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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

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