Taking cue from directors
Share disposals by ARM’s key employees continued their run today with news that company secretary Patricia Alsop had followed the lead set by directors, selling stock worth around £930,000.
ARM’s chief operating officer John Cornish also capitalised on the company’s current high price to dispose of more than 13,000 shares at a price of around 926 pence.
Only a day earlier it emerged how CEO Warren East and six fellow directors had netted thousands by cashing in share options, with East himself selling shares worth more than £3 million at a price six times higher than he acquired them under the chip designer’s option plan.
The decision by key staff to sell came after the company’s stock hit a record high earlier in the week, at one point nudging the £10 mark after it reported a 16 per cent pre tax rise in profits for Q4.
Today [8th February 2013] ARM’s share price had dipped slightly to around 915 pence.