Euromoney chiefs beat fall in shares

DIRECTORS at Euromoney, whose shares crashed by almost a quarter last week, have made a small fortune from the sale of shares this year. Seven executives from the financial magazine publisher and conference organiser realised more than pounds 2.7m from share deals, the vast bulk of which was clear profit.

The news comes just days after the company shocked the City with a profits warning that sent the shares crashing 312p to 1,083p, wiping pounds 68m off the company's stock market value.

Euromoney, in which the Daily Mail & General Trust has a 70 per cent stake, said it expects profits for the year to the end of September 1995 to be around a quarter below the previous year's pounds 24m - about pounds 10m below analysts' expectations.

The windfall from previous share transactions is particularly welcome for directors, who now face substantial pay cuts because their remuneration is largely linked to profits growth.

In the largest single share transaction, in January, executive chairman Padraic Fallon made a profit of almost pounds 1.3m. He exercised options over 176,190 shares at 171p and immediately sold 97,264 of them for pounds 16.43. Five other directors also made handsome gains by cashing in share options.

Selling by directors resumed in May, a week after Euromoney published a downbeat interim statement. One of five executives to offload stock in this period was Sir Patrick Sergeant, joint president of Euromoney, who scooped almost pounds 336,000 when he sold 24,295 shares at pounds 13.82.

Referring to the January share dealings, managing director Richard Ensor, who himself made pounds 816,000 from one sale, said directors had had "no choice" but to exercise their options as a 10-year scheme started in December 1985 approached maturity. He added that directors were entitled to take some profits after 10 years' service, but that no director involved in the scheme had sold all his shares.

It is not the first time Euromoney has featured in the controversy about boardroom pay and perks. In 1993, Mr Fallon's pay rose by 35 per cent to pounds 1,391,946 under a performance-related scheme.

Director Date sale was Shares Price

announced sold

Neil Osborn June 28, 1995 1,000 1403p

Daniel Cohen June 19, 1995 2,300 1400p

Gerald Strahan June 19, 1995 1,000 1400p

Chris Brown June 5, 1995 4,405 1385p

Sir Patrick Sergeant May 24, 1995 24,295 1382p

Richard Ensor Jan 27, 1995 58,845 1643p

Padraic Fallon Jan 27, 1995 97,264 1643p

Daniel Cohen Jan 27, 1995 2,300 1643p

Gerald Strahan Jan 27, 1995 4,405 1643p

Chris Brown Jan 27, 1995 3,000 1643p

Neil Osborn Jan 27, 1995 4,409 1643p

Sources: Directus, FT Profile, FT Extel

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive / Foreign Exchange Dealer - OTE £40,000+

£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

Day In a Page

Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

The Arab Spring reversed

Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

Academic claims King Arthur was real - and reveals where he lived

Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
Who is Oliver Bonas and how has he captured middle-class hearts?

Who is Oliver Bonas?

It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
Earth has 'lost more than half its trees' since humans first started cutting them down

Axe-wielding Man fells half the world’s trees – leaving us just 422 each

However, the number of trees may be eight times higher than previously thought
60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

60 years of Scalextric

Model cars are now stuffed with as much tech as real ones