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Director Dealings: Energean, Marks & Spencer, Wickes Group

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In our weekly series, James Norris looks at directors buying and selling shares in their own companies over the last week.

  • Chief Executive sells 5m Energean shares
  • Directors sell Marks & Spencer shares
  • Chief Executive buys 58k shares in Wickes Group
  • Discoverie Group directors purchase shares
  • Harworth Group Chairman buys 32k shares

Energean (LON: ENOG) chief executive Mathios Rigas, through his holding company Growthy Holdings, has sold 5 million ordinary shares it owns in Energean at 1,106p, for a total of £55.3m. The shares represent 2.8% of the company’s existing issued share capital. Energean, a London-based oil company with assets in the Mediterranean and the North Sea, said Rigas remains “fully committed to the business and is confident in the outlook for Energean”, retaining 8.5% of the company’s issued share capital. Meanwhile, chair of the board Karen Simon has bought 34,000 shares at 1,106p, paying £376,040. The previous month, non-executive director Stathis Topouzoglou sold 103,406 shares at 1,306p, worth £1.35m. At close of trading yesterday, the stock was priced at 1,140p, a return of 33.33% YTD and 49.02% over 12 months.

Marks & Spencer Group (LON: MKS) financial and strategy director Eoin Tonge last Friday sold 256,760 shares at 1.37p, a trade worth £352,429. Earlier that week, Stuart Machin had sold 99,121 shares, again at 1.37p, worth £135,806. M&S has had a management reshuffle, after boss Steve Rowe stepped down earlier this month: Alex Freudmann will join from Tesco in November to take over the food arm, with an ambition to “double the size of the business”. Machin and Katie Bickerstaffe are appointed as co-chief executives.  At close of trading yesterday, the stock was priced at 144.95p, a return of has -37.36% YTD and -5.57% over 12 months.

Wickes Group (LON: WIX) chief executive David Wood bought 58,523 shares at 1.70p each, for a total of £99,489.10. On 26 May, the DIY retailer reported that demand had been ‘buoyant’ so far this year, particularly the trade customer order book, underlining the area as a rare bright spot in the economy. Wickes is expecting sales growth this year to exceed pre-Covid levels, despite a concerning macroeconomic background. At close of trading yesterday, the stock was priced at 176p, a return of -25.74% YTD and -29.94% over 12 months.

Discoverie Group (LON: DSCV), an international group of businesses that designs and manufactures electronic components to manufacturers, has announced that chief executive Nicholas Jefferies and finance director Simon Gibbins have each bought 3,297 shares at 601p, each paying £19,815. In May, non-executive director Bruce Thompson bought 5,000 shares at 692.7p, while fellow non-executive director Clive Watson bought 2,875 shares at 690p. In the 14 June preliminary results, the company reported “record growth in orders, sales, order book and underlying earnings per share, which increased by 31%, continuing revenues and earnings are now well ahead of the pre-Covid period”. At close of trading yesterday, the stock was priced at 649p, a return of -36.74% YTD and -31.76% over 12 months.

Harworth Group (LON: HWG), a UK property developer focused on projects to regenerate land and property for sustainable development and investment, reported that chairman Alastair Lyons yesterday bought 32,034 shares at 1.52p each, for a total of £48,692. Harworth last month issued a bullish trading update, announcing a “continued operational momentum resulting from strategic delivery and robust demand”, despite macroeconomic headwinds. At close of trading yesterday, the stock was priced at 152.5p, a return of -15.28% YTD and 1.67% over 12 months.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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