LONDON (Alliance News) - Nanoco Group PLC said Chief Executive Officer Michael Edelman sold 1.36 million shares at an average price of 44.2 pence Tuesday.
The company said the GBP601,120 share sale was to satisfy tax and other financial commitments associated with Edelman's relocation to the US. Back in May 2013, Edelman announced plans to relocated to the US to lead the company from Boston, in an effort to bring Nanoco close to its key US strategic partners and potential customers.
Following the disposal Edelman has an interest in 5.4 million shares, representing a 2.29% stake in the company.
Shares in Nanoco were down 3.6% at 46.50 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Nanoco (NANO)