There’s a plethora of information about directors share dealings in Cairn Energy ( CNE, 2915p) last week.
If you filter out the sales by executive directors of shares released under the Long Term Incentive Plan, and eliminate shareholdings sold and bought back before CGT changes, you are left with four notable changes in holdings:
1. CEO Sir Bill Gammall has sold 50,000 shares taking his holding to 377,000 shares.
2. Exploration Director Dr Mike Watts sold 40,000 shares taking his holding to 160,000 shares.
In my mind both of the above sales are interesting but not hugely significant.
Of greater interest are the sales by Non Executive Directors as follows:
3. Non executive Chairman Norman Murray halves his holding by selling 40,000 shares at £28.61, releasing £1.1m, and
4. Non executive Director Todd Hart reduces his holding by more than a third, selling 10,000 shares to leave him with 18,000.
I believe these sales to be significant, both in value terms, and as a proportion of the directors’ position (holding) in Cairn prior to the sales.
Source: http://www.Digitallook.com
2 comments
Comments feed for this article
October 9, 2008 at 8:25 pm
Cairn Energy- Directors buyback closes ‘negative view’ with 45% return « followthedirectors… a study of directors share dealings
[…] now go back to April 7th this year, when I wrote ‘Cairn Energy- non execs reduce holdings substantially’. Four directors had sold shares, including the CEO Gammell and the director of exploration Watts […]
January 19, 2009 at 9:11 pm
Rocket scientist director buys Cairn shares « followthedirectors… a study of directors share dealings
[…] In April 2008 two non exec directors of Cairn sold shares at 2915p, and in May six directors sold shares at 3366p. From April to October Cairn fell 45%, which was 20% more than the market. See ‘Cairn Energy- non execs reduce holdings substantially’. […]