Mermaid Marine managing director Jeff Weber has joined Wesfarmers executives Richard Goyder and Terry Bowen in selling down their respective companies’ stock to pay for the exercise of incentive options and associated tax liabilities.
Mermaid announced today that Mr Weber had sold $3.5 million worth of the company’s shares on-market at an average price of $3.69 per share.
In April, Mr Weber sold $5.4 million worth of Mermaid shares for the same reason, following the sell-down of $2.4 million in shares in February.
Between the two early-year sell-offs, Mr Weber purchased $4.5 million in Mermaid shares by exercising 1.4 million options priced at $3.05 each.
Mr Weber’s move follows Wednesday’s announcement from Wesfarmers that Messrs Goyder and Bowen had sold $2.28 million and $1.08 million in the company’s stock, respectively.
Wesfarmers said Mr Goyder and Mr Bowen offloaded the shares on-market in order to meet tax liabilities associated with shares allocated as part of the company’s annual incentive plan in 2009-10.
At close of trade today, Mermaid shares were down 1.86 per cent at $3.70, while Wesfarmers’ stock was up 0.46 per cent at $41.61.
