Ultra Electronics chief executive Douglas Caster has generated £5.85m from the sale of just over two-fifths of his shareholding in the defence electronics supplier.
He states in the announcement that the sale was for "family and tax planning reasons".
Caster has also transferred his remaining 635,555 shares into the name of his wife Elizabeth Caster.
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
Caster started his career at Racal Electronics and he has subsequently worked for Schlumberger and Dowty. He joined Dowty in 1988 and became managing director of its sonar and communications systems business in 1992. He was involved the management buyout that formed Ultra in 1993 and became chief executive in April 2005.
Chairman, and former chief executive, Julian Blogh will retire in April 2011 and Caster will also retire as chief executive and take over as chairman. Rakesh Sharma becomes chief operating officer at the beginning of 2010.
Ultra's interim management statement in November said that revenue continues to grow. The order book covers 60% of expected revenues for the next 12 months.
Top Director Buys
Mitie Group (MTO) Director name: Mr Roger MatthewsAmount purchased: 40,000 @ 232.91p Value: £93,164
Murray International Trust (MYI) Director name: Mr James Douglas BestAmount purchased: 5,300 @ 772.50p Value: £40,942
Severfield-Rowen (SFR) Director name: Mr Toby HaywardAmount purchased: 20,000 @ 180.00p Value: £36,000
Aberdeen Asset Management (ADN) Director name: Mr Simon Troughton Amount purchased: 20,000 @ 140.29p Value: £28,058
Dialight (DIA) Director name: Mr Richard StuckesAmount purchased: 10,440 @ 193.00p Value: £20,149
Westhouse Holdings (WHL) Director name: Mr Andrew BeesonAmount purchased: 33,000 @ 61.00p Value: £20,130
BSS Group (BTSM) Director name: Mr Roddy MurrayAmount purchased: 7,500 @ 250.20p Value: £18,765
Tristel (TSTL) Director name: Mr Paul Christopher SwinneyAmount purchased: 26,000 @ 59.50p Value: £15,470
Tristel (TSTL) Director name: Mr Bruce GreenAmount purchased: 26,000 @ 59.50p Value: £15,470
Silverdell (SID) Director name: Mr Sean NutleyAmount purchased: 127,000 @ 11.75p Value: £14,922
Top Director Sells
Ultra Electronics Holdings (ULE) Director name: Mr Douglas CasterAmount sold: 450,000 @ 1,300.00p Value: £5,850,000
Jardine Matheson (Singapore) (JAR) Director name: Mr Simon L KeswickAmount sold: 48,800 @ $29.98 Value: $1,462,951
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
