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Pin to quick picksLloyds Share News (LLOY)

Share Price Information for Lloyds (LLOY)

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Share Price: 52.18
Bid: 52.26
Ask: 52.30
Change: 0.12 (0.23%)
Spread: 0.04 (0.077%)
Open: 52.38
High: 52.90
Low: 52.18
Prev. Close: 52.06
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Schroders executives pocket option gains

Tue, 17th Nov 2009 15:51

Two executive directors of asset manager Schroders have taken up options and sold most of them for large profits. Chief executive Michael Dobson took up options over 1,802,033 non-voting shares, of which 906,285 were at nil cost and the rest at prices of 705p, 483p and 398p a share. The total cost of taking up the options was £4.3m. Dobson raised £10.14m from selling 1,061,902 non-voting shares and a further £62,315 from selling 6,095 voting shares at £10.22 each. Dobson made a £5.84m gain on the non-voting shares disposal and retained 734,036 shares.Vice chairman Massimo Tosato took up options over 171,098 non-voting shares and sold them all. These shares did not cost anything so the £1.63m raised in the disposal is pure profit. The share sales were at significant discounts to the market prices. The non-voting share discount was more than 5% while the voting shares discount was around 18%. Dobson retains a 1.22% stake in the non-voting shares and 0.51% of the voting shares. Tosato still has a 0.36% stake in the non-voting shares. Last week, UBS increased its target price for Schroders voting shares from 1410p a share to 1450p a share, while Morgan Stanley upgraded its target price from 1295p a share to 1395p a share. This followed an interim management statement that showed net inflows of £7bn in the third quarter of 2009. Funds under management increased from £113bn to £139bn in the three months to September 2009. However, third quarter pre-exceptional profits fell from £71.5m to £57.8m. The comparatives were relatively strong because market conditions deteriorated sharply in the fourth quarter of 2008. Top Director BuysLloyds Banking Group (LLOY) Director name: Sir Sir Win F W BischoffAmount purchased: 250,000 @ 89.69p Value: £224,225Record (REC) Director name: Mr Paul SheriffAmount purchased: 92,930 @ 81.00p Value: £75,273Pacific Horizon Inv Trust (PHI) Director name: Mr Jean MattersonAmount purchased: 27,878 @ 139.00p Value: £38,750National Express Group (NEX) Director name: Mr John F DevaneyAmount purchased: 10,000 @ 340.00p Value: £34,000Top Director SellsSchroders NV (SDRC) Director name: Mr Michael W R DobsonAmount sold: 1,061,902 @ 955.00p Value: £10,141,164Schroders NV (SDRC) Director name: Mr Massimo TosatoAmount sold: 171,098 @ 955.00p Value: £1,633,986Standard Chartered (STAN) Director name: Mr Peter A SandsAmount sold: 60,000 @ 1,676.40p Value: £1,005,840Standard Chartered (STAN) Director name: Mr Richard H MeddingsAmount sold: 50,000 @ 1,676.40p Value: £838,200Standard Chartered (STAN) Director name: Mr Gareth BullockAmount sold: 40,000 @ 1,676.40p Value: £670,560Schroders NV (SDRC) Director name: Mr Michael W R DobsonAmount sold: 6,095 @ 1,022.40p Value: £62,315
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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