Ocean Power founder waves goodbye to shares

The founder of Ocean Power Technologies has been busy selling shares in the wave power specialist, netting him over £200,000.

Between 13-15 April, George Taylor offloaded 50,000 shares at $5.78-$6.17 per share, leaving him with 764,801 shares, or 7.5% of the company.

He became chief executive in 1993, but resigned at the end of January to take on the executive chairman's role.

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Third quarter results, released in March, revealed a $0.4m drop in revenue to $1m and net loss of $3.6m for the three months ended 31 January 2009 against $4m a year earlier.

"Financial results for the third quarter of fiscal 2009 were in line with our expectations," said chief executive Mark Draper.

Top Director Buys

Value: £374,844

Value: £98,000

Value: £17,608

Top Director Sells

Value: £205,695

Value: £43,493

Value: £19,600

Value: £14,125

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