Mermaid Marine managing director Jeff Weber has sold $5.4 million worth of shares in the company, to fund the exercise of incentive options and the associated tax liabilities.
The sale comes four months after he sold $2.4 million worth of shares, for the same stated reason.
In the interim, Mr Weber purchased $4.5 million worth of shares through the exercise of 1.4 million incentive options at a price of $3.05 per option.
The exercise price compared to a sale price of $3.86 per share that Mr Weber achieved in this week’s sale of 1.4 million shares.
Last December, when he sold 750,000 shares, he achieved a realised price of $3.20 per share.
After the latest sale transaction, Mr Weber holds a total of 1.18 million shares in the maritime services company, which is focused on servicing the oil & gas industry off Western Australia’s northern coast.
After briefly touching a low of $2.50 last June, Mermaid’s share price has risen strongly over the past 9 months.
It reached a high of $4.25 earlier this year and is currently trading at $3.70 per share.