Aberdeen directors fund tax bill

Fund manager Aberdeen Asset Management's three executive directors have all sold shares awarded under the deferred share award plan in order to finance their tax bill relating to the award.

Chief executive Martin Gilbert raised £416,370 by selling shares at 132p each. Finance director Bill Rattray and deputy chief executive Andrew Laing each raised £43,621 from their sale.

The three men were forced to forfeit some incentive shares last December because Aberdeen's performance had not met targets.

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Last week, Aberdeen announced plans to acquire assets and contracts relating to RBS Asset Management. The assets under management are worth £13.5bn and they generate annual operating profit of £10m.

Aberdeen will pay £84.7m in cash and the deal should be completed before the end of the first quarter of 2010.

The deal is being funded by a £119m placing at 132p a share.

Top Director Buys

Gartmore Irish Growth (GIR) Director name: Mr Patrick CunneenAmount purchased: 5,000 @ 680.00p Value: £34,000

Global Petroleum (GBP) Director name: Mr Peter TaylorAmount purchased: 92,233 @ 11.07p Value: £10,210

Top Director Sells

Aberdeen Asset Management (ADN) Director name: Mr Martin J GilbertAmount sold: 315,432 @ 132.00p Value: £416,370

Global Petroleum (GBP) Director name: Mr Peter TaylorAmount sold: 400,000 @ 11.24p Value: £44,960

Global Petroleum (GBP) Director name: Mr Peter BlakeyAmount sold: 400,000 @ 11.24p Value: £44,960

Aberdeen Asset Management (ADN) Director name: Mr Bill RattrayAmount sold: 33,046 @ 132.00p Value: £43,621

Aberdeen Asset Management (ADN) Director name: Mr Andrew Arthur LaingAmount sold: 33,046 @ 132.00p Value: £43,621

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