News

Schroders stake sale pockets Dobson £7.3m

31 October 2007 16:00:00

Schroders boss Michael Dobson decided to take advantage of a 51% rally in the firm's value since November last year and cash in 550,000 shares in the fund manager.

Dobson, who joined the company in 2002, offloaded the non-voting shares at 1,330p each to bag him a cool £7.3m, as HSBC downgraded the group to 'neutral' from 'overweight' and the Times said take profits.

On Tuesday, Schroders reported a 53% surge in pre-tax profit for the three month to 30 September to £98.1m. Funds under management at the end of September were little changed at £137.7bn.

The Independent agreed with the Times and urged readers to bank profits. On more than 16.5 times forecast 2008 earnings, the stock is certainly at the top end of its valuation range, it says.

Top Director Buys

XP Power (XPP)
Director name: Mr Duncan Penny
Amount purchased: 100,000 @ 249.34p
Value: £249,340

XP Power (XPP)
Director name: Mr James E Peters
Amount purchased: 50,000 @ 250.00p
Value: £125,000

Sound Oil (SOU)
Director name: Mr Simon Howard Davies
Amount purchased: 2,000,000 @ 3.25p
Value: £65,000

Thorntons (THT)
Director name: Mr John Von Spreckelsen
Amount purchased: 32,500 @ 192.50p
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Gleeson (M J) Group (GLE)
Director name: Mr Dermot J Gleeson
Amount purchased: 15,000 @ 364.00p
Value: £54,600

Lok'n Store Group (LOK)
Director name: Mr Richard Holmes
Amount purchased: 24,000 @ 204.00p
Value: £48,960

Networkers International (NWKI)
Director name: Viscount Viscount William Astor
Amount purchased: 100,000 @ 35.00p
Value: £35,000

Royal Dutch Shell 'B' (RDSB)
Director name: Mr Lord Kerr of Kinlochard
Amount purchased: 1,500 @ 2,064.77p
Value: £30,972

XP Power (XPP)
Director name: Mr Michael Laver
Amount purchased: 6,000 @ 246.00p
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Top Director Sells

Schroders (SDR)
Director name: Mr Michael W R Dobson
Amount sold: 550,000 @ 1,330.00p
Value: £7,315,000

Diageo (DGE)
Director name: Mr Paul S Walsh
Amount sold: 95,000 @ 1,100.00p
Value: £1,045,000

Manganese Bronze (MNGS)
Director name: Mr Mark Fryer
Amount sold: 30,350 @ 710.00p
Value: £215,485

Manganese Bronze (MNGS)
Director name: Mr Peter Shillcock
Amount sold: 14,273 @ 669.00p
Value: £95,486

Prudential (PRU)
Director name: Mr Nick Prettejohn
Amount sold: 6,574 @ 766.07p
Value: £50,361

Manganese Bronze (MNGS)
Director name: Mr Peter Shillcock
Amount sold: 4,550 @ 669.00p
Value: £30,440

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