The Chief Executive Officer of chip designer Imagination Technologies has sold off a number of shares in the firm to pay income tax and national insurance of around £3.5m, due as a result of exercising nil-cost share options under the company's employee share plan.
Following the £4.6m sale of 802,000 ordinary shares, Hossein Yassaie now holds 800,832 shares in the firm.
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Imagination is set to invest £5m in the new company in return for a 25% stake.
In mid-December the firm reported a 52% rise in adjusted pre-tax profit, which rose from £10.1m to £15.3m year-on-year for the six months ended October 31st.
In the past 12 months Imagination's share price has soared almost 60%.
In today's trading the stock gain 0.52% to 582.5p by 15:46.
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Top Director Sells
Imagination Technologies Group (IMG)
Director name: Dr Hossein Yassaie
Amount sold: 802,000 @ 577.41p
Value: £4,630,828
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