Clarkson chief cuts stake

Chief executive Andi Case has sold just over one-quarter of his stake in shipping services company Clarkson. He raised £1.6m and retains a 2.91% stake.

Case joined Clarkson in 2006. Case was awarded 210,000 shares as a deferred bonus in June 2008 at the time he became chief executive. This is part of his remaining stake but the shares do not vest until the third anniversary of the award. Case has to still be employed by Clarkson at that time to receive the shares.

The disposal follows yesterday's cautions trading statement by Clarkson. Freight rates and asset values are falling but Clarkson is trading in line with expectations.

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Ship broking transaction volumes are being maintained and there are signs of increasing activity in the sale and purchase market. However, lack of credit is hampering purchases of ships.

Analysts forecast 2009 profits just short of £22m and a prospective yield of 5%.

Non-executive director Paul Wogan has bought 5,000 shares at 800p each. This doubles his stake to 10,000 shares. Wogan acquired 5,000 shares in January at 425p each.

Value: £40,000

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Value: £28,212

Value: £21,896