Departing Serco chairman sells most of his stake

Mar 18, 2010

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Departing chairman Kevin Beeston has sold nearly all his remaining shares in outsourcing group Serco.

Alastair Lyons will take up the chairmanship of the company after the Annual General Meeting on 11 May. Lyons has been non-executive chairman of Admiral Group since 2000.

Beeston's departure marks his 25th anniversary at Serco. He was executive chairman for more than six years before switching to non-executive chairman in September 2007. He was previously finance director and then chief executive.

The sale of 293,900 shares at 594p a share, raises £1.75m and leaves Beeston with 25 shares in Serco.

Earlier this month Beeston raised £1.6m from the sale of nil cost options, while in October he generated just over £410,000 from share sales.

On 24 September, Beeston exercised options over 776,837 shares at a cost of £1.58m. He immediately sold 506,112 shares at 503.32p each, raising £2.55m.

Top Director Buys

Kirkland Lake Gold (KGI) Director name: Mr George A Milton Amount purchased: 100,000 @ 504.14p Value: £504,140

Johnston Press (JPR) Director name: Mr John Fry Amount purchased: 423,555 @ 28.98p Value: £122,746

Brit Insurance Holdings NV (BRE) Director name: Dr Cornelis A C M (Cees) Schrauwers Amount purchased: 14,000 @ 758.00p Value: £106,120

Johnston Press (JPR) Director name: Mr Stuart R Paterson Amount purchased: 294,654 @ 28.98p Value: £85,391

Johnston Press (JPR) Director name: Mr Danny Cammiade Amount purchased: 251,280 @ 28.98p Value: £72,821

Leyshon Resources (LRL) Director name: Mr Paul Campbell Atherley Amount purchased: 530,000 @ 10.50p Value: £55,650

Plantic Technologies (PLNT) Director name: Mr Ian Wightwick Amount purchased: 200,000 @ 9.20p Value: £18,400

Plantic Technologies (PLNT) Director name: Mr Brendan Morris Amount purchased: 200,000 @ 9.20p Value: £18,400

Johnston Press (JPR) Director name: Mr Ian M Russell Amount purchased: 55,513 @ 28.98p Value: £16,088

Aegis Group (AGS) Director name: Mr Simon T Laffin Amount purchased: 10,000 @ 124.70p Value: £12,470

Top Director Sells

RSA Insurance Group (RSA) Director name: Mr Andrew K Haste Amount sold: 5,728,875 @ 125.71p Value: £7,201,769

Serco Group (SRP) Director name: Mr Kevin S Beeston Amount sold: 293,900 @ 594.00p Value: £1,745,766

BP (BP.) Director name: Dr Dr Anthony (Tony) B Hayward Amount sold: 223,288 @ 623.20p Value: £1,391,531

Reckitt Benckiser Group (RB.) Director name: Mr Colin R Day Amount sold: 32,850 @ 3,498.38p Value: £1,149,218

Rio Tinto (RIO) Director name: Mr Guy R Elliott Amount sold: 30,000 @ 3,777.00p Value: £1,133,100

Shire Plc (SHP) Director name: Mr Angus Russell Amount sold: 41,239 @ 1,438.06p Value: £593,042

Rathbone Brothers (RAT) Director name: Mr G Mark Powell Amount sold: 50,000 @ 848.00p Value: £424,000

Shire Plc (SHP) Director name: Mr Angus Russell Amount sold: 23,371 @ 1,440.00p Value: £336,542

Anglo American (AAL) Director name: Mr Rene Medori Amount sold: 7,615 @ 2,706.00p Value: £206,062

Beazley Group (BEZ) Director name: Mr Andrew Beazley Amount sold: 146,368 @ 107.89p Value: £157,916

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