28th Mar 2019 17:18
LONDON (Alliance News) - Somero Enterprises Inc said Chief Executive Jack Cooney now holds a 1.1% stake in the company following the sale of GBP2.7 million worth of shares for tax reasons.
Cooney sold 800,000 shares a price of 340 pence each for a total of GBP2.7 million, leaving his remaining stake at 614,634 shares or 1.1%.
Shares in the floor-laying machinery manufacturer closed down 6.2% at 340.00p on Thursday.
The shares sold represented around 1.4% of Somero's voting rights. Following the sale, Cooney will not dispose of any more shares in the company.
Under US tax legislation, Cooney is obliged to make withdrawals from his current pension plans in 2019 - the assets of which are entirely made up of Somero shares.
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