Good morning, it's Paul here with the SCVR for Wednesday.

Timing - I've got essential travel today, so will have to finish early - estimated at noon. Update at 11:26 - change of plan, I'm going to print off the results for DLAR, and review them on the train home to Bou'mth. Then I'll type up my notes once I'm home, so late afternoon.

Agenda - these announcements look interesting;

Gear4music Holdings (LON:G4M) - Director selling (Paul, done)

Scs (LON:SCS) - AGM Statement & Board changes (Paul, done)

D4t4 Solutions (LON:D4T4) - Half year results, six months to 30 Sept 2020 (Paul, done)

Fulham Shore (LON:FUL) - AGM statement & trading update (Paul, done)

De La Rue (LON:DLAR) - Half year results (Paul, to do later)

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Gear4music Holdings (LON:G4M)

(I hold - Paul)

730p (unchanged) - mkt cap £157m

There were 2 announcements last night, detailing that 4 Directors of this online musical equipment retailer are selling some of their shares at 730p (market price). These have been placed with institutions?

Should we be concerned about this? I don’t think so, because the Directors (mainly the founder CEO) still have tons of skin in the game;

Following the sale, these PDMRs would in aggregate hold approximately 6,679,113 ordinary shares, representing 31.88 per cent. of the Company's issued share capital (a decrease from 36.18 per cent.).

In my opinion, it is only to be expected that founders of successful businesses want to take some money off the table at some stage. People want to buy nice houses, help others, and enjoy themselves a bit, and why not? For me, it’s all about the scale of their remaining holding. If Directors with big shareholdings (i.e. £millions) sell more than half their holdings, then that rings an alarm bell for me, and I would probably follow them out of the door.

However, in this case, the founder CEO still holds a huge stake, so I don’t have any concern about this part disposal. The fact that institutions lapped up the sale shares quickly, and at no discount, shows encouraging stock market demand.

I recently bought back into G4M, as numbers published were impressive. The downside scenario is that very strong trading this year could be a one-off, due to lockdowns. That…

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