Gamma has said its chief executive Bob Falconer has sold a chunk of his shares last Thursday to fund a debt repayment he owes to the company, three more directors also offloaded some of their shares on the same day.
Gamma said Chief Executive Bob Falconer gifted 2.7 million of his shares in the company to an “established interest in possession trust”, of which he is the beneficiary.
Falconer also exercised options over 548,740 shares in Gamma, which did not require him to pay a consideration.
Falconer also sold 907,858 shares in the company, which alone accounted for around 0.99% of the company’s total issued share capital. Falconer will use the proceeds from that share sale to repay the GBP2.6 million loan made by Gamma to Falconer prior to Gamma’s initial public offering back in October 2014.
Following the transactions, Falconer holds 4.2 million shares in Gamma, representing a 4.6% stake.
In addition, Chief Financial Officer Andrew Belshaw exercised options over 71,765 shares for nil consideration, and then sold them. Those shares represent 0.08% of Gamma’s issued share capital. Belshaw now holds 277,002 shares in Gamma, representing a 0.3% stake.
Chief Operating Officer Richard Bligh also exercised options over 134,778 shares, again without the need to pay a consideration, and then subsequently sold 144,778 shares. The shares he sold represent 0.16% of the company’s issued share capital, and Bligh now holds 412,222 shares in Gamma, representing a 0.45% stake.
Lastly, Non-Executive Director Andrew Stone also sold 1.2 million shares, which represents 1.3% of the company’s issued share capital. Stone now holds 2.5 million shares in Gamma, representing a 2.7% stake.
Importantly, all the shares offloaded by the directors were sold for a price of 410.0 pence each.
Gamma shares closed up 1.2% to 419.08 pence per share on Thursday. Today the shares are sitting at 430 pence per share.
Last week, Gamma Communications published its full year results for 2015, revealing its pretax profit nearly doubled to GBP22.6 million as revenue grew to GBP191.8 million from GBP173.2 million. That led Gamma to increase its dividend for the year by 11% to 6.6 pence