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.
At the beginning of January the firm took a stake in new company Toumaz Microsystems, a subsidiary of AIM-listed firm Toumaz.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
Top Director Buys
West African Minerals Corporation (DI) (WAFM)
Director name: Mr Guy Elliott
Amount purchased: 200,000 @ 16.50p
Value: £33,000
Immunodiagnostic Systems Holdings (IDH)
Director name: Dr Patrik Olof Dahlen
Amount purchased: 10,782 @ 305.00p
Value: £32,885
Universe Group (UNG)
Director name: Mr Stephen McLeod
Amount purchased: 2,000,000 @ 1.50p
Value: £30,000
Top Director Sells
Imagination Technologies Group (IMG)
Director name: Dr Hossein Yassaie
Amount sold: 802,000 @ 577.41p
Value: £4,630,828
