Mermaid boss sells $5.4m of shares

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.