance Peter Gyllenhammar Arthur Trueger
6.4% (4,095,000) 29.9% (19,261,000)
+945,000
11/02/04
8.75p Previously London Pacific Group. Q1 were out 12/05.
Bidtimes (BDT) Investment Dawnay Day Richard Griffiths
19.27% (3,348,742) 34.99% (6,078,000)
+190,000 25/04/05 7.13p
Billam (BLLM) Investment Angus Forrest Caldwell Investments Nile Invs. David Barry (Value Investments) William Weston Stephen Wickes
11.16% (1,123,000) 10.3% (1,039,750) 2.93% (590,000) 2.49% (500,000) 5.47% (1,100,000) 4.2% (430,000)
+50,000 +93,250 +50,000 +250,000 +100,000 +50,000
12/04/05 19/04/05 20/04/04 28/02/05 30/06/05
25.5p 1 for 100 consolidation now effective. Last AGM statement 23/03/05. NAV 67.5p (26/04/05).
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Billing Services (BILL)
Finance Lansdowne Partners
4.4% (8,053,000) 23/06/05 84.5p
Biofuels (BFC) Chemicals Toscafield (Martin Hughes) Morgan Stanley
zero 16.4% (7,384,237)
22/04/05 24/05/05
134p Finals due 14/07.
Bizspace (BIZ) Real Estate Trefick Safeland
17.95% (14,778,477) 8.44% (6,616,000)
+6,162,773 25/01/05
57p Finals were out 16/05.
Brixton (BXTN) Real Estate Trefick
5.4% (14,590,000) 353p Prelims were out 22/03/05.
Brown (N) Group (BWNG)
Retail Alliance family Lansdowne Partners
48% <3%
31/03/05
147p Finals were out 10/05.
BSkyB (BSY) Television News Corp.
36.2% (686,022,000) 529p
Burberry (BRBY) Retail GUS
66% (329,973,000) 387p Finals were out 25/05. GUS will spin off its remaining stake.
Caffe Nero (CFN) Retail JO Hambro Paladin Partners 1
4.79% (3,310,207) 32% (21,321,982)
-482,970 -1,452,181
23/03/05 09/02/05
194p Last trading statement 25/05.
Cambridge Antibody (CAT)
Medical Genzyme AstraZeneca
8.98% (4,600,000) 19.9% (10,218,000)
12/04
635p Interims were out 16/05.
Cambridge Mineral Resource (CMR)
Diamonds RAB Capital 20.03% (27,396,783) +4,000,000 20/04/05 6.5p Finals were out 24/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Caplay (CLY)
Financial Services
UBS Silverslaggen Anthony Fabrizi Philip Reid Terry Ramsden Patrick Claridge (CEO)
8.31% (14,960,576) <3% 15% (15,000,000) 5.5% (9,970,000) 9% (16,700,000) 2.2% (4,000,000)
-12,700,000 +1,500,000 -30,000,000 +2,000,000
11/03/05 07/07/04 05/05/04 05/05/04 10/03/05 10/03/05
1.88p Cash shell. £3m cash. Finals were out 28/11/03. Previously Murray Financial, Resurge has sold out. Raising £2.4m by issuing 80m shares at 3p per share. Ramsden retains an option over 35m shares at 5p, expiring 26/07/05.
Carbo (CAB) Manufacturing Roy Mitchell Lord Hodgson
7.25% (4,455,000) 16.29% (10,009,332)
+350,000 17/11/04 5.5p Suspended pending clarification of finances. Placing in August last year at 10p.
Cardpoint (CASH)
Commercial Services
Dermot Desmond Morgan Stanley
1.83% (600,000) 5.02% (3,050,000)
-850,000
27/04/05
130.5p Interims were out 16/05.
Carpetright (CPR)
Retail Lord Harris Harris Associates
23.08% (15,849,297) 7.08% (4,801,105)
+53,305
04/07/05 30/06/05
941p Finals were out 28/06.
Carphone Warehouse (CPW)
Electronics Charles Dunstone Peter Ross
33.92% (298,478,535) 22.09% (193,840,759)
-6,000,000
06/07/05 17/06/05
180p Finals were out 07/06.
Carr’s Milling (CRM)
Agricultural Heygate & Sons
16.4% (1,333,000) -282,000 11/04 533p Interims were out 19/04.
Catalyst Media Group (CMX)
Audio/Video Paul Curtis Banklawn Directors
<3% 4.77% (6,700,923) 30%
-950,000 -750,000
02/11/04 14/10/04
Suspended Strategic Investment has bought 5m shares at 20p and is locked in for 12 months. Recently raise £2.8m placing 13m shares at 21p. In talks to buy UBM’s SIS stake. Interims were out 01/07. Previously Newsplayer Group.
Ceps (CEPS) Footwear David Abell Martyn Stowey
6.06% (10,800,000) 4.26% (6,160,899)
+800,000 +4,875,000
10/05/05 18/05/04
2.25p Placing 96m shares at 1p. Stowey is a former director. Last AGM statement 10/06. Name change from Dinkie Heel. The concert party including Abell accounts for 49.69%.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Chapelthorpe (CPL)
Miscellaneous Amberley (inc. CFDs) Cantor Fitzgerald
5.97% (12,173,860) 7.19% (14,673,860)
20/04/05 20/04/05
15.5p Finals were out 07/06.
Charter (CHTR) Manufacturing Guinness Peat 3.74% (5,635,972)
-2,500,000
29/10/04
304p Finals were out 23/03/05.
Chaucer Holdings (CHU)
Insurance BRIT Insurance
8.73% (25,505,304)
-2,750,000 24/01/05
63p Bid talks terminated.
City Lofts (CTF) Real Estate Conran & Partners
3.4% 99p Prelims were out 02/06.
Civica (CIV) Computer services
Alchemy 39% (17,558,000) 222p Joined the market 1 March 2004 @ 175p. Interims were out 15/06.
Civilian (CCN) Broadcast Crispin Barker & David Aspin Richard Thompson
27.951% (11,990,885) 25.9% (11,000,000)
+350,000 29/04/05 10p Finals are due 30/03/05.
Clapham House (CPH)
Restaurants Shell 5.3% (1,060,000) +150,000 05/03/04 131p Listed at 100p 10/11/03 by David Page/Paul Campbell (ex Pizza Express). Recent placing at 140p. Prelims were out 10/06.
Clarity Commerce Solutions (CCS)
Software Groundlinks Graham York Bob Morton (Ch.)
8.7% (1,343,000) 21.9% (3,488,000) 5.78% (891,667)
+225,000
20/02/04 03/03/04
67.5p Finals were out 06/07.
Clarkson (CKN) Transport CMB Group Employee shares
18.47% (2,999,634) 30.523% (4,959,000)
+220,000 30/04/04 762p CMB is one of Clarkson’s clients. Last AGM statement 25/05.
CML Microsystems (CML)
Semiconductors
Eaglet Liontrust
4.52% (660,794) 15.38% (2,290,202)
+140,000 +170,000
05/08/04 07/07/05
350p Interims were out 23/11/04.
Collins Stewart Tullett (CSTL)
Finance ToscaFund 9.77% (18,584,182) +4,400,000 09/08/04 479p Last AGM statement 02/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Colt Telecom (CTM)
Telecoms Fidelity 58.25% (877,885,000) +24,636,000 08/04 66p Q! figures were out 21/04.
Comino Group (CMO)
Applications software
Constellation Software
zero -1,821,465 16/10/03 245p Last AGM statement 01/07.
Communisis (CMS)
Printing Active Value North Atlantic Value LLP SVG Capital
7.1% (10,334,000) 11.17% (16,090,000) 4.1% (5,900,000)
+930,000
09/06/05 18/03/05
100p Last trading statement 23/06.
Compel (CGR) Computers Unicorn (includes Eaglet) Artemis
21.3% (6,598,296) 10.9% (3,620,000)
+360,000 +90,000
15/02/05 11/01/05
92.5p Interims were out 23/02. SCH has sold out.
Computerland (CPU)
Retail Graham Gilbert Eaglet
37.2% (3,800,000) 8.069% (819,000)
-115,000 +70,000
28/02/05 03/06/04
172p Finals were out 23/06.
Corporate Services Group (CSV)
Human Resources
Active Value Michael Ashcroft
40.62% (433,454,908) 13.2% (140,517,682)
+10,000,000
04/05/04 01/10/04
7.5p Active Value has also increased its stake in the 7.5% convertible notes by 1,000,000 to 6,989,000. Last AGM statement was 08/06.
Corus (CS)
Steel Gallagher Holdings (Usmanov) Oleg Deripaska CSFB Brandes
13.2% (584,826,632) 3% 15.17% (645,413,407) 11.1%
15/02/05 13/06/05 27/06/05
44p Usmanov is a Gazprom executive. Full year results were out 17/03/05. CSFB has entered into a finance and stock lending agreement with Usmanov.
Crest Nicholson (CRST)
Builders Heron 23.41% (26,200,000) +1,500,000 11/11/04 405p Trefick has fallen below the disclosable level of 3%. Interims were out 23/06. Heron are prevented from bidding again before November 4th.
CSR (CSR) Semiconductors
Lansdowne Partners Deutsche Amadeus
4% (5,881,500) 3.67% (4,537,128) <3%
30/06/05 15/06/05
31/12/04 24/03/05
443p Interims due 28/07/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
CSS Stellar (CSS) Consulting Acquisitor Julian Jakobi (Joint CEO)
11.2% (3,228,000) 14.8% (4,278,746)
+385,000 +10,000
17/03/05 13/05/05
50p AGM statement was out 17/05/05.
Culver Holdings (CVE)
Insurance Credit Lyonnais
17.1% (2,175,942) +50,000 26/04/04 5.25p Prelims were out 29/04.
DA Group (DAG)
Entertainment Colin McNab Man Financial
5.8% (1,382,144) 5.03% (1,197,000)
-15,000 +190,000
02/03/05 07/07/05
71p Final results were out 07/07. Recent placing of 6.3m shares at 55p.
Dart Group (DTG) Transport Philip Meeson JO Hambro
41.29% (14,080,000) 3.7% (1,267,440)
-100,000
20/01/04 06/04/04
288p Finals were out 16/06.
Datamonitor (DTM)
Finance Michael Danson (CEO) Fidelity
37% (26,017,000) 14.96% (10,488,716)
-2,884,819 -31,000
17/09/04 06/04/05
174p Last trading statement 23/05.
DAT Group (DA) Telecomms Cantor JO Hambro
3.01% (563,200) 4.03% (752,500)
02/06/05 20/04/05
313p
Dawson International (DWSN)
Textiles GPG International Fashion Cantor Fairmont Trading ( E Gallo) Giovanni Ghione
24.82% (25,361,990) zero 4.89% (5,000,000) 9.78% (10,000,000) 11.62% (13,113,800)
-5,000,000 -18,800,000 +10,000,000
15/06/05 06/06/05 20/06/05 14/06/05
9.5p The company has recently moved to AIM. Last AGM statement 29/06.
DCS Group (DCS)
Software T & N Holdings Southwind Harry Vernon
5.99% (1,500,000) 9.78% (2,450,000) 4.07% (1,020,000)
+450,000 +750,000 +160,000
24/08/04 07/12/04 16/02/05
13.5p Finals were out 04/05.
Deal Group Media (DGM)
Internet Security
JO Hambro
6.69% (24,850,000) -725,000
18/02/05
19.5p Deal Group reversed into IBNet in 2003. Finals were out 29/03.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Delta (DLTA) Diversified Edouard Stern (Chairman) (deceased) Goldman Sachs MFP Investors Dawnay Day & associated parties Steel Partners II LP Cantor
26% (39,370,000) 7.94% (12,080,369) 7.76% (11,780,000) 7.2% (10,800,000) 6.5% (9,763,000) 4.0% (6,075,000)
+15,120,000 +84,273 +1,800,000 +1,225,000 -165,710 +901,000
25/03/03 24/06/05 11/11/03 18/10/04 03/05 29/04/05
129p Last trading statement 08/07. North Atlantic now below 3%.
Deltron Electronics (DET)
Electronics Acal Artemis Unicorn
7.365% (3,012,000) 7.039% (2,064,328) 29.05% (11,929,819)
-200,000 +56,479
10/02/03 04/12/02 21/04/04
56p Acal reduced their stake in February 2003. Placing and open offer in October at 60p. Interims were out 09/06.
Densitron Technologies (DSN)
Electronics Silverslaggan (Gyllenhmmr) Trafalgar
20.2% (13,020,110) 13.2% (8,537,000)
+25,000 04/05 04/05
8.13p Densitron owns 24.9% of Vbest Electronics, which floated on Taiwan market at the end of May 2004. Finals were out 14/04.
Devro (DVO) Food Acomita Investments
13.98% (22,434,052) +13,525,126 09/03/03 128p Acomita is Irish horse breeder John Maginer’s vehicle. Last AGM statement 05/05.
De Vere (DVR) Hotels Steve Morgan (Industrial Holdings)
13.5% (11,114,000)
01/03
558p Interims were out 04/05. Steve Morgan was the founder of Redrow. Special cash dividend in March.
Dickinson Legg (DKL)
Machinery Judges Capital
3% (1,095,000) 10/12/04 16p Last trading statement 01/07/05.
Dowding & Mills (DWM)
Commercial Laxey Partners North Atlantic Value Credit Lyonnais
3.93% (6,061,000) 29.28% (45,115,000) 9.7% (15,000,000)
+500,000
11/04 07/06/05
18p Peter Webb’s Eaglet and Unicorn have now sold out completely. NAV £21.1m. Now moved to AIM. Interims were out 27/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
EasyJet (EZJ) Airilnes Haji-Ioannou Family Icelandair
45% 11.5% (45,927,173)
+2,120,000
01/07/05
260p
Egg (EGG) Financial Prudential 79.5% (651,329,000)
112p AGM statement was out 17/05.
Electric Word (ELE)
Publishing Nigel Wray Sylvester Stein
11.8% (11,189,165) 9.71% (9,225,014)
+985,725 -2,000,000
11/08/03 23/02/05
6.88p Interims due 27/07.
Elektron (EKT) Electronics Panther Securities
11.6% (8,808,000) 11.75p Prelims were out 27/05.
Elementis (ELM) Chemicals Hanover Investors Partners Silchester
15.11% (65,695,000) 14.92% (64,389,000)
+2,000,000 17/02/05 50p Last trading statement 30/06.
Ennstone (ENN) Building Aggregate Ind. Mirabaud
4.4% (12,994,000) 6.14% (16,839,951)
14/01/05 42p Last trading update 11/07.
Entertainment Rights (ERT)
Broadcast Taube Hodson Stonex Ashby Manor (Trevor Hemmings)
5.672% (23,400,000) 21.31% (87,942,805)
+7,705,652
03/05 17/12/04
32p Finals were out 14/03/05. Recent placing at 11.25p
Euromoney (ERM)
Publishing DMG Investments
69% (62,148,000) 395p Interims were out 19/05.
Euro Motor Holdings (EMH)
Retail Trefick UBS Credit Agricole Cantor
8.93% (4,784,000) 16.59% (8,840,655) 3.78% (2,016,074) 3.51% (1,870,000)
+260,000 04/05 04/05 28/06/05 07/04/05
270p Finals were out 27/04.
European Colour (EUC)
Chemicals Shelby Corp. Forvaltnings (Gyllenhammar)
29.73% (13,851,616) 16.02% (7,467,613)
+30,000
04/08/03 16/06/05
16.5p Shelby has bought Jarvis Porter’s holding for 28.25p. Finals were out 09/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Eurodis Electron (ELH)
Electronics Unicorn
17.57% (166,288,870) -5,000,000 02/03/04 suspended Interims were out 25/05. Lenders have withdrawn financial support.
Evolution Group (EVG)
Investment Lansdowne Partners Commerzbank Man Financial Credit Agricole Cantor
4.5% (9,972,750) <3% 4.2% (9,349,609) 4.38% (9,729,952) 4.4% (9,839,000)
+1,200,000 28/09/04 07/06/05 14/02/05 20/06/05 12/04
127p Last trading statement 07/07. The company bought Commerzbank’s stake back.
Falcon Investment Trust (FLN)
Investment Trust
Laxey Partners Laing & Cruickshank Bear Stearns Carrousel
22.73% (7,056,000) 14.5% (4,491,124) 3.28% (1,017,000) 4.83% (1,500,000)
+750,000 23/05/05 29/04/04 13/07/05 12/05/05
113p NAV 123.8p (30/06/05).
Falkland Islands Holdings (FKL)
Diversified Channel Hotels & Props Leonard Licht Artemis Sir Harry Solomon
5.612% (350,000) 9.5% (791,250) 9.2% (767,375) 5.1% (425,027)
-50,000 -400,000 -200,000
16/06/04 09/02/05 05/05 09/02/05
455p Finals were out 13/06.
Fastfill (FFA) Software David Newton Ian Kergel Keith Todd (Ex. Ch) Southwind
3.27% (7,800,000) 4.04% (9,631,148) 2.79% (6.650,000) <3%
+1,391,580 +700,000
05/08/03 19/01/04 11/05/05
5.88p Finals were out 11/05. £4m placing last April at 7p.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Faupel (FAP) Distribution Max Money Resources T.S Anderson DSL Client Nominees
20.05% (3,150,000) 8.43% (1,325,000) 9.52% (1,495,000)
+150,000 09/01/04 19/01/05
14p Finals were out 20/06.
Ferraris (FER) Medical Products
North Atlantic Value
3.1% (1,544,797) +250,000 24/06/05 88.5p
Financial Objects (FIO)
Applications Software
Mark Slater 8.5% (3,400,000) 12/10/04 34p Finals were out 17/03/05. Moving to AIM from July 21st.
Finsbury Technology Trust (FTT)
Investment Trust
Laxey Partners
20.04% (5,534,276) +25,000 11/04/05 209p NAV 233.3p (12/07/05).
FirstAfrica Oil. (FAO)
Investment David Newton Terry Ramsden RAB Capital Cantor Man Financial
0.5% (6,850,000) 1.9% (28,200,000) 9.77% (144,930,638) 1.45% (20,850,000) 1.4% (21,110,000)
08/02/05 02/02/05 02/02/05
11.25p Previously Financial Development Corp.
Focus Solutions (FSG)
Applications John Streets (CEO)
29.37% (8,350,000) +24,047 20/02/04 26p Finals were out 14/06.
French Connection (FCCN)
Retail Stephen Marks Baugur
42.4% (40,081,690) 2.95%
-8,894,845 29/06/04 01/05/05
281p Last trading statement 01/07. source:Citywire.
Futuragene (FGN)
Telecoms Peter Bullen Credit Agricole Cantor Monument Capital Man Financial
25.22% (2,309,500) 3.26% (1,095,000) <3% 7.66% (2,500,000) 6.82% (2,294,000)
+809,500 +1,000,000 -1,087,500
21/08/03 07/06/05 17/05/05 23/07/04 10/03/05
143p Reverse takeover of Overnet. Prelims were out 30/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Galahad Gold (GLA)
Investment Peter O’Reilly Ian Watson Jim Slater Mark Slater RAB Capital
0.32% (2,025,000) 32.6% (220,877,573) 9.7% (66,007,133) 5.7% (38,611,491) 7.1% (48,166,667)
-800,000 +2,500,000
10/12/03 13/05/04 16/05/05
10.38p Special dividend 4.4p. Finals were out 07/06.
Galleon Holdings (GON)
Graphics Sanctuary Group Richard Thompson
6.6% (56,286,950) 11.62% (104,780,000)
+10,000,000
23/10/03 16/02/04
7.75p Interims were out 28/06. Recent 1 for 100 consolidation.
Gaming Corporation (GMC)
Raven Nominees Jason Drummond (Ch.) Cantor
16.39% (45,034,000) 10.2% (28,059,000) 3.62% (9,953,571)
+3,000,000
02/02/05 28/06/05
13.75p Last trading statement 27/06/05. Recent placing of 71.5m shares at 14p.
Gartmore Smaller Companies (GSM)
Investment Trust
Prudential 30.38% (4,300,000) 457p NAV 555p (12/07/05). Recently received hostile EGM requisition for 25% tender.
Georgica (GGA) Leisure North Atlantic Value
9.45% (9,337,500) +735,000 07/07/05 93p Last trading statement 27/06.
Get Group (GTG) Electric Products
Joseph Family 61.66% (10,174,000) 137p Last trading update 06/07.
Gleeson (MJ) (GLE)
Building North Atlantic Value
6.67% (3,402,279) +500,000 11/05/05
318p Last trading statement 01/07.
Goals Soccer Centres (GOAL)
Sports JO Hambro Capital
9.5% (3,978,980) +578,980 04/05 127.5p Finals were out 22/02.
Goshawk (GOS) Insurance Phoenix Goldman Fidelity Aberforth
28.27% (49,738,408) 3.47% (6,105,836) 10% (17,589,000) 7.56% (13,283,000)
+17,500,000
02/03/05 07/03/05 03/04
45.75p Finals were out 08/03/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Great Portland Estates (GPOR)
Real Estate Morgan Stanley
25.5% (41,485,000) 18/10/04 357p Liberty’s stake has gone to Morgan Stanley at 297.5p. Last AGM statement was 08/07.
Halladale (HDG) Real Estate 3i Inv David Lockhart Moscow Narodny
<3% 14.01% (3,850,000) 13%
-1,000,000
23/06/05
120p Recent placing and open offer at 70p. Finals were out 12/07.
Hardy Underwriting (HDU)
Property Phoenix 17.45% (6,121,682) +625,000 11/03/05 219p Subject to an approach from Omega Holdings.
Harrier Group (HRR)
Consulting Southwind 28.02% (8,617,237) +50,000 27/05/05 12.5p Now a cash shell with £4.3m, having sold assets to Matrix. Finals were out 05/04. Probable reverse takeover in next 12 months.
Harvey Nash (HVN)
Recruitment Management Unicorn
33.8% 28.64 (17,949,669)
+369,111
03/05/05
51.5p Last AGM statement 30/06.
Hawtin (HTI) Diversified Laxey Partners Panther Securities (Perloff) Portnard Limited Christopher Hazell
3.5% (2,500,000) 29.73% (21,301,312) 14% (10,030,400) 3.83% (2,750,000)
+11,270,912 +400,000
21/06/04 14/06/04 14/06/05
14.5p Finals were out 26/04. NAV £11.4m. Subject to a possible offer (13/06).
Healthcare Enterprise (HCEG)
Consulting Nigel Wray LPMCC
10% (13,457,521) 23.4% (35,062,000)
14/06/05 75p 1 for 25 consolidation effective (11/01/05). Finals were out 27/05.
Heywood Williams (HYWD)
Building Brandes Deutsche
7.3% (5,737,820) 11.1% (8,711,845)
04/02/05 09/02/05
99p AGM statement was out 05/05.
Hichens Harrison (HICH)
Finance Channel Hotels & Props (Kirch)
5.04% (605,000) 13/06/05 96p
Highway Insurance Holdings (HWY)
Insurance JO Hambro Laxey Partners
19.31% (39,260,000) <3%
+934,937 -625,000
03/05 17/03/05
43p AGM statement was out 12/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Hiscox (HSX) Property Lansdowne Partners
3.97% (11,465,673) 25/08/04 170p Finals were out 14/03/05.
Homeserve (HSV) Services Richard Harpin
16.95% (10,827,660) +55,425 24/03/05 1051p Finals were out 24/05. Some very canny share purchases in March. Finals were out 24/05.
Homestyle (HME) Furnishings Formal Property Management (Steinhoff) Steinhoff Europe
4.2% (10,870,000) 60.9% (157,665,000)
+650,000 23/06/05 27/06/05
85.5p Steinhoff has backed a recent financing at 55p per share.
Hornby (HRN) Miscellaneous Peter Wood 10.15% (3,763,000) 221p Finals were out 03/06.
HR Owen (HRO) Retail Trefick Nicolas Lancaster (MD)
12.1% (2,854,399) 19.6% (4,610,000)
+1,452,415 31/08/04 170p Last trading statement 17/06. Effectively up for sale.
Huntleigh Technolgies (HTL)
Medical products
JO Hambro 4.07% (2,048,983) +114,000 17/10/04 334p Last AGM statement 08/06.
IFX Group (IXF) Finance Tradition Deutsche
9.88% (2,784,000) 12.18% (3,431,348)
10/02/04 19/10/04
104p Tradition has bought the legacy management’s stake out. Finals were out 09/06.
Impax (IPX) Finance Swan Corporation (Duncan Duckett) UBS
9.07% (3,400,654) 11.7%
-2% +1.63%
15/09/04 16/06/05
5.13p Interims were out 25/05.
Imperial Energy (IEC)
Oil Peter Levine (CEO & Ch.) Lansdowne Partners
16.95% (3,962,777) 4.21% (983,000)
+20,000 04/05 05/05/05
303p Finals were out 21/04.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Independent Media Distribution (IMD)
Broadcast Charles Dunstone
11.9% (4,004,961) +1,000,000 14/11/03 37.5p Last AGM statement 26/05.
Indigo Vision (IND)
Electronics Paul Curtis Paul Scott UBS Goldman Oliver Vellacott
2.2% (150,000) 4.3% (297,042) 7.55% (522,629) 3.25% (225,100) 24.92% (1,724,915)
-130,000 -100,000 +90,000
26/01/04 20/04/05 09/03/04 05/02/04 16/12/04
119p The company has changed tack and is focusing on CCTV. Interims were out 22/03/05.
Inditherm (IDM) Electrics Cazenove Patrick O’Grady
19.08% (4,021,000) 9.5% (2,009,536)
+50,000 -200,000
01/06/05 01/03/05
26.5p Prelims were out 24/03/05.
Inflexion (IFX) Investment LMS Capital Luke Johnson
58.8% (106,714,000) 7.87% (5,150,000)
12/12/03
19.25p Net assets £13.4m, cash £9.5m. Luke Johnson has taken a stake at 13.5p. £100m funds under management. Finals were out 19/05. NAV 20p per share.
Inmarsat (ISAT) Satellite Lansdowne Partners
4.29% (19,595,000) +19,595,000 23/06/05 335p Floated at 245p on 17/06.
Innovation Group (TIG)
Applications software
Cantor Man Financial
11.38% (49,921,000) 3.56% (15,630,806)
14/06/05 06/05/05
32p
Interregnum (ITR)
Consulting Kenneth Olisa Liontrust
39% (36,060,000) 13.4% (12,360,385)
28/01/05
7.38p Interims were out 24/02/05.
I.S. Solutions (ISL)
Networking S Austen S Forward Southwind
5.72% (1,417,500) 6.31% (1,565,573) 18.8% (4,700,000)
+350,000 02/10/03 09/07/04 14/11/02
11.75p Finals were out 07/04.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Inventive Leisure (IVL)
Night Clubs Management Paul Fraser Paul Dawes Roy Ellis Neil MacLeod
48% 6.94% (1,650,000) 3.02% ( 720,104) 10.68% (2,546,415) 12.6% (2,986,000)
+950,000 +20,104 +83,334 +83,333
24/03/04 20/12/04 11/04/05 11/04/05
106p Interims were out 22/03/05.
InvestinMedia (IVM)
Broadcast services
Talpa Beheer Richard Murray
20.01% (3,265,000) 19.7% (3,216,000)
+800,000 -150,000
19/01/05 28/01/05
98p Interims were out 24/06. Demerged from Avesco.
IP2IPO (IPO) Venture Capital
Lansdowne Partners Commerzbank UBS Tudor Merrill
8.38% (3,800,625) 4.7% (2,027,886) 6.07% (2,752,029) 9.22% (3,741,659) 14.31% (6,486,138)
-1,400,000
30/10/03 24/05/05 27/05/05 24/03/05 31/05/05
585p Finals were out 09/03/05.
Jacques Vert (JQV)
Apparel Waillim
26.3% (50,627,173) 07/04 14.75p Interims were out 13/01/05.
Jarvis Porter (JVP)
Cash shell Peter Gyllenhammar JO Hambro (North Atlantic smaller companies)
29.8% (14,275,000) 27.6% (13,250,000)
+1,500,000 +4,500,000
04/08/04 02/09/04
4.75p Finals were out 09/05.
JJB Sports (JJB)
Retail Family Baugur Tom Hunter Harris Associates (Herro)
c37.5% 0.5% 7% 5.19% (11,976,000)
+657,000
27/05/05
193p The family holds around 37.5%. Last AGM statement was 06/07.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
JKX Oil (JKX)
UKRGazprom Glengary Overseas
6.84% (9,957,214) 16.86% (24,560,862)
-1,822,828 +750,000
28/01/05 29/11/04
156p Last AGM statement 12/05.
John David Group (JD)
Retail John Wardle David Makin Manchester Square
15.1% (7,019,815) 21.68% (10,082,875) 57.1% (27,317,912)
05/05 05/05 23/06/05
220p Recent cash offer at 211.2p.
Jupiter Investment Trust (JIT)
Investment Trust
Laxey Partners Deutsche Citigroup
20.9% (7,268,000) 17.08% (5,803,000) 7.6% (2,650,000)
+944,990 03/05 08/06/05 17/03/05
32p NAV 51p. (11/07/05) Q1 were out 20/05.
K3 Business Technology (KBT)
Software Johann Claesson Altenberg Reval AS Giab
18.9% (2,943,000) 5.4% (840,000) 5.13% (800,000)
20/04/04 24/06/04 24/06/04
91p £3m cash. Prelims were out 02/06. Gyllenhammar has sold out.
Keller Group (KLR)
Engineering Terratest (Pedro Lopez Jiminez)
10.01% (6,541,985) +30,000 04/10/04 329p Last AGM statement 22/06.
Kensington Group (KGN)
Finance Martin Finegold (founder) Hurley Partners
18.05% (9,206,735) 15.99% (8,249,735)
-700,000 -57,000
11/02/05 28/06/05
558p Interims were out 07/07.
Kewill (KWL)
Software JP Morgan Chase Cantor
10.62% (8,342,000) 4.26% (3,365,247)
-884,740 06/05 22/03/05
74p Cash £24m, nav 24p, sales £21m. Hemmings holds a stake. Finals were out 07/06.
Kingston Communications (KCOM)
Demag (KKR) Kingston upon Hull Council
1.5% (7,600,000) 30.7% (157,500,000)
-114.3m 05/04
22/06/05 64p KKR have sold the majority of their stake at 65p.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Laing (John) (LNGO)
Laing Family 4% -4% 28/06/04 240p
Laing family recently placed 4% (7.5m) at 226p. Last AGM statement 19/05.
Liberty International (LII)
Real Estate Donald Gordon
11.93% (38,377,299) +74,103 21/03/05 988p NAV as at 30/04 891p. Interims due 21/07.
Lok’n Store (LOK)
Andrew Jacobs Simon Thomas North Atlantic Mercury Real Estate Advisors
21.2% (5,314,000) 9.7% (2,438,000) 8.58% (2,150,000) 10.42% (2,610,000)
+300,000 +100,000
22/09/04 06/04/05
144p Interims were out 12/04.
London & Boston (LBN)
Investment Southwind (Bob Morton) Julie Hester
9.86% (15,941,396) 17.03% (27,522,970)
+11,681,880 05/02/04 4.63p Bought at 4p. Stake in Croma. Last trading statement 24/01/05.
London Clubs International (LCI)
Casinos Genting Berhad Group Pictet & Cie Fidelity
29.9% (66,367,240) 4.02% (8,881,000) 13.08% (29,108,600)
+1,000,000 +1,000,000
12/05/05 18/03/04 31/05/05
114p Genting Berhad includes Resorts World and Palomino. Prelims due 21/07.
Lonrho Africa (LAF)
Diversified JO Hambro Peter Cundill & Assoc. Gyllenhammar Silverslaggen
26.37% (41,552,122) 9.32% (14,700,000) 12.08% (19,030,000)
-500,000 +250,000
22/02/05 04/07/03 03/08/04
14.25p NAV £38.5m (£8.1m overfunded pension scheme) Subject to a possible partial offer for 60% at 14.5p from East African. Interims were out 29/06.
Lookers (LOOK)
Retail GE Capital 24.2% (8,552,987) -1,422,526 07/05/03 320p Interims due 05/09.
Lorien (LRG)
Human Resources
Unicorn Southwind Multi Group
24.7% (4,841,360) 17.45% (3,250,000) 4.56% (850,000)
+1,000,000
05/05 13/05/05 31/05/05
36.5p Talks with Multi Group off, deemed to be in concert with Southwind. Last AGM statement 05/07.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Low & Bonar (LWB)
Plastics JO Hambro Afl Fjarfestingarfelag hf (Icelandic hedge fund)
<3% 21.18% (21,132,500)
-500,000 +200,000
15/10/04 14/04/05
107p Interims due 19/07.
Mallett (MAE)
Auction House Trefick Ltd Laura Weinstock
29.61% (4,085,830) 29.9% (4,130,000)
+100,000 10/08/04 258p The company is now investigating selling Bourdon House in Mayfair (4000 sq feet on balance sheet at £3m, valued 10 years ago) if it successfully enfranchises the leases. Petchey’s failed tender was at 225p per share. Finals were out 17/03/05.
Manganese Bronze (MNGS)
Autos Toscafield (Martin Hughes) Lansdowne Partners Morgan Stanley
28.12% (5,319,500) 9.4% (1,774,500) 11.36% (2,149,475)
+1,000,000 +224,500 +200,000
23/05/05 30/04/04 11/04/05
183p Jamie Borwick has sold his 38% stake at 190p. Interims were out 21/03/05.
Marylebone Warwick Balfour (MWB)
Real Estate Active Value 23.67% (26,000,000)
10/04 126.5p Interims were out 29/03/05.
Matalan (MTN)
Retail John Hargreaves Abacus Trust Man Financial
27.28% (114,603,000) 22.1% (92,905,000) 3.81% (16,007,594)
+3,000,000
03/11/04
192p The family holds around 52% in total. Last AGM statement 07/07/05.
McKay Securities (MCKS)
Real Estate Pears family 3.57% (1,614,000) -200,000 02/03/04 295p Finals were out 08/06.
Meridian Petroleum (MRP)
Oil RAB Capital Tony Mason (CEO)
26.08% (14,760,000) 43.65% (24,700,000)
+875,000 04/01/05 12.5p Finals were out 11/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Microcap Equities (MEQ)
Investment Libra Investments
13.33% (6,049,692) +380,000 14/11/03 0.3p Previously Underwriting & Subscription. Finals were out 29/06.
Micro Focus International (MCRO)
Software Golden Gate 56.76% (113,157,000) 165p Finals were out 01/07.
Milestone Group (MSG)
Radio Landfinance Ltd (BVI)
19.03% (5,253,906) +50,000 13/05/05 19p Part of Guyzeller Bank, British Virgin islands based. Recent placing of 5.5m shares at 20p. Interims were out 27/06.
Millfield (MIL)
Investment Management
Lansdowne Partners Goldman Sachs Amvescap
4.87% (5,759,379) 3.4% (4,045,641) 20.48% (24,228,000)
+250,000 +500,000
08/04 06/04/05
31p Recently merged with Inter Alliance. Last trading statement 09/05.
ML Laboratories (MLB) Now renamed Innovata (IOV)
Medical Colin Blackbourn Channel Hotels & Props.
3.55% (9,750,000) 9.62% (22,000,000)
+1,000,000 -1,000,000
21/04/04 24/06/06
21.75p Recent placing at 19p. Trialling anti-AIDS gel in Africa this year.
Molins (MLIN)
Machinery Redbird Holding
3.22% (650,000) +50,000 26/04/05 146p Last trading statement 30/06.
Moneybox (ATM)
Finance TRM Daniel Cohen SVG
8.79% (17,850,000) 2.69% (5,350,000) 9.1% (18,477,659)
+1,000,000
01/02/05 01/02/05
42.5p Subject to a 43p cash bid from Cardpoint.
Montpellier Group (MPL)
Construction Browallia Johan Claesson Forvaltnings AB Bronsstadet Christineborg Fastigheter
zero 7.57% (5,931,723) 9.58% (7,500,000) 12.7% (10,000,000)
-600,000 -500,000
23/12/04 03/05 10/03/05
30.25p Bronsstadet & Christine are connected parties. Interims were out 30/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Monsoon (MSN)
Retail Family Deutsche
75.5% 5.94% (10,662,189)
-3,500,000
04/02/05
333p The stock is now on AIM. Interims were out on 17/01/05.
MonsterMob Group (MOB)
Internet TecCapital (Barclays Bros.) Martin Higginson
6.78% (2,541,620) 26.79% (10,035,860)
+600,000 -700,000
22/03/05 22/03/05
339p Recent placing at 285p.
MOS International (MOI)
Oil Mike Bernard 21.4% (243,000,000) 0.47p Interims were out 31/12/04.
Moss Bros. (MOSB)
Retail Cantor Moss & Gee families Elit Realisations 3 (Kevin Stanford) Man Financial
22.5% (22,546,932) 38% 29.2% (25,896,932) 4.13% (3,801,382)
19/06/04 15/02/05 30/06/05
99p 20,746,932 (22.6%) of Stanford’s stake is held by Cantor against a CFD. Ahmed has now effectively sold his CFD out to Stanford @ 80p. Year-end net cash £17m. Last AGM statement 26/05. Stanford is the co-founder of Karen Miller. Stanford’s stake is made up of 1m shares, 20.7m CFDs & 5.15 through Elit.
Mucklow A&J (MKLW)
Real Estate Trefick 13.02% (7,811,943) +110,000 17/08/04 394p Interims were out 09/03/05. Adjusted NAV 351p.
Mulberry (MUL)
Retail Challice Ltd. (Club 21) Kevin Stanford
52.73% (25,712,144) 25.01% (12,200,000)
+150,000
26/04/05
176p Finals were out 23/06. Christina Ong who owns Challice, has a Rule 9 waiver.
Multi Group (MLT)
Rental Eaglet Southwind (Bob Morton)
17.7% 53.9%
3.5p Recent reverse takeover of Berry Recruitment. Finals were out 27/06.
nCipher (NCH) Internet Top Technology Ventures
6% (1,676,286) 26/05/05 223p £39m cash. Q1 were out 20/05.
Netstore (NES)
Internet Paul Barry-Walsh
15.69% (15,972,109) +100,000 29/03/05 39p Interims were out 14/02/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Nettec (NTC)
Cash shell Dawnay Day Lander JN White (Ch.) Acquisitor Steel Partners LLP Credit Agricole
13.3% (14,282,000) 26.17% (32,000,000) 27.1% (33,152,529) 21.41% (25,900,000) 7.39% (9,032,000)
-2,000,000 +2,000,000 +2,100,000 +1,000,000
17/05/04 15/11/04 12/11/04 10/06/05
7.5p Jonathan Lander is now on the board. Jeremy White is the former Chairman. Company holds around £10m in cash and some tax losses. Finals were out 18/03/05. Contingent liabilities are preventing a return of cash to shareholders but that hasn’t stopped Steel and Acquisitor boosting their stakes. Now moved to AIM.
NeuTec Pharma (NTP)
Medical Victory Capital
2.8% (817,500) -382,500 26/07/04 478p Interims were out 14/03/05. Evershed’s nap.
Newcastle United (NCU)
Sports Shepherd Brothers
26.58% (34,205,318) +100,000 11/07/05 48p
New Media Spark (NMS)
Internet GPG 3.75% (17,371,874) -3,000,000 15/03/05 10.5p Finals were out 14/06.
Newport Networks (NNG)
Networking
Lansdowne Partners Commerzbank Terence Matthews
9.3% (5,852,988) 5.24% (3,300,000) 34.2% (21,578,684)
07/10/04 89p Last AGM statement 03/06.
NMT (NMT) Medical Volvere Roy Mitchell
7.48% (651,500) 3.36% (292,400)
+50,000 16/06/05 10/05/05
57.5p
£7m cash. Last trading statement 11/07.
Nord Anglia Education (NAE)
Schools Principle Capital (Julian Myerson)
9.1% (3,435,000) 24/06/05 136p Interims were out 27/05.
Numis (NUM)
Finance Staff Intercapital Private
60% 10.13% (10,580,965)
+125,000
12/07/05
225p
NWF Group (NWF)
Distribution Fjarfestingarfelagio
11.2% (892,000) +77,500 01/02/05 465p
Last trading statement 27/04.
Oakdene Homes (OKD)
Building Nigel Wray 17.4% (4,684,275) +2,300,000 20/05/05 145p Recently bought Honeygrove. Last trading AGM statement 31/05.
Oryx International Growth (OIG)
Investment JO Hambro ING
22.3% (1,970,000) <3%
08/07/05
231p NAV 250p per share. (31/05/05). Interims were out 21/12/04.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Oxford Biomedica (OXB)
Medical Credit Agricole Man Financial Sputnik Group (Boris Jordan)
10.06% (37,817,000) 6.5% (24,420,600) 3.77% (14,147,000)
+900,000 +1,122,000
30/06/05 29/06/05 03/05
36p Last AGM statement 10/05. Sputnik are in a concert party with Garboldi & Sulidad.
Parity Group (PTY)
Computer Services
North Atlantic Value
9.62% (27,758,829) -2,000,000 11/02/05 8.75p Last AGM statement 30/06.
Parkdean Holidays (PDH)
Travel North Atlantic Value
4.52% (2,255,000) +600,000 12/07/05 215p Interims were out 27/06.
Pathfinder Properties (PFP)
Real Estate Kerrington (Gerard Lee) Sunnyview David Barry (Value Investments)
9.27% (7,414,219) 8.76% (7,014,219) 3.66% (2,919,000)
+7,014,219 26/03/04 29/03/04
7.75p Finals were out 29/06.
Patsystems (PTS)
Applications David Ashman 4.02% (5,970,000) +270,000 07/06/04 13p Last trading update was 01/07.
Peter Hambro Mining (POG)
Mining Lansdowne Partners Pavel Maslovsky Peter Hambro
4.4% (3,322,342) 26.82% (19,844,524) 8.66% (6,539,800)
+500,000 -3,000,000 -1,000,000
19/05/05 24/09/04 24/09/04
626p Next update 20/07. Placed 10m new shares at 400p.
Photo-Me International (PHTM)
Photo equipment
Serge Crasnianski
19.67% (71,143,000) 28/10/04
112p Finals were out 21/06.
Pilkington (PILK)
Glass DJ Nippon Sheet
19.9% (256,110,000)
121p
Finals were out 26/05.
Pinewood Shepperton (PWS)
Motion Pictures
Lansdowne Partners
8.21% (3,760,000)
+660,000 16/02/05
185p Floated at 180p. Last trading statement 20/06.
Pipex Comms (PXC)
Telecoms UBS 18.07% (398,700,000) +6,750,000 11/07/05 7.88p Previously GX Networks. Last trading update 08/07.
Planit Holdings (PLN)
Computer Graphics
Southwind 9.2% (8,450,000) 24/03/05 27.5p Last trading update 01/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Poole Investments (PIV)
Building David Cicurel Starlight Inv. Judges Capital Peter O’Reilly Trafalgar
2.22% (4,100,000) 7.7% (14,250,000) 3.08% (5,700,000) 8.32% (15,390,000) 2.24% (4,150,000)
+2,550,000
18/06/04 11/07/05
3p Gallagher has now exited. Interims were out 10/02/05.
Potential Finance (POT)
Finance Eaglet Silverslaggan Frank Lafford
12.34% (1,292,500) 8.98% (942,500) 16.34% (1,711,400)
+362,500 +865,000 +14,000
17/02/04 13/04/04 15/03/05
48p Interims were out 29/06.
Premier Direct (PDR)
Advertising Gragher Capital Credit Agricole Man Financial
3.9% (160,000) 4.4% (178,750) 8.9% (363,200)
12/05/05 16/06/05 16/06/05
573p Interims were out 12/04.
Preston North End (PNE)
Sports Guild Ventures
35.5% (923,765) +524,000 21/09/04 110p Interims were out 24/03/05.
Private Equity Investor (PEQ)
Investment Trust
Laxey Partners Deutsche
27.27% (13,634,800) 15.09% (7,544,268)
+50,000
07/04 27/04/05
112p NAV 123p (30/06). Prelims due 19/07.
Proteome Sciences (PRM)
Medical CACI Lansdowne Man Financial Aventis Research
3.75% (4,921,875) <3% 4.18% (5,496,000) 13.72% (18,000,000)
+240,000
13/05/05 22/06/05 20/06/05
91p Last AGM statement 04/07.
Psion (PON)
Computers David Potter (Chairman)
11.66% (48,686,245) -500,000 24/03/05 68p Imminent cash distribution.
Punch Taverns (PUB)
Pubs Lansdowne Partners
4.05% (10,126,181) 738p Interims were out 28/04.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
QA (QA) Computers David Hughes Aberforth Partners
4.77% (13,663,000) 18.21% (52,162,042)
+2,500,000 13/11/02 25/01/05
2.38p Training & consultancy. Interims were out 12/07.
Quadnetics (QDG)
Electronics Montpellier
9.3% (1,095,492) 260p Interims were out 31/01/05.
Quantica (QTA)
Human Resources
Unicorn
15.35% (6,200,000) +200,000 24/05/04 58p Last trading update 07/04.
Quarto (QRT)
Publishing JO Hambro Ennismore
26.6% (4,969,000) 3.34% (625,000)
194p Last AGM statement 05/05.
Quintain Estates & Dev. (QED)
Real Estate Lansdowne Partners Taube Hodson Stonex
4.03% (5,224,895) 8.5% (11,037,000)
+974,895 07/01/05 06/05
558p Finals were out 07/06.
QXL (QXL)
Izaki Group Florissant
26.24% (459,335) 28.4% (490,052)
+68,901 11/05/05 07/04/05
3590p Q1 results due 21/07.
Radamec (RDM)
Electronics Leonard Whittaker (Chairman & CEO)
49.886% (9,329,000) 30p Finals were out 30/06. Company is proposing a members voluntary liquidation.
Raft International (RFT)
Internet Paul Scott Asim Shah Charles Priestley
2.5% (1,625,800) 29.8% (19,599,000) 19.2% (12,624,000)
+400,000 -3,000,000
10/03
6.75p Interims were out 05/07.
Raven Mount (RAV)
Special Purpose vehicle
Laxey Partners Schroders Deutsche Country & Metropolitan Silchester
4.66% (3,990,000) 16.019% (13,713,103) 6.07% (5,199,615) 3.04% (1,895,000) 8.92% (7,640,500)
+500,000 +50,000 +200,000
24/05/04 21/06/05 16/06/05 12/10/04 22/03/05
60p Prelims were out 21/03/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Redbus Interhouse (RBI)
Networking Sputnik (Boris Jordan) UK2 Group John Porter
27.04% (69,271,082) 18.57% (47,568,418) 4.88% (11,346,518)
+100,000 +500,000 -14,000,000
24/05/05 13/05/05 09/09/04
15.75p UK2 (controlled by Bo Bendsten) once held a stake in Netbenefit. Last AGM statement 09/06.
Regen Therapeutics (RGT)
Therapeutics Colin Blackbourn Dr. P Garrod
2% (7,000,000) 11.3% (38,750,000)
+1,000,000
15/07/03 13/06/05
1.6p Colin Blackbourn, the Black Prince has taken a 3% stake. Last AGM statement 26/04. Recently raised £500,000 with a placing at 2.75p.
Regent Inns (REG)
Pubs Cantor Directors
10.06% (11,316,666) 23/06/05
79p Last trading statement 07/07.
Renishaw (RSW)
Electronics David McMurtry
36% (26,377,000) 750p Interims were out 26/01/05.
Renold (RNO) Machinery Steel Partners II
3.06% (2,125,000) 16/06/05 53.5p
Robert Walters (RWA)
Human resources
JO Hambro Unicorn
7% (5,928,200) 15.5% (12,413,000)
+573,000
25/05/05 07/05
122p Last AGM statement 04/05.
Robotic Technology Systems (RTS)
Electronics Automated Controls
25.1% (15,273,875) +180,000 18/12/02 49p Finals were out 06/04.
Rugby Estates (RES)
Real Estate David Tye Trefick Thames River
23.3% (2,651,000) 3.01% (342,343) 12.7% (1,450,000)
+105,000
07/05 02/12/04
330p Last AGM statement 23/06.
St James Place (STJ)
Life Insurance HBOS 59.9% (263,600,000) +80,000 02/05 232p Q1 were out 11/05.
St. Modwen Properties (SMP)
Real Estate Clarke & Leavsley families
40% 447p Interims were out 11/07.
SABMiller (SAB)
Brewery Altria Group 23.8% (262,588,976) +27,640,206 21/02/05 880p Atria’s lock up expired June 2005. Finals were out 19/05.
Safeland (SAF)
Real Estate Peter O’Reilly Safeland Holdings
6.47% (1,192,850) 57.2% (10,545,000)
+100,000 08/03/05 82.5p Finals were out 20/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Sainsbury (SBRY)
Supermarkets Sainsbury family
c38% 283p Last trading AGM statement 13/07.
Sanctuary Group (SGP)
Broadcast Jon de Mol (Talpa Beheer)
19.42% (72,060,500) +5,000,000 14/04/05 21.5p Interims were out 28/06.
Savills (SVS)
Consulting Trammel Crow 19.6% (12,939,199) 26/04/05 700p Last trading update 29/06. Trammell subscribed for 5.24m shares at 701.28p
Scapa (SCPA)
Manufacturing Silchester 12.61% (18,252,760) -100,000 29/11/04 20p Finals were out 02/06.
SCi Entertainment (SEG)
Entertainment Cantor
6.45% (4,664,208)
+2,218,333 01/06/05
349p Interims were out 17/06.
Scottish & Newcastle (SCTN)
Brewing Trevor Hemmings
4% (35,607,000) 02/05 480p Hemmings was a director from ’89 to ’96. Finals were out 23/02/05.
Scotty Group (SCO)
Telecomms Colin Blackbourn
6.553% (51,000,000) +23,500,000 16/06/05 1.75p Recently placed 136m shares at 1.2p
Serviced Office Group (SVO)
Investment Peter O’Reilly Safeland
6.4% (5,625,000) 25%
+500,000 07/09/04 9.38p Finals were out 15/06. Other holders include Larry Lipman (Chairman), Nick Leslau & Mike Edelman. Formerly TECC-IS.
Shanks (SKS) Waste JO Hambro
<3% 14/07/05 148p Finals were out 02/06.
Sherwood Group (SHW)
Textiles Peter Gyllenhammar Zoar Invest APS Trafalgar Peter O’Reilly
8.02% (8,900,000) 27.8% (29,300,000) 3.8% (4,000,000) 8.65% (9,388,307)
+250,000 -300,000 +750,000
11/02/05 03/05 03/05 16/05/05
10.75p Last AGM statement 26/04.
Silentpoint (SLP)
Advertising Smit Berry Goldman Sachs Keith Edgar Stanley
29.99% (5,249,999) 6.57% (1,150,000) 6.29% (1,100,000)
7.5p Cash shell, still seeking a reverse take-over candidate. Finals were out 30/03. Smit Berry is an entrepreneur. Cash balance £1.2m, last raised £1.37m at 10p.
Simon Group (SMON)
Warehousing JO Hambro GPG
17.3% (27,432,000) 3.29% (5,227,228)
+100,000 +1,600,000
04/05 09/06/05
42p Last AGM statement 09/06. In bid talks.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Sinclair Pharma (SPH)
Medical Andrew Sinclair
9.76% (5,645,000) +300,000 02/06/05 136p Interims were out 31/03.
Smith (James) Estates (SJE)
Property Trefick 17.6% (2,981,699) +500,000 13/01/05 450p Prelims were out 23/05. Now quoted on AIM.
Soco International (SIA)
Oil Lansdowne Partners Pontoil Intetrade
6.05% (4,354,000) 20.56% (14,910,543)
-500,000
16/06/05
620p Last AGM statement 24/06.
Somerfield (SOF)
Food Tchenguiz Family Cantor Man Financial
5.56% (30,075,000) 4.86% (26,718,086) 1% (5,462,139)
-306,500
13/07/05 09/07/05 15/07/05
207p Now subject to a bid approach. Tchenguiz has bought Baugur’s stake.
Spirent (SPT)
Telecomms Lexa BV 12.65% (120,000,000) +1,000,000 02/05 48p Interims due 11/08. Some recent director buying.
Sportingbet (SBT)
Internet Mark Blandford DBS Advisors
3.8% (12,480,173) zero
-2,500,000 -18,700,000
09/08/04 350p Q3 results were out 02/06/05.
Springboard (SPG)
Venture Capital
JO Hambro Commerzbank Brian Fenwick-Smith Stephen Ross (Ch.) Amodeo Investments
6.49% (533,850) zero 3.93% (360,000) 13.17% (1,084,250) 15.86% (1,306,150)
-121,150 -1,000,000 +120,000 +20,000
05/07/05 03/06/05 21/01/05 29/06/05 05/07/05
101.5p Will convert to an investment trust at some stage, however still has substantial unutilised tax losses. NAV 148p. Interims were out 15/03/05. Commerzbank have sold their holding, clearing the overhang. Now buying back shares. Recent tender offer.
SRS Technology (SGY)
Electronics John Gunn 5.763% (3,739,000) 05/04/05 2.55p Interims were out 18/02/05.
Stagecoach (SGC)
Transport Brian Souter Ann Gloag
13.37% (141,910,000) 10.96% (116,352,000)
-785,000
13/09/04 20/01/04
115.5p Final results were out 22/06.
Standard Chartered (STAN)
Banks Estate of Tan Sri Khoo Teck Phat
4.76% (61,663,714) -97,260,000 02/05 1086p The stake is being divided up between beneficiaries. Final results were out 16/02/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Stanley Gibbons (SGI)
Collectables Paul Fraser Timothy Dunningham Morgan Stanley
9.125% (2,226,719) 10.4% (2,679,500) 10.25% (3,025,000)
-1,000,000 +500,000
04/03/05 09/03/05 13/06/05
91p Last AGM statement 13/04.
Stanley Leisure (SLY)
Gambling Genting Berhard Lord Leonard Steinberg
20.26% (26,187,421) 11.1% (14,458,314)
+1,000,000 22/04/05 536p Prelims due 18/07.
Stilo (STL)
Applications software
Paul Curtis David Ashman Mossland
1.5% (1,350,000) 8.76% (7,900,000) 4.2% (3,800,000)
-250,000 +900,000 +1,000,000
17/09/03 19/05/04 08/11/04
2.38p Last AGM statement 18/05.
Stylo (STYL)
Retail Andrew Perloff Michael A Ziff Wetherby Fashions Trefick
5.7% (2,417,000) 7.47% (3,139,867) nil 24.4% (8,726,000)
-1,439,000 +50,000 -1,755,000
04/04 27/04/05 07/09/04 04/05
70.5p Family run company with valuable freeholds. Property portfolio net assets £52.1m (01/08/03). Finals were out 26/04. NAV £53.2m =122.9p per share, net debt £18m.
Superscape (SPS)
Virtual Reality ARM Holdings
8.87% (15,889,000) 05/05 32p Now conducting a ‘strategic review’
Sutton Harbour Holdings (SUH)
Warehousing Rotlok Holdings M E Winser (Chairman)
29.75% (3,614,108) 7.29% (885,731)
+87,000 +250,931
03/02/02 01/07/04
197p Rotolok MD Dan McLauley says no firm intentions to bid, he has built up the holding over six years after a failed approach to sit on the board. Sutton is changing direction and setting up a regional airline. Subject of a bid approach from a £5m recently listed AIM company, believed to be Conygar Investment. Finals were out 26/05.
Sygen International (SNI)
Biotech Phoenix 11.86% (35,001,096) 31/08/04 37p Interims were out 09/02/05.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Tarsus (TRS)
E-commerce Clive Smith Neville Buch Luxrule
7.4% (3,500,000) 24.9% (11,798,155) 4.9% (2,601,481)
-1,000,000 +50,000
16/03/04 06/09/04 23/06/05
126p Last trading update 30/06.
Ted Baker (TBK)
Apparel Ray Kelvin 40.3% (17,337,276) 491p Last AGM statement 16/06.
Telecom Plus (TEP)
Telecoms Nigel Wray Charles Wigoder
2.31% (1,420,000) 23.28% (15,898,541)
+500,000
01/03/04 28/06/05
174p Finals were out 10/6.
Television Corp. (TCP)
Television Talpa Beheer (Jon de Mol) Terry Bate
18.75% (7,780,296) 15.22% (6,318,000)
+500,000 16/12/04 03/05
96p
Placing and open offer at 81.5p. Last AGM statement 19/05.
Tenon (TNO)
Consulting Southwind (Bob Morton) Goldman Sachs
6.9% (11,000,000) 3.2% (5,100,000)
-500,000 27/09/04 25/05/04
32.25p Interims were out 24/03/05.
Tepnel Life Sciences (TED)
Bio-Rad Technologies
3.87% (8,230,000) 11/07/05 10.25p Now in bid talks with Bio-Rad Technologies.
Thomson Intermedia (THN)
Internet Steve Thomson Sarah Thomson Herald Eaglet
22.55% (6,482,393) 22.55% (6,482,394) 10.86% (3,121,060) 7.87% (2,263,298)
-800,000 -800,000
26/01/05 26/01/05
197p Last AGM statement 05/07.
Thorntons (THT)
Food Trident European (JOHCM)
5.37% (3,379,400)
+485,000 30/11/04 142p Interims were out 22/02/05.
Tinopolis (TIN)
Investment Acquisitor 4.38% (1,089,385) 57p Interims were out 30/06.
Town Centre Securities (TCSC)
Real Estate Ziff family Trefick
39% 7.6% (4,546,000)
359p Arnold Ziff is Chairman, his son Edward CEO. NAV 239p per share. The company has bought back 50% of its shares in the last four years. Interims were out 02/03/05.
Trifast (TRI)
Metal Products
Unicorn 14.8% (10,536,176) -3,090,000 30/09/04 73.5p Finals were out 22/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
TRL Electronics (TRL)
Electronics JO Hambro Herald Inv.
9.52% (2,372,500) 4.1% (1,025,000)
+412,500 +125,000
17/01/05 22/04/05
233p Finals were out 16/06. Floated 21/07/04. Recent directors’ buying.
Ultimate Finance Group (UFG)
Finance Dawnay Day WH Ireland
29.74% (5,947,805) +540,973 17/11/04 21.5p Interims were out 01/03/05.
Ultimate Leisure (ULG)
Retail Dawnay Day Properties Cantor CAIC Sean Lyne Bear Stearns
8.92% (2,202,463) 12.01% (2.965,542)CFD 17.31% (4,378,000) 11.1% (2,745,542) 5.86% (1,447,266) 13.4% (3,313,943)
+200,000 +1,050,000
04/07/05 12/07/05 05/07/05 12/07/05 14/07/05
278p Last trading statement 11/07.
UNIQ (UNIQ)
Food Steel Partners II LP Duke Street
7.45% (8,555,398) 3.1% (3,582,775)
+1,000,000 14/07/05 27/10/05
151p Finals were out 23/05. Significant pension fund deficit
Uruguay Mineral Exp (UGY)
Minerals Paul Curtis Saad Investments
3.09% (1,326,500) 9.06% (4,179,400)
+35,000 28/01/05 28/04/05
199p Interims were out 27/01/05.
Vardy (Reg) (VDY)
Retail Peter Vardy Trefick
20.1% (11,538,000) 5.85% (3,355,561)
+1,663,584
25/01/05
552p Prelims were out 13/07.
Vastox (VOX)
Medical Lansdowne Partners
6.77% (2,120,000) +500,000 01/07/05 182p Prelims were out 25/04.
Vedanta Resources (VED)
Metals Agarwal Lehmans
60% 5.662% (16,194,000)
525p Q1 figures due 28/07.
Vislink (VLK)
Broadcast Bob Morton 3% (4,075,000) 36p Last trading statement 12/07.
Volex (VLX) Electric Unicorn Eaglet Cycladic Capital Sterling Investment (Tettamanti)
18.45% (5,452,016) 7.55% (4,182,231) 20.34% (11,264,907) 11.97% (6,628,988)
+18,300 -260,000 +811,078
26/11/03 12/07/05 13/06/05 01/07/05
114p
Finals were out 06/06.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
VP (VP)
Rental Jeremy Pilkington
51.266% (23,685,000)
200p Jeremy Pilkington is Chairman and CEO. Prelims were out 11/06.
VTR (VTR)
Multimedia Peter Cundill North Atlantic Mark Dixon (Mr & Mrs)
9.91% (1,100,000) 16.2% (1,798,000) 14.49% (1,605,000)
+50,000 +125,000
13/11/03 05/04/05
43p Last trading statement 14/07.
Walker Greenbank (WGB)
Home Browallia (Union Discount)
29.96% (17,680,728) +825,000 01/09/03 16p Finals were out 26/05.
Warner Estates (WNER)
Real Estate Trefick Ltd 23.9% (12,818,000) +50,000 06/04 614p Finals were out 14/06.
Whatman (WHM) Filtration JO Hambro 5.16% (6,535,000) -725,000 04/05 269p Last trading statement 12/07. Hambro are selling down.
WI Link (WLK)
Financial services
Peter Wakeham (CEO) Nigel Wray
18.97% (1,622,970) 19.75% (1,690,355)
-46,730 +46,730
15/11/04 15/11/04
290p Undergoing strategic review.
Young & Co’s Brewery (YNGA)
Brewing GPG 28.8% (732,091) 1775p Last AGM statement 12/07.
WH Ireland (WHI)
Finance Eaglet Unicorn
6.99% (1,118,334) 10.5% (1,650,000)
134p
Robert Wiseman (RWD)
Dairy products Alan Wiseman Robert Wiseman First Milk
23.36% (17,646,314) 19.78% (14,939,896) 15% (11,332,197)
-3,114,055 -2,636,452 +11,332,197
17/11/04 17/11/04 17/11/04
260p Last AGM statement 07/07/05.
Workspace Group (WKP)
Real Estate Nick Roditi 3.34% (5,634,550) 08/07/04 253p Finals were out 13/06.
Wyevale Garden Centres (WGC)
Retail Laxey Partners Millennium Partners Trefick
18.66% (10,451,037) 10.115% (5,660,000) 5.07% (2,837,928)
-490,500 28/06/05 05/05/05 22/06/05
518p Last trading update 13/07.
Strategic stakes and holdings – July 2005
Company Activity Holder Declared stake Last change
Date Market Price
Notes
Zotefoams (ZTF)
Chemicals Alveo AG (Sekisui Chemical) Liontrust
9.56% (3,465,762) 11.1% (4,029,608)
+200,000
07/03/03 03/05/05
89p Last AGM statement 28/04.