13th Oct 2015 08:10
LONDON (Alliance News) - Arrow Global Group PLC said Chief Executive Tom Drury, Chief Financial Officer Robert Memmott and other executives, together with an unnamed institutional investor, sold GBP27.5 million of shares in the debt manager.
The 11 million shares were sold at 250 pence apiece overnight Monday to Tuesday. They represent a combined stake of 6.3%. Shares in Arrow Global were down 5.5% at 256.75 pence on Tuesday morning.
Drury sold 956,430 shares, leaving him with a 1.97% stake in the company, as Jane Drury, a person connected to him, sold 956,431 shares to be left with a matching stake.
Memmott sold 642,340 shares to be left with a 0.70% stake, while Heather Memmott, a person connected to him, sold 5,000 shares to be left with a 0.64% stake.
Zachary Lewy, founder and chief investment officer, sold 1.6 million shares, leaving him with a 3.36% stake.
Stewart Hamilton, general counsel and company secretary, sold 64,879 shares, while Leah Hamilton, a person connected to him, sold 20,000 shares, leaving them with a combined 0.07% stake.
Together, they sold 4.2 million shares in Arrow Global, equivalent to GBP10.6 million at the sale price. Drury, Memmott and Lewy have agreed to wait at least 180 days before selling further shares.
Other employees, former employees and their connected persons sold 3.2 million shares under the placing, with a further 3.6 million shares sold by an institutional investor, all at the same price.
By Samuel Agini; [email protected]; @samuelagini
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