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.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

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