IG Group CEO sells 5.1m-pound stake

25th Jul 2013 15:57

Tim Howkins, the Chief Executive Officer of spread-betting firm IG Group, sold over five million pounds-worth of shares in the company this week, just one day after the firm unveiled record annual profits.Howkins, who joined IG as Finance Director back in 1999, disposed of a total of 903,103 shares at a price of 566p each through a series of transactions (including a share sale, the exercise of rights under an employee share scheme and a disposal by his family trust) for a total of £5.11m.He also exercised options over 73,195 shares received under a deferred cash bonus three years ago, with the firm paying 582p a share for a further £0.43m.The company said that the transactions were carried out to finance a divorce settlement and the purchase of a house, separate from the former marital home.Howkins was left with just over 1.62m shares held under his own name and a further 1.78m under his wife's name, although his interest in these will cease after their divoirce.IG labelled its results for the year ended May 31st as "satisfactory" with revenue down 1.4% at £361.9m as it fought its way back following a "challenging" first half (during which sales dropped 14% year-on-year). Nevertheless, profit before tax increased by 3.5% to £192.2m due to tight cost control and lower employee compensation.Top Director BuysChemring Group (CHG) Director name: Mr Andrew HammentAmount purchased: 50,000 @ 301.00p Value: £150,500Beazley (BEZ) Director name: Mr Angela Crawford-IngleAmount purchased: 13,500 @ 220.70p Value: £29,794Verona Pharma (VRP) Director name: Mrs Claire PollAmount purchased: 1,000,000 @ 1.70p Value: £17,000Top Director SellsIG Group Holdings (IGG) Director name: Mr Timothy A HowkinsAmount sold: 403,103 @ 566.00p Value: £2,281,563IG Group Holdings (IGG) Director name: Mr Timothy A HowkinsAmount sold: 400,000 @ 566.00p Value: £2,264,000IG Group Holdings (IGG) Director name: Mr Timothy A HowkinsAmount sold: 100,000 @ 566.00p Value: £566,000Beazley (BEZ) Director name: Mr Clive WashbournAmount sold: 83,551 @ 227.50p Value: £190,079Mobile Streams (MOS) Director name: Mr Simon David BuckinghamAmount sold: 245,000 @ 72.66p Value: £178,017BC