Paul Pindar, the Chief Executive of Capita, the FTSE 100 global business services group, has ditched 400,000 shares in the firm.
Pindar, who joined Capita in 1987 from 3i, sold off the shares for 685p each, earning him £2.74m.
The shares were sold to satisfy a personal settlement, the company said, leaving him with 1,278,349 shares in the firm. The company were keen to emphasise that the director has no intention to sell any further shares in the near term.
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The sale was made on the same day it announced plans to place 40m new shares to raise additional capital to make further bolt-on acquisitions and pay down debt.
The firm as already spent £91m in the year-to-date and anticipates spending at least the same again in the rest of the year through bolt-on acquisitions.
Meanwhile, it has £1,176m of private placement debt of which £123m matures between now and August 2015 with the remainder gradually maturing until 2012.
In 2010 Pindar infamously revealed his 2009 salary to be £768,750 to his disgruntled workers, some of whom were on minimum wage and already upset at receiving a measley bonus of just one per cent of their hourly rate.
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