Clarkson chief cuts stake
Nov 06, 2009
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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
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