DIRECTORS at manufacturing buyout firm Melrose sold shares worth nearly £69m yesterday in order to raise cash to pay tax on their long-term incentive awards.
Stock amounting to four per cent of the firm’s total share capital was placed with institutional investors through an accelerated bookbuild managed by Investec.
Directors were given stock worth £126m yesterday as an incentive scheme from 2009 paid out.
Around half of these shares were subsequently sold at 400p each. Shares in Melrose closed up 3.15 per cent at 418.8p yesterday.
Executive chairman Christopher Miller was awarded 7.5m shares under the scheme, and yesterday sold 4m. Chief executive David Roper and chief operating officer Simon Peckham, who were also given 7.5m shares each, sold on 4.2m and 3.75m respectively. Finance boss Geoff Martin was awarded 4.69m shares and sold on 2.58m yesterday. All three continue to hold millions of shares.