(Alliance News) - Close Brothers Group PLC said Friday outgoing Chief Executive Preben Prebensen has sold 250,000 shares in the merchant bank over a series of transactions for a combined total of GBP3.2 million.
In late September, the long-serving boss announced he will step down from the FTSE 250-listed firm after a decade in the role. He will remain at the firm for another year in order to "ensure a smooth handover."
Close Brothers immediately began the formal search for a successor, encompassing both internal and external candidates.
The four transactions, spanning four days this week, saw Prebensen almost halve his holdings in the company. He now holds an interest in 253,136 shares.
The merchant bank currently has 151.4 million shares in issue.
On Tuesday, he sold 20,401 shares at GBP13.23 each, for GBP269,905. On Wednesday, he sold 42,940 shares for GBP13.15, for GBP564,661. He then sold 149,204 shares for GBP12.64 for a total of GBP1.9 million. And, finally, he sold 37,455 shares on Friday for GBP13.09 per share for GBP490,286.
Prebensen 250,000 share sell-off was at an average price of GBP12.84 per share.
On Friday, Close Brothers closed 7.0% higher at 1,370.00 pence each. In the year to date, Close Brothers shares are down 5.3% after starting 2019 at 1,447.00p but managed to reach highs of 1,605.00p in April.
By Paul McGowan; paulmcgowan@alliancenews.com
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