The president of Lancashire Holdings, the FTSE 250 insurance broker, has sold 330,000 shares in the firm less than one week after the firm paid a special dividend following a "solid performance".
Neil McConachie, who joined the firm in February 2006, sold 100,000 shares at 732p, 150,000 at £7.50 and 80,000 at 772p per share, for a total of £1,390,917.
Following the transaction, the director now holds 189,649 shares, equivalent to a 0.12% stake in the company.
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The firm, which has gained 23% on its share price over the past year, reported profit before tax retreated to $79.0m from $107.6m last year, but that did not stop the board from recommending a special dividend payment of 80 cents, although, in the circumstances, it was understandable that this failed to match the $1.40 special dividend announced with the third-quarter results last year.
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Director name: Mr Neil William McConachie
Amount sold: 150,000 @ 750.00p
Value: £1,125,000
Lancashire Holdings (LRE)
Director name: Mr Neil William McConachie
Amount sold: 100,000 @ 732.00p
Value: £732,000
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Director name: Mr Neil William McConachie
Amount sold: 80,000 @ 772.00p
Value: £617,600
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