LogiCamms director sells $3.4m in shares

LogiCamms executive director Garry McGrechan has offloaded $3.4 million worth of shares to a select group of investors.

Mr McGrechan, the founding director of Logitech before its merger with Camms, advised the Australian stock exchange that he had sold 3.5 million shares at 96 cents each for personal reasons.

In a statement, LogiCamms said the all of the shares were placed to institutional investors and high net worth individuals.

Shares in LogiCamms closed down two cents to $1 today.

Mr McGrechan retains 1.2 million shares and remains as an executive director to the company, having extended his executive services agreement by two years through to December 2012.