1st Oct 2015 12:00
LONDON (Alliance News) - Multi-commodities miner and trading house Glencore PLC on Thursday said Independent Non-Executive Director John Mack bought shares in the company on Tuesday.
Mack bought 550,000 shares in the company for 80.78 pence per share, giving the acquisition a total value of GBP444,290. Glencore did not define Mack's total shareholding after the transaction.
Mack is the former chief executive and chairman of US investment bank Morgan Stanley and was at the helm of Morgan Stanley when Lehman Brothers collapsed in 2008, sparking the global financial crisis. He stepped down as the bank's chief executive in 2009 and retired as chairman in 2011.
On Tuesday, when Mack bought the shares, Glencore closed the day up 17%, recovering some of the 29% fall it took on Monday following concerns raised by broker Investec that the company's equity value could all but "evaporate" should commodity prices remain low and should it fail to undertaken substantial restructuring of its debt obligations.
On Tuesday and Wednesday, Glencore shares closed sharply higher after it defended its financial position and said it remains confident in its outook, but its shares were down 2.1% to 90.00 pence early afternoon on Thursday, continuing the volatile trading it has seen in recent weeks.
By Sam Unsted; [email protected]; @SamUAtAlliance
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