Clarkson chief cuts stake

Nov 06, 2009

Share with
friends:

Comments (0) Print this article

Chief executive Andi Case has sold just over one-quarter of his stake in shipping services company Clarkson. He raised £1.6m and retains a 2.91% stake.

Case joined Clarkson in 2006. Case was awarded 210,000 shares as a deferred bonus in June 2008 at the time he became chief executive. This is part of his remaining stake but the shares do not vest until the third anniversary of the award. Case has to still be employed by Clarkson at that time to receive the shares.

The disposal follows yesterday's cautions trading statement by Clarkson. Freight rates and asset values are falling but Clarkson is trading in line with expectations.

Ship broking transaction volumes are being maintained and there are signs of increasing activity in the sale and purchase market. However, lack of credit is hampering purchases of ships.

Analysts forecast 2009 profits just short of £22m and a prospective yield of 5%.

Non-executive director Paul Wogan has bought 5,000 shares at 800p each. This doubles his stake to 10,000 shares. Wogan acquired 5,000 shares in January at 425p each.

Top Director Buys Clarkson (CKN) Director name: Mr Paul Wogan Amount purchased: 5,000 @ 800.00p

Value: £40,000

GKN (GKN) Director name: Mr Richard Parry-Jones Amount purchased: 20,000 @ 109.60p

Value: £21,920

Terrace Hill (THG) Director name: Mr Robert F M Adair Amount purchased: 100,000 @ 17.50p

Value: £17,500

Terrace Hill (THG) Director name: Mr Robert F M Adair Amount purchased: 100,000 @ 17.25p

Value: £17,250

Top Director Sells Clarkson (CKN) Director name: Mr Andi Case Amount sold: 200,000 @ 800.00p

Value: £1,600,000

M. P. Evans Group (MPE) Director name: Mr O D Wilkinson Amount sold: 10,000 @ 296.00p

Value: £29,600

Pinewood-Shepperton (PWS) Director name: Mr Patrick Garner Amount sold: 21,373 @ 132.00p

Value: £28,212

Cobham (COB) Director name: Mr Warren G Tucker Amount sold: 9,500 @ 230.48p

Value: £21,896

Comments (0)

Share with
friends:

Related articles

Leave a comment

This will be the name displayed with your comment.

This helps us verify comments are genuine. It will not be displayed anywhere on the site and is stored confidentially.

Please keep your comment within 1,000 characters and relevant to the main topic. We encourage healthy debate, but we don't allow insults or bad language. Anything off topic or unpleasant, we'll remove. Enjoy the conversation! Thank you.

captcha To prevent spam-related comments please enter the characters shown in the 'Captcha' box to the left.

By leaving a comment you accept our terms and conditions.


FREE - MoneyWeek's daily investment emailJohn Stepek

Our free daily email, Money Morning, is an informative and enjoyable analysis of what's going on in the markets. Written by our Editor, John Stepek, and guest contributors.
Sign up FREE to Money Morning here.

>