Mermaid Marine Australia managing director Jeff Weber has picked up just over 1.4 million shares at $3.05 each, or $4.5 million in total, through the exercise of incentive options. The options were approved by shareholders at the company's annual meeting in November 2009. Mermaid Marine shares are currently trading at $3.95, giving Mr Weber an instant paper profit of 90 cents per share. The purchase comes after Mr Weber sold 750,000 shares in December last year, raising $2.4 million to fund the exercise of the incentive options and the associated tax liabilities. Mr Weber now has a stake of 2.6 million shares in the marine services provider currently worth $10.2 million.
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