OneSavings Bank directors sell down

December 16, 2016

by: Ian Smith and Jonas Crosland, Investors Chronicle

Shares in OneSavings Bank, which specialises in buy-to-let and small business lending, are now flat for the 2016 calendar year. That is despite the increase in stamp duty on second homes, introduced in April, and the Brexit vote, which made investors nervous about the outlook for UK property.

Taking advantage of a recovery in the share price, chief financial officer April Talintyre, commercial director Jens Bech, and the spouses of two other executive team members have sold more than 822,000 shares between them. Ms Talintyre’s sale of 200,000 shares for a total value of £626,000 leaves her with a holding of 579,415 shares.

Veteran businessman Peter Tom, executive chairman of Breedon Group has sold 7m shares in the company at 72.75p, although he still owns over 41m shares, and has indicated that he has no intention of making any further reduction in his holding in the foreseeable future.

Mr Tom has held several positions including chief executive of Bardon Group and non-executive chairman of Aggregate Industries, and more recently he co-founded Marwyn Materials with a plan to consolidate the smaller end of the heavyside building materials industry. Breedon Aggregates (now Breedon Group) was formed through the reverse acquisition of Breedon Holdings by Marwyn Materials, and early in 2016 it bought Hope Construction Materials in a deal that virtually doubled the size of the business. Mr Tom said that the sale forms part of his wider estate planning.