SMS directors in $4.1m share sale

06/01/2016 - 14:15

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Three directors of Claremont-based Structural Monitoring Systems have taken advantage of the company’s recent share price surge by selling down a portion of their holdings.

SMS's CVM technology is used to test for defects in aircraft fuselage and other materials.

Three directors of Claremont-based Structural Monitoring Systems have taken advantage of the company’s recent share price surge by selling down a portion of their holdings.

SMS shares soared late last month when the company announced it had received approval for the use of its comparative vacuum monitoring technology by the Boeing Corporation and the Federal Aviation Administration in the United States.

SMS's CVM technology is used to test for defects in aircraft fuselage and other materials.

The company announced today that managing director Toby Chandler has sold about 1.83 million shares at $1.64 each, equal to about $3.01 million, but still retains around 4.8 million shares in the company, representing a 5 per cent stake.

Non-executive directors Michael Reveley and Andrew Chilcott also capitalised on SMS’s recent trading performance, selling $896,925 and $227,374 worth of shares respectively.

Mr Reveley retained a 3 per cent stake in SMS.

In a statement, the company said the directors’ share sales were now completed.

Non-executive director David Veitch didn’t make any transaction.

“There will be no further on-market sales in any capacity occurring for the foreseeable future,” SMS said.

SMS shares gained 24 cents on the Boeing announcement in December, closing at $1.29 per share on the day and since continued to rise to as high as $1.81 just after Christmas.

Shares in SMS were 15.4 per cent lower to $1.37 each at the close of trade today.

 

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